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purchased a laptop for Rs.50000 and received one calculator
costing Rs.1000 for free. Both laptop and calculator
(stationery in nature) are meant for office use.What will
be the journal entry in the books of both the parties?
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Answer Posted / sunilkumarsuresh
The one who purchase spent a total of 50000/-
He got 2 Goods Calculator Worth rs 1000 and Laptop Worth Rs
50000.If we want to Include Calculator in the Books of
Company ,We can Consider the Cost of Calculator (1000/-) as
a Discount Recieved for the Laptop.So we can Value the Cost
of Laptop as 49000/-
The Entry in yhe books of buyer :
Laptop(Asset) A/c Dr (49000-Vat Amt)
Calculator (Stationary) (1000-Vat Amt)
Purchase Tax a/c Dr (50000-Net Value)
To Cash or Bank 50000
Entry in the Books of Seller :
Cash or Bank a/c dr 50000
To Laptop (49000-Tax)
To Calculator (1000- Tax)
To Sales Tax Control a/c (50000-Net Valueof
Goods Sold)
TanQ
| Is This Answer Correct ? | 1 Yes | 4 No |
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