purchases for rs100. vat @ 10% and cash discount rs 5 what is the entry p

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Question

purchases for rs100. vat @ 10% and cash discount rs 5 what 
is the entry passed

Question Submitted By :: Revti

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Answer Posted By

Re: purchases for rs100. vat @ 10% and cash discount rs 5 what is the entry passed

Answer
# 1

Purchase A/c  Dr    100
Input Vat A/c Dr      10

To  Discount Recived           Cr  5
To Party A/c                   Cr   95
(being amount for purcase)

Party A/c    Dr    95
to cash/Bank      cr    95
(being amount for cash paid)

Is This Answer Correct ?

5 Yes

5 No

Anilyadav

Re: purchases for rs100. vat @ 10% and cash discount rs 5 what is the entry passed

Answer
# 2

purchase a/c dr 95
inputvat @ 10%   9.5
   to cash      104.5

(being cash  purchase )

Is This Answer Correct ?

1 Yes

4 No

Mahendra

Re: purchases for rs100. vat @ 10% and cash discount rs 5 what is the entry passed

Answer
# 3

Purchase A/c             dr    100
Vat A/c                  dr    10

 To discount A/c  5
 To Cash A/c      105

(Being Cash pid for Puchases Including 10% vat and Discount)
_

Is This Answer Correct ?

6 Yes

0 No

Kavitha.m

Re: purchases for rs100. vat @ 10% and cash discount rs 5 what is the entry passed

Answer
# 4

purchase A\c   Dr.    100
inpute vat.    Dr.     10

             cash A\c    105
             Discount A\c 05

dr. balance is 110
cr. balance is 110.

Is This Answer Correct ?

5 Yes

0 No

Mahendar Kumar Chaurasia

Re: purchases for rs100. vat @ 10% and cash discount rs 5 what is the entry passed

Answer
# 5

Purchase A/c Rs.100
Input Tax Dr Rs.10
  
 To Cash Discount Recd. Rs.5
 To Cash                Rs.105
(Being Cash paid towards the purchase of Book)

Is This Answer Correct ?

1 Yes

1 No

Sadashiva

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