General Accounting Question:
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Mrb sold 100000 good to mr.b + vat 12.5% where mr.b 50% goods return? and mr a had give 10% incentives to their employee?


vat a/c Dr 12500
TO party A/C 112500

At the time of return
party Dr . 56250
to vat 6250
to Inc employ 5000
to sales return 45000

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Mr.a purchased machinery parts worth rs.50000 + vat @ 5% and 25 % parts would be returned?What do you mean by cash basis and accruals basis account?