| A LTD | |
| Sales | 300000 |
| (1500 KG*200) | |
| + VAT 5% | 15000 |
| 315000 | |
Suppose 120 kg returned
Pass entry for Sales and Goods Return
View AnswerENTRY FOR Sales
A LTD 315000
TO SALES 5% LOCAL 300000
TO Output Vat 5% 15000
GOODS RETURN Computation
SALES RETURN 24000 (120*200)
+ VAT 5% 1200
TOTAL 25200
ENTRY
Sales 5% LOCAL 24000
Output Vat 5% 1200
TO A LTD 25200
-ea-
Q Will we issue Debit Note or Credit Note
A Since party is credited in this entry ,we will issue a credit note
