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What will be the Journal Entry for this?
Purchases goods from vendor worth Rs.20000.VAT included 4%.
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Answer / m v sivaiah
Purchase A/c 19231 Dr
input tax 769 Dr
to vendor a/c 20000 Cr
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / srikanth.g
calculation for including vat
20000x4/104=769.230769
round off=769
journal entry
purchase a/c dr 19231
input vat 4% a/c 769
To party a/c 20000
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / dileep kumar
Purchase A/c Dr. 19230.77
Inpur VAT@4% Dr. 769.23
To. Vendor A/c 20000
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / sagar
1-
Purchase A/c -------DR 19,200
Input Tax A/c-------DR 800
to Vendor A/c 20,000
(Being Purchase done on CR basis)
2-
Vendor A/c ---------DR 20,000
to Bank/Cash A/c 20,000
(Being cash paid to the vendor)
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / ankur katyal
Vat is included in Rs20,000.
Hence entry should be
Dr purchase a/c Rs.19,230.76
Dr Vat a/c Rs.769.24
Cr Vendor a/c Rs. 20,000
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / shilpa
By purchase A/C DR. 19231
BY input vat 4% DR. 769
TO vendor A\C 20000
| Is This Answer Correct ? | 5 Yes | 5 No |
Answer / amarnath
Purchase A/C DR 19200
VaT A/C DR 800
To Vendor A/C 20000
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / manish goel
purhase A/C dr. 19200
Input vat 4% A/C dr. 800
To Vendor A/C 20000
| Is This Answer Correct ? | 0 Yes | 0 No |
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