Sales Tax Invoice Entry

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Sales Tax Invoice Entry

Mubashir786
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04-22-2011, 04:09 PM

Salam to all,
Plz explain the following entry for sales invoice,
Sale of 20 item of Pesticide Medicine @ 50 each, there is 10% trade Discount,Sales tax rate is 17%, so what will be the actual accounting entry,
Is it right the following entry?

Discount 100 DR.
Cash 900 DR.
Sales 1000 CR.

Sales Tax 170 DR. on Tatal Sales
or
On 1000-100 = 900 x 17% = 153
Plz Explain.

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Sales Tax Invoice Entry - by Mubashir786 - 04-22-2011, 04:09 PM

[No subject] - by Information Consultant - 04-22-2011, 05:41 PM

[No subject] - by Mubashir786 - 04-22-2011, 05:58 PM

[No subject] - by Information Consultant - 04-22-2011, 06:10 PM

[No subject] - by Mubashir786 - 04-23-2011, 02:41 PM

[No subject] - by Information Consultant - 04-23-2011, 03:40 PM

[No subject] - by Mubashir786 - 04-23-2011, 08:18 PM

[No subject] - by Information Consultant - 04-23-2011, 08:39 PM

[No subject] - by Mubashir786 - 04-23-2011, 09:12 PM