vat amount payable in financial year 2010-2011 Rs. 25000.00
but we paid Rs. 35000.00. This exces payment will be
carried in next financial year?
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Answer Posted / devender kumar
Yes this excess amount will be adjusted against current
financial year Vat payable.
for example: vat payable for current year is 20000. then
entry will be
vat payable Ac dr 20000-10000(10000)
To bank ac cr 10000
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