Interested to Buy Any Domain ? << Click Here >> for more details...
how to pass entry for VAT return adjustment entry?
- 12 Answers
- 37644 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / leaner
VAT Adjustment includes calculating a Set Off of Tax Payed
and Tax Received from Purchases and Sales respectively.
VAT = Output Tax - Input Tax.
If Input Tax (Tax on Purchase) is more than Output Tax (Tax
on Sales), the difference is carried forward to the next tax
period.
Eg:Purchased Taxable Goods for 25000 and Tax paid is 1000.
Sold goods worth 35000 (in this case assuming opening stock
exists) and Tax received 1400
Output Tax A/c Dr. 1000
Input Tax A/c Cr. 1000
(Input Tax is transferred to Output tax to claim a Set Off)
Output Tax A/c Dr. 400
VAT (Payable) A/c Cr. 400
Final VAT entry would determine whether Tax is Payable or
Refundable as the case may be.
| Is This Answer Correct ? | 4 Yes | 3 No |
Answer / vivek
when vat payable seen or output vat exceed then input vat, the entry will be:
first,
Dr. output vat a/c
Cr. input vat a/c
Cr. Vat payable a/c
second,
Dr. vat payable a/c
Cr. cash / bank a/c
when vat refundable seen or output vat lower then input vat, the entry will be:
Dr. output vat a/c
Dr. vat adjustment a/c
Cr. input vat a/c
(entry pass end of the month mean which month you see the report, entry pass always "journal mode")
| Is This Answer Correct ? | 0 Yes | 0 No |
What is "Crossing the customs frontiers of india"? Please explain in layman language.
Our firm is 7 years old. We don't have PT registration for partners as well as employee. If we do it now, will it be a problem or how much penalty will come. Any one can give suggestion.
We paid advance rent of office for next 6 months, when should we pay the TDS into bank, is it will monthly or it will be in advance?
We had received form16A from one corporate company, against they made payment about Rs.49,000/- on 25/06/08, What i Should do this form ?
what kind of documents required for VAT Assessment?
what is meaning the central excise duties
What is Tax Audit ? Brief description please
is there any necessity to file TDS to purchase a thing even ater paying vat
WHAT WE DO FOR SERVICE TAX IF A PURCHASER RAISE A DEBIT NOTE FOR OUR SERVICE BILL. PLEASAE EXPALAIN THE PROCEDURE WITH EXAMPLES
What is Service Tax, what percentage it was deducted in shipping company.
What is ITC and on which goods we can claim it?
And If my Income is 300000 p.a., so what tax I have to be deposit,explain with the method of tax calculation in detailed?
Audit 
