General Accounting Question:
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Mr.a purchased machinery parts worth rs.50000 + vat @ 5% and 25 % parts would be returned?

Answers:

Answer #1
At the time of purchase-
Machinery A/c Dr. 50000
Vat A/c Dr. 2500
To Party A/c 52500
At the time of return-
Party Dr. 13125
To Vat 625
To machinery 12500

Answer #2
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Answer #3
At the time of purchase :
Machinery A/c Dr. 52500
To Bank A/c 52500
At the time of return :
Party A/c Dr. 13125
To Machinery A/c 13125

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