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pLAESE TELL ME ENTRY ONE PURCHASE BILL RECEIVED THERE IS
PURCHASE AMOUNT 15000/- INPUT VAT 4%-600, FREIGHT CHARGE IS
400/ .SO THAT IS THE ENTRY
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Answer Posted / khan
Please see the answer as follows.
it is depend on terms and conditions if it is including C&F
( Cost and Freight ) then entry will be.
Purchase A/c Dr 15000/-
Input Vat A/c Dr 600/-
Freight A/c Dr 400/-
To XYZ (Name of the party) 16000/-
if it is except Freight then seen below answer
Purchase A/c Dr 15,000.00
Input Vat A/c 600.00
To XYZ ( Name of the party ) 15,600.00
then after freight u have to pay separate.
Freight A/c Dr 400
To Cash/Bank 400.00
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