Interested to Buy Any Domain ? << Click Here >> for more details...
how to pass entry for VAT return adjustment entry?
- 12 Answers
- 38081 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / leaner
VAT Adjustment includes calculating a Set Off of Tax Payed
and Tax Received from Purchases and Sales respectively.
VAT = Output Tax - Input Tax.
If Input Tax (Tax on Purchase) is more than Output Tax (Tax
on Sales), the difference is carried forward to the next tax
period.
Eg:Purchased Taxable Goods for 25000 and Tax paid is 1000.
Sold goods worth 35000 (in this case assuming opening stock
exists) and Tax received 1400
Output Tax A/c Dr. 1000
Input Tax A/c Cr. 1000
(Input Tax is transferred to Output tax to claim a Set Off)
Output Tax A/c Dr. 400
VAT (Payable) A/c Cr. 400
Final VAT entry would determine whether Tax is Payable or
Refundable as the case may be.
| Is This Answer Correct ? | 4 Yes | 3 No |
Answer / vivek
when vat payable seen or output vat exceed then input vat, the entry will be:
first,
Dr. output vat a/c
Cr. input vat a/c
Cr. Vat payable a/c
second,
Dr. vat payable a/c
Cr. cash / bank a/c
when vat refundable seen or output vat lower then input vat, the entry will be:
Dr. output vat a/c
Dr. vat adjustment a/c
Cr. input vat a/c
(entry pass end of the month mean which month you see the report, entry pass always "journal mode")
| Is This Answer Correct ? | 0 Yes | 0 No |
TDS rate for Building Maintenance ????
what is 'c' form and form 'H' and why these form used in a company. pl tell me
I am a trader supplying goods to an exporter in other state. Is it enough if I get form H from him, to avail tax exemption?
why charges PURCHASE @ 15 % TAX RATE ?
HOW MANY TIPE OF BALANSHEET
what are the benifits available to become and EOU in all taxes, such as Income Tax, Sales Tax, Excise, Custom
Give details about TDS and its applicapable rates of latest year.
1 Answers CA, Ratnakar Bank RBL,
UNDER CST IF WE PURCHASE GOODS ON 26 JULY 2010 AND GOT THE DELIVERY ON 4 AUG 2010,ON WHAT DATE SHOULD I ENTER THE BILL IN TALLY.
please Clarify between TR-6 and gar-7 challan.
26 Answers Alps, Simran International,
HOW MUCH PENALY IF SALES TAX IS NOT PAID ON DUE DATE IN HARYANA SALES TAX
If Mr.A (Individual)Net income Rs.2,00,000 in F.y.2009-10.How much income tax he has to pay.. Is it Right or wrong Total Net income = 200000 (-)Nil Tax 160000 ------- 40000 x 10/100=4000 (-)
IF 7th is Sunday, can we pay the TDS on 8th?
Audit 
