PLEASE EXPLAIN DEBIT NOTE & CREDIT NOTE?WITH THE FOLLOWING
QUESTION?
1)IF X LTD.SOLD MATERIAL @ RS.112500/-WITH INCLUSIVE VAT @
12.5% TO HIS SUPPLIER(CREDITOR),BUT AFTERWORD THEY FOUND
THAT THE MATERIAL COMES UNDER 5% VAT RATE CATEGORY.SO HOW
THEY ADJUST THEIR LOSS RS.7500/- IN THEIR BOOKS?
2)IF X LTD.SOLD MATERIAL @ RS.112500/-WITH INCLUSIVE VAT @
12.5% TO HIS CUSTOMER(DEBTOR),BUT AFTERWORD THEY FOUND THAT
THE MATERIAL COMES UNDER 5% VAT RATE CATEGORY.SO HOW THEY
ADJUST THEIR LOSS RS.7500/- IN THEIR BOOKS?
Answer Posted / ravi
sales - 112500
inputvat@12.5%=14062
inputvat@5%=5625
=14062-5625 =8437-7500 loss adjusted
937 vat refundable or could be adjusted to subsequent years
sales -112500
outputvat@12.5%= 14062
outputvat@5% = 5625
=14062-5625=8437-7500 loss adjudted
937 vat refundable or could be adjusted to subsequent years
Is This Answer Correct ? | 5 Yes | 1 No |
Post New Answer View All Answers
how many types of practice accounts?
what is the meaning of (PDD’s, DOD’s, CFR’s,) based on understanding of the business process
How and by whom the Percentage of Depreciation is fixing?
reason for difference in Balance sheet (Asset side & Liabilites side)
What type of questions are asked for Interview of Manager Finance in Airport Authority of India ?
Is WCT paid to be considered as overhead during costing in construction firm?
What exactly balance sheet depicts
after directing tally 9 to calculate interest as per 30 day option basis on a loan account.........,it still calculates interest as per calender month when checked on to display>statements of accounts>interest payable in tally 9 ...where is the error?? how to correct the function.
what is Contra Asset?
how there prepare bank interview
does MIS reports are used in Tally n Focus software? if yes how it is used in focus software? for AR n AP
3.In TALLY,we used to call tally erp 9.like that,in sap we used to call SAP ECC 6.0.here what is ECC?,i know the abbreviation of ECC.i want to know the role of ECC?
is there any chance for confilcts between an accountant and a sales executive ? If yes how do you resolve the same as an accountant ?
An applicant paid excess amount to the Government Office through a demand draft for a particular permission/license instead of actual fees. Later he went to government office and requested to return the previously submitted demand draft. Can he get back the Previously submitted demand draft(which was not adjusted into government account) duly paying he actual fee?
which are the basic princeples of accountancy... with examples