Value Added Tax Example in Tally ERP 9

The following would be recorded in journal entry and do the journal entries, ledger posting and prepare the Trial Balance, Profit & Loss a/c and Balance sheet and also implement the feature of Value Added Tax and Central Sales Tax of following company for the financial period 1.4.2010 to 31.3.2011.

M/s. GREEN PLACE PVT LTD
II Gandhi House Street,
New Delhi – 3544878

Particular	Dr	Cr
Capital		7,00,000
Government security	1,00,000
Salary payable		1,00,000
Debentures		2,00,000
Reserves		1,00,000
Computer	1,00,000
Cash in hand	1,00,000
KVB bank	2,00,000

STOCK IN HAND:

Stock item	Quantity	Rate
Cement	500bag	Rs.100each
Bricks	500nos	Rs.100each
Ms-Office	1000packs	Rs.500each

TRANSACTION DURING THE PERIOD:

Apr 02 Goods Purchased from M/s. VPP LTD for the following:

14" Sony 2000nos @ Rs.1000, VAT 4%
Sony projector 20nos @ Rs.50000, VAT 12.5%
Bill no: VL89 (30days)

Apr10 Goods Purchased from M/s. KALYAN JEWLERS for the following:

Gold 1000kgs @ Rs.800000,
silver 800kgs @Rs.500000,
(Input vat 1%) Bill no: KJ031 (30days)

Apr12 Goods return to M/s. VPP LTD for the following:

14" Sony 500nos VAT 4%
Sony projector 5nos VAT 12.5%
Against Bill no: VL89 (30days)

Apr27 Goods purchased from M/s. VIRSHA TRADERS for the following:

Rice 500 Bags Rs.500each VAT 4%
Sugar 200 Bags Rs.150each (Purchase – Exempt)
Against Bill no: VT656 (30days)

May05 Goods purchased from M/s. SRI AGNCIES for the following:

Rice 500 Bags Rs.500each VAT 4%
Wheat 200 Bags Rs.750each (Purchase – import)
Against Bill no: SA56 (30days)

May12 Goods purchased from M/s. WATER MORE (P) LTD for the followings

Java software 20packs @ R.600each
(Purchase from unregister dealer 12.5%)
Against Bill no: WM897 (30days)

May20 Goods purchased from M/s. TATA MOTORS LTD for the following

Machinery Rs.350000, Motorcar Rs.400000
Input vat 12.5% (Purchase capital Goods @ 12.5%)

Jun03 Sold goods to M/s. CYGNUS LID for the following

14" Sony 1500nos @ Rs.2000, VAT 4%
Sony projector 12nos @ Rs.60000, VAT 12.5%
Bill no: CL148 (30days)

Jun14 Goods return from M/s. CYGNUS LTD for the following

14" Sony 200nos VAT 4%
Sony projector 2nos VAT 12.5%
Against Bill no: CL148 (30days)

Jul01 Goods sold to M/s. VRK JEWLES for the following

Gold 800kgs @ Rs.1000000,
silver 500kgs @ Rs.700000,
(Output vat 1%) Bill no: KJ031 (30days)

Jul21 Good sold to M/s. JONES INDUTRIES for the following

Cement 100bag @ Rs.300, (Sales – Export)
Bricks 200bag @ Rs.500, (Sales – Exempt)
Bill no: JI89 (30days)

CST:

Jul21 Good sold to M/s. NATIONAL INDUTRIES for the following

Ms-Office 500packs @ Rs.1000each
CST 4% paid (Inter State Sales) Form: C form, Form no: 765, Bill no: JI89 (30days)