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Pass a entry for purchase a material for Rs. 2000 inclusive
of VAT @ 4% on Rs. 1500 & @12.5% on Rs. 500 with narration
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Answer Posted / srish
if cash purchase
net purchase 4% 1440
4%vat 60
net purchase 12.5% 437.5
12.5vat 62.5
To cash 2000
Being cash purchase made.
if it is credit purchase the entry is same only Cr side is
party name.
In case pary name is in cr side ofter the payment you can
pass like this.
party A\c 2000
cash\bank 2000
Being cash paid against cr bill no.
| Is This Answer Correct ? | 6 Yes | 8 No |
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