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Different types of Purchase and Sales
LIST OF PURCHASES
| PARTY NAME | TYPE OF TAX | RATE | AMT | TAX | TOTAL |
| E | CST | 2% | 500 | 10 | 510 |
| J | CST | 5% | 1000 | 50 | 1050 |
| TOTAL CST Purchases | 1500 | 60 | 1560 | ||
| C | VAT | 0% | 100 | 0 | 100 |
| D | VAT | 5% | 2000 | 100 | 2100 |
| F | VAT | 5% | 400 | 20 | 420 |
| G | VAT | 12.50% | 800 | 100 | 900 |
| H | VAT | 5% | 600 | 30 | 630 |
| I | VAT | 12.50% | 400 | 50 | 450 |
| TOTAL Local Purchases | 4300 | 300 | 4600 | ||
LIST OF SALES
| PARTY NAME | TYPE OF TAX | RATE | AMT | TAX | TOTAL |
| K | CST | 5% | 600 | 30 | 630 |
| L | CST | 2% | 1000 | 20 | 1020 |
| N | CST | 12.50% | 1200 | 150 | 1350 |
| Q | CST | 5% | 400 | 20 | 420 |
| S | CST | 0% | 100 | 0 | 100 |
| TOTAL CST Sales | 3300 | 220 | 3520 | ||
| M | VAT | 5% | 1200 | 60 | 1260 |
| O | VAT | 0% | 600 | 0 | 600 |
| P | VAT | 12.50% | 1600 | 200 | 1800 |
| R | VAT | 0% | 900 | 0 | 900 |
| CASH | VAT | 5% | 400 | 20 | 420 |
| TOTAL VAT Sales | 4700 | 280 | 4980 | ||
Suppose there is opening vat credit of 50
What is Vat/Cst Payable?
-a-
| Vat Computation | Amt | CST Computation | Amt | |
| Output Vat | 280 | Output CST | 220 | |
| Input Vat | 300 | |||
| Vat Payable | 0 | CST Payable | 220 | |
| or | ||||
| Vat Credit | 20 | |||
| Add | Less | |||
| Operning vat credit | 50 | Adjust against Cst | 70 | |
| total vat credit | 70 | Balance CST Payble | 150 | |
| Less | ||||
| Adjust against Cst | 70 | |||
| Balance Vat Credit | 0 |
-ea-
