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Example 5
| A LTD | |
| Purchase | 40000 |
| Vat 5% | 2000 |
| 42000 | |
| XLTD | |
| Sale | 60000 |
| vat 5% | 3000 |
| 63000 | |
Pass Entry for Adjustment of Output and Input Vat and Vat Payable
View AnswerPurchase 5% local Dr 40000
Input Vat 5% 2000
To A Ltd 42000
B ltd Dr 63000
To Sales 5% local 60000
To Output Vat 5% 3000
Output Vat 5% Dr 3000
To Input vat 5% 2000
To Vat Payable 1000
Example 6
| B LTD | |
| Purchase | 80000 |
| Vat 12.5% | 10000 |
| 90000 | |
| Y LTD | |
| Sale | 60000 |
| Vat 12.5% | 7500 |
| 67500 | |
Pass Entry for Adjustment of Output and Input Vat and Vat Credit
View AnswerPurchase 12.5% local Dr 80000
Input Vat 12.5% 10000
To B Ltd 90000
Y ltd Dr 67500
To Sales 12.5% local 60000
To Output Vat 12.5% 7500
Output Vat 12.5% Dr 7500
To Input vat 12.5% 7500
(Remaining 2500 will remain in Input vat 12.5% A/c)
Example 7
| A LTD | B LTD | |||
| Purchase | 40000 | Purchase | 80000 | |
| Vat 5% | 2000 | Vat 12.5% | 10000 | |
| 42000 | 90000 | |||
| X LTD | Y LTD | |||
| Sale | 60000 | Sale | 60000 | |
| vat 5% | 3000 | Vat 12.5% | 7500 | |
| 63000 | 67500 | |||
Pass Entry for Adjustment of Output and Input Vat and Vat Credit
View AnswerPurchase 5% local Dr 40000
Input Vat 5% 2000
To A Ltd 42000
Purchase 12.5% local Dr 80000
Input Vat 12.5% 10000
To B Ltd 90000
X ltd Dr 63000
To Sales 5% local 60000
To Output Vat 5% 3000
Y ltd Dr 67500
To Sales 12.5% local 60000
To Output Vat 12.5% 7500
Output Vat 5% Dr 3000
Output Vat 12.5% Dr 7500
To Input vat 5% 2000
To Input vat 12.5% 8500
(Remaining 1500 will remain in Input vat 12.5% A/c)
Example 8
| C LTD | |
| Purchase | 50000 |
| Cst 2% | 1000 |
| 51000 | |
| Z LTD | |
| Sale | 120000 |
| Cst 2% | 2400 |
| 122400 | |
Pass Entries for CST Payable
View Answer
Purchase 2% Central 51000
To C Ltd 51000
Z ltd Dr 122400
To Sales Central 2% 120000
To Output CST 2% 2400
Output Cst 2% Dr 2400
To Cst Payble 2400
