Local purchase and inter-state sale
This query is : Resolved
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
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