how to pass entry for VAT return adjustment entry?
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Answer Posted / subitha
1) when output vat is higher than input vat then entry will
be: output vat Dr.
Cess Payable Dr.
To input vat
To Cess Creditable
To vat Payable a/c
Note: amount of Vat Payable is (Output vat + Cess Payable) -
(Input vat +Cess Creditable)
but when input is higher than output vat :
Output vat Dr.
Cess Payable Dr.
Vat Receviable/refundable Dr.
To input vat
To Cess Creditable
Note : amount of Vat Receviable/refundable is (Input vat
+Cess Creditable) -(Output vat + Cess Payable)
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