25 February 2016
input cst @ 2% - 1300.00 input vat @ 5% - 7500.00 output vat @ 5% - 11500.00 end of the quarter how to record vat & cst adjustment entry.
25 February 2016
Input CST can not be adjusted with VAT, it will be part of purchase cost. Input vat to be adjusted against output vat. 1st entry. Payment entry Output vat dr 11500. Vat payabledr4000 Input vat. Cr 7500. Bank. 4000 cr Vat payable cr 4000
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