purchase rice 2 bags rs.7500 and vat charges @5%
what is the answer...
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Answer Posted / neelaiahgari manjunath
Dear friends
Vat is add to original cost to the good or item
2 bags rice purchase 15000/- each bag buying 7500 vat@5%,
15000*2/100=750
ledger entry
purchase a/c dr 15000/-
vat taxa/c dr 750
to, cash a/c 15750/-
(being rice bags purchase towards tax )
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