vat paid on purchase is it comes on direct expenses or
indirect expenses
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Answer / h.r. sreepada bhagi
VAT paid on purchase is neither Direct Expense nor Indirect
Expense.
Since the purchaser is entitled for VAT credit, till the
credit is availed (Adjusted to VAT payable on sales) it
appears under Current Assets, Loans & Advances.
In case of VAT on purchase of input credit restricted items,
then the amount can be debited to the concerned purchase a/c
(In this case since VAT credit is not available, it will
increase the cost of goods purchased by VAT amount)
Is This Answer Correct ? | 21 Yes | 1 No |
Purchase Goods worth rs.1000/ icluding vat of rs 40/ & Service charge receive 1000/ including service charge rs 123.60/ What will be entry in Tally? Please Define me?
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Re: one customer visit the showroom of phones and purchased the phone of Rs 750 and gave the 1000 rupees note the showroom executive didn't have the change so he take the change from next to his showroom's shop then he deliver the phone to customer with the change of rs 250.and customer went with both after sometime the shop owner of next to showroom who gave the change of Rs 1000 with angry and told the showroom executive that the note you give it to me is fake! so showroom executive gave him Rs1000 to him.so my(question) is how much the showroom executive faced the loss on this transaction. (the answer is neither 750,1000,1250,1500,1750 nor 2000) please reply the answer because its urgent with the explanation of u'r answer thankyou.
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