About cst & vat adjustment entry
This query is : Resolved
25 February 2016
input cst @ 2% - 1300.00
input vat @ 5% - 7500.00
output vat @ 5% - 11500.00
end of the quarter how to record vat & cst adjustment entry.
input vat @ 5% - 7500.00
output vat @ 5% - 11500.00
end of the quarter how to record vat & cst adjustment entry.
25 February 2016
Input CST can not be adjusted with VAT, it will be part of purchase cost. Input vat to be adjusted against output vat.
1st entry. Payment entry
Output vat dr 11500. Vat payabledr4000
Input vat. Cr 7500. Bank. 4000 cr
Vat payable cr 4000
1st entry. Payment entry
Output vat dr 11500. Vat payabledr4000
Input vat. Cr 7500. Bank. 4000 cr
Vat payable cr 4000
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