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how to pass year ending entries for VAT treatment?
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Answer Posted / reddy
YEAR ENDING MONTH MARCH. TAX WE PAID IN NEXT MONTH SO WE
PAID IN APRIL FOR MARCH VAT.
VAT PAYBLE = OUTPUT VAT - INPUT VAT.
VAT PAYBLE A/C Dr ****
TO CASH/BANK A/C ****
(BEAING VAT PAID)
INCASE MY ANSWER SHOUD BE WRONG.PLEASE GIVE A CURRECT ANSWER.
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