what is the journal entry?
goods purchased by ram on credit for 1000 which includes
vat rs.100 in it
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Answer / anil
purchase a/c. dr. 900
vat a/c dr. to 100
(party name) 1000
(being goods purchase by ram on credit including vat)
| Is This Answer Correct ? | 88 Yes | 11 No |
Answer / moti
purchase material a/c dr 900
vat payable a/c dr 100
TO RAM'S A/C. 1000
(BEING GOODS PURCHASED ON CREDIT)
| Is This Answer Correct ? | 48 Yes | 22 No |
Answer / satyaki_raju@yahoo.com
Purchases a/c dr 900
Vat input a/c dr 100
To supplier a/c 1000
(Being purchase on credit)
| Is This Answer Correct ? | 22 Yes | 4 No |
Dr Purchase of goods A/c---900
Dr Vat input A/c 100
Cr Suppliers A/c 1000
(Being goods purchase which is inclusive of vat tax)
| Is This Answer Correct ? | 23 Yes | 6 No |
Answer / akhtar
Purchase A/c Dr 900
Input vat A/c Dr 100
Ram A/c Cr 1000
(being goods purchase on credit as per bill no-)
| Is This Answer Correct ? | 23 Yes | 14 No |
Purchases a/c Dr. 900
Vat a/c Dr. 100
To Creditors a/c 1000
| Is This Answer Correct ? | 8 Yes | 3 No |
Answer / annapurna
all purchases must be debited hence debited
Vat tax which is added to purchases is an input tax All
input taxes will be debited.Any payable is a liability and
will be always on credit side only.Here Ram purchased from
somebody so somebody(supplier) has to be credited
| Is This Answer Correct ? | 9 Yes | 5 No |
Answer / deepak jain
Purchases a/c Dr. 900
Input Vat a/c Dr. 100
To, Ram's a/c 1000
(Being credit purchases from Ram)
| Is This Answer Correct ? | 5 Yes | 1 No |
Prepare a trial balance from the following :- Particulars Amount Particulars Amount Rs. Rs. Purchases 8225 Premium on lease 1200 Wages 1025 Loan on mortgage 2500 Sales 12450 Plant & machinery 2000 Arun's capital 13500 Provisn for doubtful debts 300 Stock on 1/1/98 1500 Sundry debtors 16550 Salary 410 Trade charges 200 Rent & taxes 162 Bad debts 200 Sundry creditors 2572
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