Very difficult journal entry

Page no : 2

Akula Srinivas (Accounts Officer) (59 Points)
Replied 13 July 2012

agree with mr gourav

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AEC.com Private Limited (Guide of Professional Courses (CS / CA / CMA / CAT)) (233 Points)
Replied 13 July 2012

In the question clearly express "purchase amounting Rs. 9,500 and Rs.500 discount" that means payment made only for Rs. 9,000 as advance, so Journal Entry on 29.03.2012:

Advance to Suppliers A/c Dr. 9,000

To Cash/Bank A/c 9,000

And, Entry to pass on 05.04.12:

Purchases A/c* Dr. 9,135

VAT Input/paid A/c Dr. 365

To Advance to suppliers A/c 9,000

To Cash Discount Received A/c 500

(If Rs. 9500 is inclusive of vat @ 4%)

1 Like

Lohith H P (Student) (45 Points)
Replied 24 July 2012

Dear Frnds

Plz tel me how to pass journal Entry for Interest Accrued on Bank FD

CA Sanjay Bag (CHARTERED ACCOUNTANT) (3340 Points)
Replied 26 July 2012

I think ACE.com is much correct

Anil Kumar (assistant ) (21 Points)
Replied 08 November 2014

As on 29 march 2012 VENDOR A/C DR. 10000 TO CASH/BANK 9500. TO UN ACCRUED DISCOUNT 500 As on 05 Apr 2012 PURCHASE A/C DR. 9615 VAT A/C DR. 385 UN ACCRUED DISC. 500 TO VENDOR A/C 10000 TO DISCOUNT A/C 500

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Rakesh Pati (Account & finance Executive ) (25 Points)
Replied 11 March 2016

please confirm which one is the correct entery

santoshprasad (Accountant) (22 Points)
Replied 21 July 2016

there will be no entry for trade discount in accounting..

Entry will be on 29.03.2012 is ...Dr Vendor A/c 9000

Cr Bank A/c 9000

on 05.04.2013 is Dr Purchases A/c 8640

Dr Input Vat @ 4% A/c 360

Cr Vendor A/c 9000

Some pls reply

santoshprasad (Accountant) (22 Points)
Replied 21 July 2016

Some one please explain what is entry for "Proviosion for Depriciation" and "Provision for bad debts" and why we use it ???

Praveen Tawania (Owner) (369 Points)
Replied 22 July 2016

Agrred with Mr. Satish.

atanu (inter) (5 Points)
Replied 09 May 2017

Please make journal entries supporting to your answer

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atanu (inter) (5 Points)
Replied 09 May 2017

suppose we have made a payment in advance for purchase amounting Rs 9,500 , Rs.500 discount and 4 % vat as on 29 march 2012( INVOICE DATED 30- MARCH 2012), and received goods as on 5 April 2012 because goods were in transit ,

now how will i pass journal entry in my books for 2011-12 and for 2012-2013 including discount, vat, purchase- in- transit.

i want journal entries. please tell me according to matching principle and revenue recognition principal.....

pls tell me journal entries with date