Accounting Entry on Sales/Purchase
This query is : Resolved
14 October 2009
What accounting entries happen on sales/purchase?
Thanks in advance
Thanks in advance
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
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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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?
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?
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?
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?
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.
Purchases account shall be debited by the cost + CST.
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