Answer Posted / avijitsingh

( if Cash Purchase)
Net Purchase 4% dr 1442.40
VAT 4% dr 57.60
Net Purchase 12.5% dr 444.45
Vat 12.5% dr 55.55
to Cash/bank A/c. 2000
(Being cash purchases)

( if credit purchase)
Net Purchase 4% dr 1442.40
VAT 4% dr 57.60
Net Purchase 12.5% dr 444.45
Vat 12.5% dr 55.55
to Party A/c. 2000
( Being ... purchase of material on credit)
Party A/c. dr 2000
to Cash/Bank A/c 2000
(Being paid ch. / cash )

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