Commercial Invoice :- -Document required by customs to
determine true value of the imported goods, for assessment
of duties and taxes. A commercial invoice (in addition to
other information), must identify the buyer and seller, and
clearly indicate the (1) date and terms of sale, (2)
quantity, weight and/or volume of the shipment, (3) type of
packaging, (4) complete description of goods, (5) unit value
and total value, and (6) insurance, shipping and other
charges (as applicable)
In this 3 states/ parties are involved during the
transportation of goods. And as per the state tax laws, upon
entering each state, a central tax of 2% for each is state
is payable. However if the goods are redirected or endorsed
to a different party then to avoid multiple taxation, this
sale in transit is applied.
Retail invoice is the invoice which is used when the goods
are purchased in retail form from the stores which includes
discription, quantity, rate, discount every thing will be
mentioned including of tax.
Tax invoice is the invoice in which all the tax detailes are
commercial invoice is the general invoice which is prepared
by all the companies.
E-1 invoice is the invoice which is used by the parties from
different states used during transportation to avoid
Suppose salary of march paid in april then what are the
entries to be made in Tally in march and april and salary
payable ledger to be created under which group? and salaries
to staff ledger to be created under which group? What will
be the journal voucher entry and payment voucher entry?