what journal entry pass in case of vat refundable and in case of vat payable?

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what journal entry pass in case of vat refundable and in case of vat payable?..

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

what journal entry pass in case of vat refundable and in case of vat payable?..

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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