How to pass journal entry for vat return entry

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Question Posted / raykar

16 Answers
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Central Electric, SouthEast Bank, TATA, I also Faced
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How to pass journal entry for vat return entry..

Answer / anju

OUTPUT A/C Dr.
TO INPUT A/C
TO VAT PAYABLE

VAT PAYABLE DR.
TO BANK/CASH A/C

Is This Answer Correct ?

124 Yes

14 No

How to pass journal entry for vat return entry..

Answer / rahul sharma

1. at the time of Purchase

Purchase A/c Dr.10
To VAT input A/C Cr.10

2. at the time of Sale

VAT output A/C Dr.15
To Sales A/C Cr.15

3. Adjustment Entry

VAT output A/C Dr.15
To VAT input A/C Cr.10
To VAT Payable A/C Cr.05

4. for payment of TAX

VAT Payable A/C Dr.05
To Cash/Bank A/C Cr.05

# if input is excess then output then tax is refundable

Is This Answer Correct ?

68 Yes

17 No

How to pass journal entry for vat return entry..

Answer / balaji

debit party account and credit goes to vat account

Purchase a/c dr
To Vat Purchase A/c

Is This Answer Correct ?

97 Yes

48 No

How to pass journal entry for vat return entry..

Answer / kalpana

VAT PAYABLE A/C Dr
To Bank / cash A/c

Is This Answer Correct ?

48 Yes

14 No

How to pass journal entry for vat return entry..

Answer / balaji

By Supplier A/c Dr
TO Vat Purchase A/c

Is This Answer Correct ?

58 Yes

34 No

How to pass journal entry for vat return entry..

Answer / jayachandran,cavin industries

1.at the time of sales

Debitor a/c DR

VAT payable a/c CR

2.Input VAT Adjustemnt entry

VAT payable a/c DR

Input Vat 4% and 14.5% Cr

3.At tthe time of amount remited to Sales Tax

VAT Payable a/c Dr

Cash / Bank Cr