Can any one help me about following query
This query is : Resolved
25 February 2016
in the 3rd quarter
interstate purchase 65,000/- + cst 2%
vat purchase 150000/- + vat 5%
vat sale 230000/- + vat 5%
now quarter end i have to record vat & cst adjustment entry in the quarter end so how to record this entry.
interstate purchase 65,000/- + cst 2%
vat purchase 150000/- + vat 5%
vat sale 230000/- + vat 5%
now quarter end i have to record vat & cst adjustment entry in the quarter end so how to record this entry.
25 February 2016
Purchase Dr 150000
Vat input Dr 7500
To party 157500
Party Dr 241500
To sales 230000
To vat output 11500
CST purchase Dr 65000
CST @ 2% 1300
To party 66300.
Vat output 11500
To vat input 7500
To cash/ bank 4000
Cst cannot be allowed as credit.
Vat input Dr 7500
To party 157500
Party Dr 241500
To sales 230000
To vat output 11500
CST purchase Dr 65000
CST @ 2% 1300
To party 66300.
Vat output 11500
To vat input 7500
To cash/ bank 4000
Cst cannot be allowed as credit.
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