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when i worked finalisation of a firm during 2006-07under
kerala vat act in 23-9-06 there is a advancesales tax
RS 2170 paid by firm and inthe same month vatpayable is
rS.5201 the advance tax is deducted from vatpayable that is
5201-2170=3031 is the vat payable during the month. what
are the entries passed in computerised accounting during
finalisation in this case please explain
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Answer / purshotam rana
vadvance tax
credit rs 2170 to advance tax
debit rs 2170 to vat payable a/c
balance rs.3031 is payable in books
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