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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 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.
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Answer Posted / 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 |
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