Example 9

B LTD   C LTD
Purchase 80000   Purchase 50000
Vat 12.5% 10000   Cst 2% 1000
  90000     51000

 

Y LTD   Z LTD
Sale 60000   Sale 120000
Vat 12.5% 7500   Cst 2% 2400
  67500     122400

 

Vat Computation     CST Computation  
Output Vat 7500   Output CST 2400
Input Vat 10000      
Vat Payable 0   CST Payable 2400
or        
Vat Credit 2500      
Less     Less  
Adjust against Cst 2400   Adjust against Vat Credit 2400
Balance Vat Credit 100   Balance CST Payble 0

Pass Entry for Adjustment of Vat Credit with CST?

View Answer

 

 

Example 10

A LTD   B LTD   C LTD
Purchase 40000   Purchase 80000   Purchase 50000
Vat 5% 2000   Vat 12.5% 10000   Cst 2% 1000
  42000     90000     51000

 

 XLTD   Y LTD   Z LTD
Sale 60000   Sale 60000   Sale 200000
vat 5% 3000   Vat 12.5% 7500   Cst 2% 4000
  63000     67500     204000

What is  vat and cst payable?

Vat Computation     CST Computation  
Output Vat 10500   Output CST 4000
Input Vat 12000      
Vat Payable 0   CST Payable 4000
or        
Vat Credit 1500      
Less     Less  
Adjust against Cst 1500   Adjust against Vat Credit 1500
Balance Vat Credit 0   Balance CST Payble 2500 
View Answer
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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .