Local purchase and inter-state sale
This query is : Resolved
Rahul Jain
(Querist)
30 June 2013
Suppose A(dealer) purchases certain goods locally paying VAT-
Basic Rs. 25000
Excise(12.36%) Rs.3090
Input VAT(5%) Rs.1404.5
Total Paid Rs.29494.5
Now A wants to sell the above goods to other state at CST and make Rs.200 net profit after payment of taxes and input credit.
How will he account for it?
Basic Rs. 25000
Excise(12.36%) Rs.3090
Input VAT(5%) Rs.1404.5
Total Paid Rs.29494.5
Now A wants to sell the above goods to other state at CST and make Rs.200 net profit after payment of taxes and input credit.
How will he account for it?
02 July 2013
1) Purchase Dr 28090
Input Vat Dr 1405
To Sundry Creditors/Cash 29495
2) Debtors Dr 29694
To CST Payable 582
To Sales 29112
Input Vat Dr 1405
To Sundry Creditors/Cash 29495
2) Debtors Dr 29694
To CST Payable 582
To Sales 29112
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- Nursery business
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Intimation under section 245
- GST input credit on commercial property
- ETDS return q4 25-26
- Section 269ST applicability for capital introduced by partner to his partnership firm
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
