Interested to Buy Any Domain ? << Click Here >> for more details...
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?
- 1 Answers
- 4040 Views
- URC Construction, I also Faced
- E-Mail Answers
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
what is the procedure for issuing th C form
How to dived the persons AOP, AJP, BODY OF INDIVIDUALS,HUF,COMPANY-NON RESIDENT, COMPANY RESIDENT LOCLA AUTHORITY,PARTNERSHIP FIRM(meaning)
Distinguish value andPrice
What is the Technology used to carry out trades?
Telly ERP9 is perfect accounting softwear in excise unit.
what is forecast
Expand------------STRA
what did you mean by cash credit limit account ?
company's total overhead expense is containing which are the expenses? Definition of overhead expense.
define accounting,scope of account , types of account ?
What is the accounting treatment for finance lease in lessee's viewpoint?
EXPAND___________NBFCS
Can anyone mail journal entries for me? my Mail id rukmini@live.in
What is the use of final account?
please tell me short cut method in maths as well as in english for correcting the error for the post of clerck in bank exam
