Actually we had Posted P.V.C bills to Indian Railway the total bills amount is

Actually we had Posted P.V.C bills to Indian Railway the
total bills amount is Rs.10,00,000/-, and government had
passed only Rs. 8,00,000/- and gov. had said that there are
no more P.V.c bills are lying outstanding in their a/c, so
for now are claiming Rs. 2,00,000/- as loss on sale, i m
totally confused what would be the impact on the Profit and
loss a/c , and in which group it will come,if I do a entry of:-

dr. Central sale @12.5% a/c Rs.2,00,00/-
Cr. Loss on sale a/c Rs.2,00,000/-

or
Will i adjust the Cst@12.5% on Pricipal Value, or will i
pass on the entry on total amount i.e Rs.2,00,00/-
Plz guide,me soon.

Question Posted / shiwani vaishnav

4 Answers
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Actually we had Posted P.V.C bills to Indian Railway the total bills amount is Rs.10,00,000/-, and ..

Answer / asaithambi

This entry is wrong. make a credit note and Do as same

dr. Sales A/c Rs.1,77,777.77
dr. cst 12.5% Rs. 22,222.23

Cr. Indian Railway Rs.2,00,000/-

Is This Answer Correct ?

9 Yes

3 No

Actually we had Posted P.V.C bills to Indian Railway the total bills amount is Rs.10,00,000/-, and ..

Answer / punit shah

Above Answer no. 1 Wrong Due to We have not Reverse Sales
it effect on Stock Balance. We assume it is Bad debts.Entry
is

Dr. Bad Debts......Rs. 2 Lacs
Cr. Indian Railway A/c....Rs. 2 LAcs

Is This Answer Correct ?

4 Yes

1 No

Actually we had Posted P.V.C bills to Indian Railway the total bills amount is Rs.10,00,000/-, and ..

Answer / aks

It seems its neither a sales return nor a case of loss in
transit. If some documents are there to prove it a sales
return than Dr. Sale Dr CST and Cr Indian Railway. But in
case they have simply refused to pay than it is a Bad Debt
and the Entry will be
Dr. Bad Debt 2 lacs
Cr. Indian Railway 2 Lacs

Is This Answer Correct ?

4 Yes

2 No

Actually we had Posted P.V.C bills to Indian Railway the total bills amount is Rs.10,00,000/-, and ..

Answer / jineesh.p

bad debts a/c dr
to indian railway

Is This Answer Correct ?

3 Yes

1 No

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