Example 1
| A LTD | |
| Purchase | 40000 |
| Vat 5% | 2000 |
| 42000 | |
| XLTD | |
| Sale | 60000 |
| vat 5% | 3000 |
| 63000 | |
Pass Entries for Purchase and Sales
View AnswerPurchase 5% local Dr 40000
Input Vat 5% 2000
To A Ltd 42000
X ltd Dr 63000
To Sales 5% local 60000
To Output Vat 5% 3000
Example 2
| B LTD | |
| Purchase | 80000 |
| Vat 12.5% | 10000 |
| 90000 | |
| Y LTD | |
| Sale | 60000 |
| Vat 12.5% | 7500 |
| 67500 | |
Pass Entries for Purchase and Sales
View AnswerPurchase 12.5% local Dr 80000
Input Vat 12.5% 10000
To B Ltd 90000
Y ltd Dr 67500
To Sales 12.5% local 60000
To Output Vat 12.5% 7500
