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

Answers were Sorted based on User's Feedback



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

Answer / kavitha.m

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 ?    17 Yes 0 No

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

Answer / mahendar kumar chaurasia

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 ?    10 Yes 1 No

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

Answer / sadashiva

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 ?    5 Yes 2 No

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

Answer / anilyadav

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 ?    6 Yes 11 No

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

Answer / mahendra

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

(being cash purchase )

Is This Answer Correct ?    3 Yes 8 No

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