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
Purchase 12.5% local Dr 80000
Input Vat 12.5% 10000
To B Ltd 90000
Purchase 2% Central 51000
To C Ltd 51000
Y ltd Dr 67500
To Sales 12.5% local 60000
To Output Vat 12.5% 7500
Z ltd Dr 122400
To Sales Central 2% 120000
To Output CST 2% 2400
Output Vat 12.5% Dr 7500
To Input vat 12.5% 7500
(Remaining 2500 will remain in Input vat 12.5% A/c)
Output Cst 2% Dr 2400
To Input vat 12.5% 2400
(Remaining 100 will remain in Input vat 12.5% A/c)
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
Purchase 5% local Dr 40000
Input Vat 5% 2000
To A Ltd 42000
Purchase 12.5% local Dr 80000
Input Vat 12.5% 10000
To B Ltd 90000
Purchase 2% Central 51000
To C Ltd 51000
X ltd Dr 63000
To Sales 5% local 60000
To Output Vat 5% 3000
Y ltd Dr 67500
To Sales 12.5% local 60000
To Output Vat 12.5% 7500
Z ltd Dr 204000
To Sales Central 2% 200000
To Output CST 2% 4000
Output Vat 5% Dr 3000
Output Vat 12.5% Dr 7500
To Input vat 5% 2000
To Input vat 12.5% 8500
(Remaining 1500 will remain in Input vat 12.5% A/c)
Output Cst 2% Dr 4000
To Input vat 12.5% 1500
To Cst Payble 2500