Arun (Student CA Final ) (142 Points)
15 January 2013hi,
I was helping my client in his tally entry,and i came across a bill which made me confused on how to correctly enter it in tally.
Here below are the details. will be greatful if u help me out with it.
Quantity: 12.7904 MT
Rate: 23075.90 per MT
Total(12.7904*23075.90) : 295150
cess(1/8%) : 369
Education cess @ 2% : 7
SAH cess @ 1% :4
Total (295150+369+7+4) : 295530
C.S.T @ 1% : 2955
Total (295530+2955) : 298485
Insurance : 148
Grand Total : 298633
Sumit Grover
(Chartered Accountant )
(3652 Points)
Replied 15 January 2013
Purchase A/c Dr. 2,95,530
CST Expense A/c Dr. 2,955
Insurance exepnse A/c Dr. 148
To Vendor A/c 2,98,633
V Vara Prasad
(Chartered Accountant)
(212 Points)
Replied 15 January 2013
What is that Cess 1/8%
IF the cess is not refundable then entry is
Purchases A/c Dr 298633
To Creditor A/c 298633
Arun
(Student CA Final )
(142 Points)
Replied 15 January 2013
@ V V Prasad... actually i also dnt have any ideaabout thet cess 1/8%. When i asked with client he said that he has to pay in and he also dnt know why.
Arun
(Student CA Final )
(142 Points)
Replied 15 January 2013
@ sumit... That CST is non refundable, in which we will put that CST? expense? Liability? Actually this is the thing which i got confused into? How to treat THat CST And 1/8% Cess
RAJ KUMAR BHANDARI
(FINANCE)
(165 Points)
Replied 15 January 2013
MR ARUN
PLEASE CLEAR C.S.T. @ 1% ?????????????
V Vara Prasad
(Chartered Accountant)
(212 Points)
Replied 15 January 2013
ok
If he is claiming any credit of that cess
like VAT credit like that
If no credit then entry will be for full amount since the cess not refundable
CST is to be taken as cost since it is also not refundable
Insurance u may take it as cost or shown as separately
ok
Arun
(Student CA Final )
(142 Points)
Replied 15 January 2013
Mr RAJ,
CST @ 1% has be on the total amount of 295530
The good client purchase was a 1% Taxable good and CST is TAx or 2% whichever is lower so 1% has been levied on it
Arun
(Student CA Final )
(142 Points)
Replied 15 January 2013
V Vara Prasad
(Chartered Accountant)
(212 Points)
Replied 15 January 2013
ok
For insurance u can take a separate A/c or include in the cost
no problem to both
ok
Antony Jacob
(FINANCIAL ACCOUNTANT)
(30 Points)
Replied 15 January 2013
interstate Purchase A/c Dr : 298633
To vendors A/c 298633
(where the taxes paid not claimable,)
CA Suryakant Dubey
(CA )
(931 Points)
Replied 15 January 2013
Purchase A/c dr.
cst/vat/cess a/c dr. (if credit can be taken,it will be depend on dvat rules )
To vendor a/c
Insurance u can consider it as a indirect expenses.
CA DIGANT CHADHA
(Academician & Consultant)
(195 Points)
Replied 17 January 2013
| Originally posted by : Sumit Grover | ||
 |
Purchase A/c Dr. 2,95,530 CST Expense A/c Dr. 2,955 Insurance exepnse A/c Dr. 148 To Vendor A/c 2,98,633 |
 |
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