how to pass entry for VAT return adjustment entry?
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Answer Posted / 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 |
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