Which is the correct entry for the entity. asper AS& tax

[Asked by Guest]

transaction is telephone wire purchased 1160 vat14% 163 - total 1323 from balwant storeWhich is the correct entry for the entity. If the entity is in the goods sell category and availsinputvat.1 office R and M 1160 input vat 163 TO Balwant store 1323

2 office R and M 1323

TO Balwant store 1323

[DR.MARIAPPAN GOVINDARAJAN]

Your query is not clear.

AI Summary

Input VAT accounting: whether to record net purchase plus input VAT or a gross expense entry for a VATed purchase.
Query presents two alternative journal entries for a telephone wire purchase invoiced with VAT: net expense plus input VAT credited to the supplier, or a single gross expense entry; the entity is described as a goods seller that avails input VAT, and the respondent sought clarification without declaring the correct treatment.