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

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

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.

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.

Answer / ankit soni

its very simple
output vat-input vat =vat payable
out put vat dR
input vat cR
vat payable cr

my company taken a hdfc car loan rs.355493/= but bank received only 347345/= .after received the amount company purchase the car. after that regular emi paid to hdfc bank.

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