Answer / sreenivasulu

the excess amount paid towards VAT (i.e.10000) can carry forward to next financial year. But, while paying the VAT in the year 2011-2012 the excess amount is to be written-off from the amount payable towards VAT.

Answer / devender kumar

Yes this excess amount will be adjusted against current
financial year Vat payable.

for example: vat payable for current year is 20000. then
entry will be

vat payable Ac dr 20000-10000(10000)
To bank ac cr 10000

Answer / govinda mahato

The excess amount paid of Rs. 10000/- will be carried forward
in the next year and can be adjusted with that year Vat
payable amount.

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