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we are registerd dealer in delhi we are purchase some goods
from unregisterd dealer pls. suggest me what type entry in
my book for records . all pur. in cash
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Answer / venkatesh
DEAR SIR,
YOUR A REGISTER DEALER
BUT YOU HAVE PURCHASE FROM U/D
SO TAX WILL NOT COME BUT PURCHASE AND SALES YOU HAVE TO
SHOW THE RETURNS AND INPUT CREDIT NOT AVAILBLE TO YOU
FOR EXP. ENTRY.
PURCHASE GOODS UN /DEALER A/C DR 50000/-
TO SUNDRY CREDITORS A/C 50000/-
(BEING PURCHASE FROM U/D VIDE IN.NO. XX DT XXX)
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / sandeep
dear,
if u r purchasing cash from unregistered dealers then you
should direct debit the relevant purchase account. in such
case you are not eligible to avail the benefit of input tax
credit. Also make sure that no payment of Rs. 20000/- to a
single person in a day is made.
| Is This Answer Correct ? | 0 Yes | 0 No |
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