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I took printer from stock, previously I purchased this printer
for £60 plus Vat.
What entries do I need to put through the books?

Answers were Sorted based on User's Feedback



I took printer from stock, previously I purchased this printer for £60 plus Vat. What entri..

Answer / reddy

HI IAM REDDY -MOBILE- 9008343183. BANGALORE


1) PRINTER A/C Dr 60.00
VAT @ % A/C Dr **.00

TO SUPPLIER A/C (60 + VAT AMOUNT)

(BEAING PRINTER PURCHASED FROM --/BILL NO:)

2) SUPPLIER A/C Dr (60 + VAT AMOUNT)

TO CASH/BANK A/C "

(BEAING CASH PAID TO SUPPLIER)

Is This Answer Correct ?    3 Yes 0 No

I took printer from stock, previously I purchased this printer for £60 plus Vat. What entri..

Answer / r@vi harjai

if the stock of business used for personal purpose
then the following entrty has been made>>>>

Drawing A\c Dr
To Purchase A\c
(Being goods used for the personal purpose)

otherwise if the stock (printer) used for the business
purpose then alternative entry should be made>>>

Printer (Assets) A\c Dr
To Purchase A\c
(Being goods converted into Assets)

Is This Answer Correct ?    3 Yes 2 No

I took printer from stock, previously I purchased this printer for £60 plus Vat. What entri..

Answer / pawan kumar joshi

This question is definatly wrong......
therefore I can't able to give the answer of that
question...]

Is This Answer Correct ?    1 Yes 0 No

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