rm purchase-rs 1000(20 kgs)
vat-rs 4
other expenses-rs 5

total-rs 1009

Q1) i
presume that the below mentioned journal entries for vat
purchases eligible for input credit are to be passed

(using figures mentioned above )


purchase dr 1005
vat recevbl dr 4
party cr 1009

vat adjustment entry is
vat payabl dr
vat recevbl cr

unadjusted vat recevbl amount will remain as dr balance in vat
recevbl a/c and will be shown in asset side OF BALANCE SHEET .Am i
correct?
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Q2)what about cst purchases?
(using figures mentioned above )

is the rm price 1009 in case cst is rs 4 and are following journal
entries right

purchase dr 1009
party cr 1009

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Q3)the accounting policy for 2012-13 is closing stock value of raw
material= cost price or market price whichever is is lower

31/03/13- 500 kgs for which costprice is 108 and market price is 100

therefore closing stock value is 500 x 100 = 50000 as on 31/03/13


closing stock of 2012-13 is opening stock of 2013-14

so which of the following is correct

working 1

o/s 500 kgs rs 50000
purch 100 kgs rs 10000 (assumption )
consump 500 kgs rs 54000 (108 rs (cp as given above) x 500 kgs)
clsng stoc 100 kgs rs 6000


or

working 2

o/s 500 kgs rs 50000
purch 100 kgs rs 10000
consump 500 kgs rs 54000 (100 rs (mp as given above) x 500 kgs)
clsng stoc 100 kgs rs 10000


ASSUMING ONLY THE OPENING STOCK IS CONSUMED IN THAT MONTH AND NOT THE GOODS PURCHASED DURING THAT MONTH.Which rate is to be applied to determine the value of consumption -opening stock rate or actual cost price?

how many bills can be shown in a single C-Form..?
Can more than one bill can be shown in a single C-Form..?

Sir, pl. answer

I'm selling a exempted items of imitation (bangles)& I do purchase of 5% & 1% vat then what would be the set-off for 5% &1%.If any reduction then for 5% &1% how much?????????????

Dear sir,
I am in bihar.i have award a work in iocl pipe line division in rajkot , gujarat. I have no vat registration in gujarat because I have no rent deed agreement. What can I do sir

Is the rate of VAT remains same for motor vehicles in all over the country? what is it that changes??

Dear Sir / Madam,

We are situated in U.P., we have purchased some goods interstate. some of them against C form and some without C form at local tax 5%.

So, shall we take aggregate amount (against C form and without c form) in CST Return?

Kindly confirm at your earliest.

Thanks & Regards
Jitendra

While filing Vat original and revised return u/s 20(4)(a) interstate purchases were not shown mistakenly. And when c form application was made it was rejected. So proper info was shown in revised return u/s 20(4)(b) which is annual but the dept does not consider annual return for c form application.The dept is telling they cant do anything in this matter.So in such a case how to get c forms???

rm purchase-1000(20 kgs)
vat-4
other expenses-5

total-1009

journal entry


purchases dr 1009
party cr 1009

purchase cr 4
vat receivable dr 4

while recording consumption the avg rate (1009/20) ie 50.45 is used.


please let me know if the aforesaid journal entries are correct.Also let me know if the issue price(50.45) for consumption is right or wrong

IS VAT REGISTRATION APPLICABLE TO BUSINESSMEN IN HIS/HER INDIVIDUAL CAPACITY

Sir,
Is there any requirement to issue c form in case of tax free purchases and purchase of capital goods outside the state.
pl reply.
Thank u.