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Concept of Tax Invoice and Retail Invoice and their Entres - Input Vat Admissability

Duties of Accountant

For Sales

Issue Connect types of Bill

For Purchase

If we want to take input t hen tax invoice required.

Questions:-

A Ltd Amount
Purchase 100000
Vat 5% 5000
Total 105000

Pass Entries if it is a Tax invoice

-a-

Tax Invoice:-  

Purchase 5% local   100000
Input Vat 5%               5000
         To A Ltd                 105000

-ea-

Pass Entries if it is a Retail invoice

-a-

Retail Invoice:-

Purchase local Against retail        105000
                                     To A Ltd            105000

-ea-

If it is a Tax /  Retail Invoice:-

-a-

If Tin number mentioned, then entries likeTax Invoice

Purchase 5% local   100000
Input Vat 5%               5000
         To A Ltd                 105000

If Tin number not mentioned, then entries like Retail Invoice

Purchase local Against retail        105000
                                     To A Ltd            105000

-ea-

                            

 

   

  1. Accounts and Finance
  2. Accounts with Taxes
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About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 6 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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