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how to pass entry for VAT return adjustment entry?
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Answer / rajesh
Hai here is the VAT Adjustment Entry
if it is Sales return ( Credit Note to be issued )
DR Sales Return Rs.1000/-.
DR VAT @ 4% Rs. 40
CR XXX( party Name ) Rs. 1040/-.
(being the Goods returned by XXX party and Credit Note
issued to above Party )
| Is This Answer Correct ? | 62 Yes | 9 No |
Answer / pradeep kumar
output vat 4% a/c dr
input vat 4% a/c cr
vat adjusment a/c cr
| Is This Answer Correct ? | 38 Yes | 7 No |
Answer / saurabh gureja
when output vat is higher than input then entry will
be: output vat dr.
input vat cr.
vat adjutment a/c cr .
but when input is higher then:
output vat dr.
vat adjustment dr.
input vat cr.
| Is This Answer Correct ? | 32 Yes | 7 No |
Answer / sumathi
Sales adjustment Rs. 1000 dr
Vat 4% Rs. 40 dr
Party Name Rs. 1040 cr
| Is This Answer Correct ? | 23 Yes | 5 No |
Answer / subitha
1) when output vat is higher than input vat then entry will
be: output vat Dr.
Cess Payable Dr.
To input vat
To Cess Creditable
To vat Payable a/c
Note: amount of Vat Payable is (Output vat + Cess Payable) -
(Input vat +Cess Creditable)
but when input is higher than output vat :
Output vat Dr.
Cess Payable Dr.
Vat Receviable/refundable Dr.
To input vat
To Cess Creditable
Note : amount of Vat Receviable/refundable is (Input vat
+Cess Creditable) -(Output vat + Cess Payable)
| Is This Answer Correct ? | 11 Yes | 1 No |
Answer / anju
central sales tax a/c Dr.
output vat a/c Dr.
to input vat
to vat payable
| Is This Answer Correct ? | 11 Yes | 4 No |
Answer / subitha
Output vat Dr 1000
Cess Payable Dr 10
To Vat Adjustment a/c 1010
Vat adjustment Dr 808
To Input vat 800
To Cess creditable 8
if output vat higher than input vat:
Vat adjustment A/c Dr 202
Vat payable 202
if input vat higher than output vat:
Vat receivable a/c Dr
To Vat adjustment
| Is This Answer Correct ? | 6 Yes | 4 No |
Answer / sreehari
when Exacees paid vat output like., as per return output is (Rs.10500). book output is(Rs.10000)Difference is Rs500/- enter will passed ?
Sales local Dr 344.20
Output A/c @ 14.5%Dr 49.91
to Discount 500
| Is This Answer Correct ? | 3 Yes | 1 No |
Any body plz guide me. I have making a invoice of 4% sales tax rate but actual rate of sales tax 5%.
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