Interested to Buy Any Domain ? << Click Here >> for more details...
What are the journal entries for accounting VAT in SAP
- 7 Answers
- 37175 Views
- IBM, I also Faced
- E-Mail Answers
Answer Posted / jagadeesh.p
Hi this jagadeesh CA,
First we need to classifie VAT as VAT claimable & not claimable
1.VAT paid on procurement of RM with in the state can be claimable against VAT payable on sales as CST
2.VAT paid on procurement of RM from out side state con't be claimable and portion of VAT should be added to the cost of material
3.Entry on purchase of RM
RM a/c DR XXXXX
VAT receivable a/c DR XXX
Party a/c cr xxxxx
4. On sale
Bank a/c DR XXXX
VAT payable a/c xxx
Sales a/c xxxxx
5.IF VAT receivable is more than VAT payable at end of the period then show the balance under assets side bellow the loans& advance and claim for refund otherwise if it is case at the end of quarter then in subsequent quarter we can adjust same with VAT payable and vise ver....
| Is This Answer Correct ? | 14 Yes | 2 No |
Post New Answer View All Answers
What do you mean by period based accounting (gl based) and cost of sales accounting (copa based)? Period based accounting? : co-pa
differentiate between profit center and business area
What do you understand by variance calculation in period end closing? : cost center accounting
Explain the entire process of invoice verification from gr to invoice verification in sap with accounting entries?
Explain complex assets and asset sub numbers? : fi- asset accounting
Is it possible to change an existing b/s gl account to the p&l type? : fi- general ledger accounting
What do you understand by cost center, profit center in controlling?
Differentiate between chart of account and operation chart of account
How do you define key figures in sap system? : cost center accounting
Any one can help me abot any tickets in suport project in GL, AR, AP Please send me any issues on that with answer
How do you maintain the number range in production environment?
Tell me more about a shortened fiscal year.
Can you assign more than one company code to a company ?
What is key figure? : cost center accounting
What is internal recruitment ?
