Answer Posted / yogender singh
1. if we are liable to pay vat at the end of the year for
example input vat is Rs 1000 and output vat is Rs 2000 then
output vat a/c Dr by 2000
Input vat a/c Cr by 1000
vat payble (Duties & Taxes) a/c cr by 1000
2. if we are not liable to pay vat at the end of the year
for example input vat is Rs 2000 and Output vat is Rs 1000 then
Output vat a/c Dr by 1000
Input Vat a/c cr by 2000
Input Vat C/F (Deposit Assets) a/c Dr by 1000
| Is This Answer Correct ? | 5 Yes | 2 No |
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