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Question 
Actually we had Posted P.V.C bills to Indian Railway the
total bills amount is Rs.10,00,000/-, and government had
passed only Rs. 8,00,000/- and gov. had said that there are
no more P.V.c bills are lying outstanding in their a/c, so
for now are claiming Rs. 2,00,000/- as loss on sale, i m
totally confused what would be the impact on the Profit and
loss a/c , and in which group it will come,if I do a entry of:-

dr. Central sale @12.5% a/c    Rs.2,00,00/-
Cr. Loss on sale a/c     Rs.2,00,000/-

                or
Will i adjust the Cst@12.5% on Pricipal Value, or will i
pass on the entry on total amount i.e Rs.2,00,00/-
Plz guide,me soon.
 Question Submitted By :: Shiwani Vaishnav
I also faced this Question!!     Rank Answer Posted By  
 
  Re: Actually we had Posted P.V.C bills to Indian Railway the total bills amount is Rs.10,00,000/-, and government had passed only Rs. 8,00,000/- and gov. had said that there are no more P.V.c bills are lying outstanding in their a/c, so for now are claiming Rs. 2,00,000/- as loss on sale, i m totally confused what would be the impact on the Profit and loss a/c , and in which group it will come,if I do a entry of:- dr. Central sale @12.5% a/c Rs.2,00,00/- Cr. Loss on sale a/c Rs.2,00,000/- or Will i adjust the Cst@12.5% on Pricipal Value, or will i pass on the entry on total amount i.e Rs.2,00,00/- Plz guide,me soon.
Answer
# 1		 
This entry is wrong. make a credit note and Do as same

dr. Sales A/c           Rs.1,77,777.77
dr. cst 12.5%           Rs.  22,222.23

Cr. Indian Railway      Rs.2,00,000/-
 
Is This Answer Correct ?    5 Yes 1 No
Asaithambi
 
  Re: Actually we had Posted P.V.C bills to Indian Railway the total bills amount is Rs.10,00,000/-, and government had passed only Rs. 8,00,000/- and gov. had said that there are no more P.V.c bills are lying outstanding in their a/c, so for now are claiming Rs. 2,00,000/- as loss on sale, i m totally confused what would be the impact on the Profit and loss a/c , and in which group it will come,if I do a entry of:- dr. Central sale @12.5% a/c Rs.2,00,00/- Cr. Loss on sale a/c Rs.2,00,000/- or Will i adjust the Cst@12.5% on Pricipal Value, or will i pass on the entry on total amount i.e Rs.2,00,00/- Plz guide,me soon.
Answer
# 2		 
It seems its neither a sales return nor a case of loss in 
transit. If some documents are there to prove it a sales 
return than Dr. Sale Dr CST and Cr Indian Railway. But in 
case they have simply refused to pay than it is a Bad Debt 
and the Entry will be
Dr. Bad Debt        2 lacs
Cr. Indian Railway  2 Lacs
 
Is This Answer Correct ?    1 Yes 0 No
Aks
 
 
 
  Re: Actually we had Posted P.V.C bills to Indian Railway the total bills amount is Rs.10,00,000/-, and government had passed only Rs. 8,00,000/- and gov. had said that there are no more P.V.c bills are lying outstanding in their a/c, so for now are claiming Rs. 2,00,000/- as loss on sale, i m totally confused what would be the impact on the Profit and loss a/c , and in which group it will come,if I do a entry of:- dr. Central sale @12.5% a/c Rs.2,00,00/- Cr. Loss on sale a/c Rs.2,00,000/- or Will i adjust the Cst@12.5% on Pricipal Value, or will i pass on the entry on total amount i.e Rs.2,00,00/- Plz guide,me soon.
Answer
# 3		 
Above Answer no. 1 Wrong Due to We have not Reverse Sales 
it effect on Stock Balance. We assume it is Bad debts.Entry 
is 

Dr. Bad Debts......Rs. 2 Lacs
    Cr. Indian Railway A/c....Rs. 2 LAcs
 
Is This Answer Correct ?    2 Yes 0 No
Punit Shah
 
  Re: Actually we had Posted P.V.C bills to Indian Railway the total bills amount is Rs.10,00,000/-, and government had passed only Rs. 8,00,000/- and gov. had said that there are no more P.V.c bills are lying outstanding in their a/c, so for now are claiming Rs. 2,00,000/- as loss on sale, i m totally confused what would be the impact on the Profit and loss a/c , and in which group it will come,if I do a entry of:- dr. Central sale @12.5% a/c Rs.2,00,00/- Cr. Loss on sale a/c Rs.2,00,000/- or Will i adjust the Cst@12.5% on Pricipal Value, or will i pass on the entry on total amount i.e Rs.2,00,00/- Plz guide,me soon.
Answer
# 4		 
bad debts a/c dr
 to indian railway
 
Is This Answer Correct ?    0 Yes 0 No
Jineesh.p
 

 
 
 
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