Sunday, July 28, 2013

VAT Transactions in Tally (Tutorials-2)

 TUTORIAL-2
  PURCHASES
XYZ Company purchased material from M/s.Kanna Engg Pvt Ltd., for Rs.54,600  (Basic Value: Rs.52,000 + 5% VAT: Rs.2,600) on 01.05.2013.

XYZ Company purchased material from M/s.BPV Company & Co for Rs.20,610 (Basic Value: Rs.18,000 + 14.5% VAT: Rs.2,610) on 02.05.2013

SALES

XYZ Company sales material to M/s.G.M.Tech India Ltd, for Rs.94,500  (Basic Value: Rs.90,000 + 5% VAT: Rs.4,500) on 02.05.2013

XYZ Company sales material to M/s.Rexi India Pvt Ltd., for  Rs.17,175 (Basic Value: Rs.15,000 + 14.5% VAT: Rs.2,175) on 02.05.2013
STEP 1


STEP 2

Enter Purchase Vouchers in Tally

Gateway of Tally -> Accounting Vouchers -> Click on  F9: Purchase from right side panel or Press F9 

Dt:01.05.2013 
Dr. Purchases 5% - Rs.52,000 
Dr. Input VAT 5% - Rs.2,600 
Cr. Kanna Engg  Pvt Ltd - Rs.54,600

Dt:02.05.2013
 
Dr. Purchases 14.5% - Rs.18,000

Dr. Input VAT 14.5% - Rs.2,610
Cr. BPV Company & Co - Rs.20,610



STEP 3
Enter Sales Vouchers in Tally
 
Gateway of Tally -> Accounting Vouchers -> Click on  F8: Sales from right side panel or Press F8
  
Dt:02.05.2013 
Dr. G.M.Tech India Ltd - Rs.94,500 
Cr. Sales 5% - Rs.90,000 
Cr. Output VAT 5% - Rs.4,500 



Dt:02.05.2013 
Dr. Rexi India Pvt Ltd - Rs.17,175 
Cr. Sales 14.5% - Rs.15,000 
Cr. Output VAT 14.5% - Rs.2,175


VIEW VAT REPORT

 
Gateway of Tally -> Display -> StatutOry Reports -> VAT-> VAT Computation.
Press Alt+F2->  Change Date From 01.05.2013 To 31.05.2013.
 
Total Input Tax: (Rs.2,600+Rs.2,610) + Previous Month Input Credit Rs.22,000 = Rs.27,210/-
Total Output Tax: (Rs.4,500+Rs.2,175)=Rs.6,675/-
Excess Input Credit  (Input Tax-Output Tax) = Rs.20,535/-
This amount you can adjust in CST Returns or Carried forward to next month.

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