how to pass year ending entries for VAT treatment?
Answers were Sorted based on User's Feedback
Answer / giridhar
at the end of financial year your tax computation shows to
pay the tax then the following entry would occur.
Rates & Taxes A/c Dr. XXXX
VAT Payable A/c Cr. XXXX
Is This Answer Correct ? | 11 Yes | 2 No |
Answer / yogender singh
1. if we are liable to pay vat at the end of the year for
example input vat is Rs 1000 and output vat is Rs 2000 then
output vat a/c Dr by 2000
Input vat a/c Cr by 1000
vat payble (Duties & Taxes) a/c cr by 1000
2. if we are not liable to pay vat at the end of the year
for example input vat is Rs 2000 and Output vat is Rs 1000 then
Output vat a/c Dr by 1000
Input Vat a/c cr by 2000
Input Vat C/F (Deposit Assets) a/c Dr by 1000
Is This Answer Correct ? | 5 Yes | 2 No |
Answer / anchit saxena
at the end of an accounting period if output vat is more
than input vat the shortfall become vat payable. if input
vat is more than output vat it will be adjust in subsequent
years.
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / reddy
YEAR ENDING MONTH MARCH. TAX WE PAID IN NEXT MONTH SO WE
PAID IN APRIL FOR MARCH VAT.
VAT PAYBLE = OUTPUT VAT - INPUT VAT.
VAT PAYBLE A/C Dr ****
TO CASH/BANK A/C ****
(BEAING VAT PAID)
INCASE MY ANSWER SHOUD BE WRONG.PLEASE GIVE A CURRECT ANSWER.
Is This Answer Correct ? | 1 Yes | 1 No |
Answer / ankit soni
its very simple
output vat-input vat =vat payable
out put vat dR
input vat cR
vat payable cr
Is This Answer Correct ? | 0 Yes | 0 No |
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