how to pass entry for VAT return adjustment entry?
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Answer Posted / rajesh
Hai here is the VAT Adjustment Entry
if it is Sales return ( Credit Note to be issued )
DR Sales Return Rs.1000/-.
DR VAT @ 4% Rs. 40
CR XXX( party Name ) Rs. 1040/-.
(being the Goods returned by XXX party and Credit Note
issued to above Party )
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