example wrongly financial statments showing vat refund
(under Advances) for the finanical year 08-09 , but present
assement year after assement by cto given vat refund more
than ledger showing balance then decided to every month set
off vat payable to vat refund(advance) but more than
recoverd compare with company and cto then what is the
entry to be take.
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Answer / Anand Shanker Tiwari
When VAT refund exceeds the actual balance in the ledger, an adjusting journal entry should be made to correct the error. Debit the VAT payable account for the overstated amount and credit the suspense or control account (if one exists) or directly debit/credit the VAT refund (advances) account depending on your company's accounting policies.
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