what journal entry pass in case of vat refundable and in case of vat payable?
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Answer / asha.ricky7
In case of vat payable:
output vat
Toinput vat
To vat payable
In case of vat refundable:
output vat
vat refundable
To input vat
| Is This Answer Correct ? | 10 Yes | 3 No |
Answer / g.k.gupta
in case vat payable as on 31-3
outputvat dr
To vatpayable
in case vat received by chaque or dd
bank a\c dr
to vat refundable
in case vat not in chaque or dd
it is depend state govt. act and oder pass by dept.of
commercial tax dept.
| Is This Answer Correct ? | 2 Yes | 1 No |
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