DOWNLOAD AND TRY
| A LTD | |
| Purchase | 70000 |
| (700 KG*100) | |
| + VAT 5% | 3500 |
| 73500 | |
Suppose 120 kg returned
Pass entry for Purchase and Goods Return
Will we issue Debit Note or Credit Note
View Answer
ENTRY FOR Purchase
PUR 5% LOCAL DR 70000
INPUT VAT 5% DR 3500
TO A LTD 73500
GOODS RETURN COMPUTATION
PUR RETURN 12000 (120*100)
+ VAT 5% 600
TOTAL 12600
ENTRY
A LTD DR 12600
TO Purchase 5% LOCAL 12000
To Input Vat 5% 600
Since party is debited in this entry ,we will issue a debit note
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