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Gov. Note No.6 - Stamps & Stamped Papers
Gov. Note No.6 - Stamps & Stamped Papers
Gov. Note No.6 - Stamps & Stamped Papers
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2- In Governmental unit books:
1- At beg. of fiscal year & when receiving the stamps
& stamped papers:
Debit cur. Account under adj. (employee) a/c XX
Credit cur. Account under adj. (tax -authority) a/c XX
2- At sending a cheque by the value to the tax
authority:
Credit cur. Accounts under adj. (tax -authority) a/c XX
Cheques a/c XX
3- At deducting the cheques of C.B current account:
Cheques a/c XX
C.B. current a/c XX
4- At end of every day, the sales deposited in the
safe or in the C.B. current account of the
governmental unit & deducted from the custody of
the employee.
Cash under adj. a/c XX
Or cash a/c
Debit current account under adj.(employee name) a/c XX
Note: this entry made every day.
5- At end of the year: closing the custody of the
employee by the unsold:
Credit cur. account under adj. (tax authority) a/c XX
Debit cur. account under adj. (employee name) a/c XX
6- At receiving the new stamps & stamped papers at
the beg. of next year:
Debit cur. account under adj. (employee name) a/c XX
Credit cur. account under adj. (tax authority) a/c XX
2
Exercise :
Suppose that these coming transactions took place in a
governmental unit during year 2019/2020 & beg. of
2020/2021.
Tax authority sent stamps & stamped papers of 25000
to a governmental unit, received a cheque by the value, the
cheque is collected, at end of 2019/2020 received a
statement by the unsold stamps & stamped papers amounted
of 3500.
At beg of 2020/2021 sent new stamps & stamped papers to
the same governmental unit for 16000, received a cheque by
the amount due.
Required:
Make necessary entries in books of both tax
authority & Governmental unit.
Answer:
A - At tax authority books:
Dr. Cr.
1- A beg of 2019/ 2020: sending stamps &
stamped papers:
Debit cur. Accounts under adj. (G. unit name) a/c 25000
Revenues a/c 25000
2- At receiving a cheque:
F. vouchers under collection a/c 25000
Debit cur. Account under adj. (G.U. name) a/c 25000
3- At collecting cheques:
C. bank current a/c 25000
F. V. under collection a/c 25000
4- At end of 2019/ 2020:
Revenues (elimination) a/c 3500
Debit cur. Account under adj. (G. U. name) a/c 3500
5- At beg of 2020/ 2021 (new + unsold) 16000 + 3500
Debit cur. Account under adj. (G. U. name) a/c 19500
Revenues a/c 19500
6- Receiving new cheques of 2020/ 2021:
Financial vouchers under collection a/c 16000
Debit cur. Account under adj. (G.U. name) a/c 16000
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B - At Gov. unit books:
Dr. Cr.
1- A beg. of 2019/2020: receiving stamps &
stamped papers:
Debit cur. Accounts under adj. (employee name) a/c 25000
Credit cur. account under adj. (tax authority) a/c 25000
2- Sending cheques:
Credit cur. account under adj. (tax authority) a/c 25000
Cheques a/c 25000
3- Payment of cheques out of C. B. current a/c:
Cheques a/c 25000
C. bank current a/c 25000
4- Record of daily sales:
Cash a/c (25000 – 3500) 21500
Debit cur. account under adj. (employee new) a/c 21500
5- At end of 2019/ 2020: closing the custody of
the employee by the unsold:
Credit cur. account under adj. (tax authority) a/c 3500
Debit cur. account under adj. (employee name) a/c 3500
6- At receiving the new stamps & stamped papers
+ the unsold (at beg of 2020/ 2021):
Debit cur. account under adj. (employee name) a/c 19500
Credit cur. account under adj. (tax authority) a/c 19500
7- Sending a cheque by the new only:
Credit cur. account under adj. (tax authority) a/c 16000
Cheques a/c 16000