What will be the Journal Entry for this?
Purchases goods from vendor worth Rs.20000.VAT included 4%.
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Answer / sunit
PURCHASE A/C DR 20000
VAT 4% DR 800
TO ABC PARTY A/C 20800
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / mdwasim101@gmail.com
Purchase A/c Dr........19200
Input vat @4% Dr........800
To Vendor A/c ............2000
| Is This Answer Correct ? | 2 Yes | 3 No |
Answer / muba.mukadam
Purchase a/c.....................Dr
VAT a/c...........................Dr
to Vendor
| Is This Answer Correct ? | 2 Yes | 3 No |
Answer / sunder pal
PURCHASE A/C DR 19230
INPUT VAT A/C DR 770
TO VENDOR A/C 20000
| Is This Answer Correct ? | 3 Yes | 4 No |
Answer / fathima
If on cash basis then the entry is
Purchase a/c Dr 19,200
Input vat4% a/c Dr 800
To Cash 20,000
If on credit basis then the entry is
Purchase a/c Dr 19,200
Input vat4% a/c Dr 800
To Party 20,000
Party a/c Dr 20,000
To Cash 20,000
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / puneet
Purchases A/C Dr. 19200
Vat A/C Dr. 800
To Cash A/C 20000
| Is This Answer Correct ? | 3 Yes | 5 No |
Answer / anchit saxena
hello viewers, i m sorry to say actually i was also posted
wrong entry for this question due to confusion bt now i
rectify to this entry-
PURCHASE A/C DR. 20,000
INPUT VAT 4% A/C DR. 800
TO CASH A/C 20,800
BEING AMOUNT PAID TO THE VENDOR WITH 4% VAT FOR PURCHASED
GOODS.
| Is This Answer Correct ? | 1 Yes | 4 No |
Journalize the Following: 1. The following were purchased on account: a. Materials $ 10,000 b. Office supplies $ 2,000 c. Small tools $ 1,000
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Audit 
