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+--- Thread: sales tax entry and income tax (/showthread.php?tid=8273)
sales tax entry and income tax - fastone_bacha@hotmail.com - 07-02-2010
i am new in this website n i have just done my b.com n want to enter in accounts line so kindly help me.
my question is
suppose i have made a car @ cost of 200,000/- including 16% sale tax
i will made this entry
A/R 232,000/-Dr
sale 200,000/-Cr
sale tax payable 32,000/- Cr
is it correct?
why we dont make this entry
A/R 200,000/-Dr
sale 168,000/-Cr
sale tax payable 32,000/- Cr
plz clear me this thing. which entry is correct and why
_____________________________________________________________________
if i am owner of the company and i am paying the salary to my staff
i will make this entry.
if employee salary is 40,000/-
salary expense 40,000/- Dr
tax payable 2,400/- Cr
bank 37600/- Cr
we also can make this entry
salary expense 42,400/- Dr
tax payable 2,400/- Cr
bank 40,000/- Cr
which entry is correct plz tell me
- LapTop - 07-02-2010
Q-1 suppose i have made a car @ cost of 200,000/- including 16% sale tax i will made this entry.
Daykhyn ap nay apny sawal may likha hay Car Cost 200,000/- Inclusive 16% sales tax.
To ye intry bany gi.
A/R Dr. 200,000
Sales Cr. 172,414
Output sales tax Cr. 27,586
Or agar Car Cost 200,000/- Exclusive 16% sales tax hay to ye intry bany gi
A/R Dr. 232,000
Sales Cr. 200,000
Output sales tax Cr. 32,000
Q No. 2 may pahli intery sahi ho gi agar Income tax 2400 hi banta hay to.