Pass Entry for Following Purchases 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
View answer
List of Purchases
Central Purchases
Purchase 2% Central Dr 510
To E Ltd 510
Purchase 5% Central Dr 1050
To J Ltd 1050
Local Purchases
Purchase Exempt local Dr 100
To C Ltd 100
Purchase 5% local Dr 2000
Input Vat 5% Dr 100
To D Ltd 2100
Purchase 5% local Dr 400
Input Vat 5% Dr 20
To F Ltd 420
Purchase 12.5% local Dr 800
Input Vat 12.5% Dr 100
To G Ltd 900
Purchase 5% local Dr 600
Input Vat 5% Dr 30
To H Ltd 630
Purchase 12.5% local Dr 400
Input Vat 12.5% Dr 50
To I Ltd 450
List of Sales
CST Sales
K ltd Dr 630
To Sales 5% Central 600
To Output CST 5% 30
L ltd Dr 1020
To Sales 2% Central 1000
To Output CST 2% 20
N ltd Dr 1350
To Sales 12.5 % Central 1200
To Output CST 12.5 % 150
Q ltd dr 420
To Sales 5 % Central 400
To Output CST 5 % 20
S ltd dr 100
To Sales Exempt Central 100
Vat Sales
M ltd dr 1260
To Sales 5% local 1200
To output Vat 5% 60
O ltd dr 600
To Sales Exempt local 600
P ltd dr 1800
To Sales 12.5% local 1600
To output Vat 12.5% 200
R ltd dr 900
To Sales Exempt local 900
Cash D 420
To Sales 5% local 400
To output Vat 5% 20
Entry for Adjustment of Vat & Cst
Output Vat 5% 80
Output Vat 12.5% 200
To Input Vat 5% 130
To Input Vat 12.5% 200
( Remaining 20+50(opening vat)=70 will remain in Input Vat 5% a/c )
Output Cst 5% 50
Output Cst 2% 20
Output Cst 12.5% 150
To Input Vat 5% 70
To Cst Payable 150
No Entry for Opening Input Vat Credit
It is Shown As Opening balance while making ledger of Input vat