Accounting Entry on Sales/Purchase

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F H G

F H G (Querist)
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14 October 2009 What accounting entries happen on sales/purchase?

Thanks in advance

Deepak Agrawal

Deepak Agrawal (Expert)
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14 October 2009 SAles:

Debtor A/c... Dr Rs. 110
To Excise Duty Payable Rs. 7
To VAT / CST payable Rs. 3
To Sales A/c Rs. 100

Purchase:

Purchase A/c... Dr Rs. 100
Excise Duty receivable Rs. 7
VAT / CST receivable Rs. 3
To Creditor A/c... Rs. 110

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F H G

F H G (Querist)
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15 October 2009 Ya I know this entry
I just give you a scenario
A Ltd is purchasing and selling both vatable and non vatable goods
In case of VAT we adjust the difference of input and output VAT in VAT Adjustment a/c.
Because we can claim for input vat and VAT is not a part of cost of goods.

But CST is a part of cost of goods. Then what will happen in the case of Input CST?
Can we do this entry to adjust input CST
Material Purchase a/c ...Dr
To Input CST a/c
and what will happen in case of output CST?

F H G

F H G (Querist)
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02 November 2009 Ya I know this entry
I just give you a scenario
A Ltd is purchasing and selling both vatable and non vatable goods
In case of VAT we adjust the difference of input and output VAT in VAT Adjustment a/c.
Because we can claim for input vat and VAT is not a part of cost of goods.

But CST is a part of cost of goods. Then what will happen in the case of Input CST?
Can we do this entry to adjust input CST
Material Purchase a/c ...Dr
To Input CST a/c
and what will happen in case of output CST?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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14 March 2012 In case of CST, the CST shall be added to the cost of the goods.

Purchases account shall be debited by the cost + CST.

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