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.
- 1 Answers
- 2281 Views
- I also Faced
- E-Mail Answers
Answer Posted / 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.
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
Tell me an example of a tough decision that you had to make?
what is use of cost category ? which type is useful in accounting work ? give answer with solid example because iam slow learner in accounting line.
The following information is extracted from the audited books of accounts of a chain of food stores for the period ended 31st December 2015. Revenue Statement (Trading and Profit and Loss Account for the year ended 31st December 2015. BWP’000 BWP’000 Sales 460 Cost of good sold (220) Gross profit 240 Wages 50 Other expenses 30 (80) Net Profit 160 Note: The purchase figure included in the cost of goods sold of P255 000. Balance Sheet as at 31st December 2015 BWP’000 BWP’000 Fixed Assets 400 Current assets: Stock 80 Debtors (trade) 120 Bank 400 ----- [600] Current liabilities: Trade creditors 300 ------ [300] 300 Net Assets 700 ==== Financed by: Share capital 600 Revenue reserves 100 ------ 700 Shareholders Funds 700 ===== Required: (a) Calculate the following accounting ratios: (i) Current ratio (ii) Acid test ratio (iii) Stock turnover (in days) (iv) Debtors turnover (in days) (v) Creditors turnover (in days) (vi) Return on capital employed (ROCE) (vii) Gross profit percentage (viii) Net profit percentage (b). Give a brief comment on the performance of the company, based on the above ratios.
WHICH QUESTIONS ASKED IN EPFO IN 2009.
How to get C forms in online? Plz give me Processor Thanq
IS METHODEX IS GOOD INSTITUTE FOR SAP FICO MODULE TRAINING. IS IT IN BANGALORE OY HYDERABAD.
Calculate the missing figures for company A. A Sales (TSR) (a) Total Variable Costs (TVC) (b) Total Fixed Costs (TFC) $24,000.00 Profit $0.00 Units Sold 1,000.00 Contribution Margin Per Unit (CMU) (c) Contribution Margin Ratio (CMR) (d) Break-Even Point (BEP) (Units) (e) Break-Even Point (BEP) (Dollars) $60,000.00
The Tabula Manufacturing Company has been in business for one month. At the end of month the company had the following accounts: Materials used K 5 000.00 Direct labour 10 000.00 Indirect labour 3 000.00 Indirect materials 2 000.00 Labour fringe benefits 1 000.00 Supervisor’s salary 1 000.00 Depreciation Machinery 2 000.00 Miscellaneous factory overhead 1 000.00 Heat and light 500.00 Insurance on plant 1 500.00 The company processed two jobs during the month with costs as follows: Job 101 Job 102 Materials cost K3 000.00 K2 000.00 Direct labour cost K6 000.00 K4 000.00 Direct labour hours 4 000.00 3 000.00 Machine hours 2 000.00 1 000.00 The company does not use a predetermined rate for factory overhead. The rate is computed at the end of each month. Required Use both the direct labour hours and machine hours to compute: 1) The overhead rates for the month (5 pts) 2) The overhead cost for each job (5pts) 3) The total cost for each job (10 pts) 4) Briefly describe the difference between Job order and process costing, citing relevant examples (5 pts).
Tell me what is your track record for consistently achieving your targets?
What qualities have you got that would make you a good accountant?
hi, this is shanthi kumar(M.Com). i would like to attend interview in genpact company.please send finance interview questions and interview details. thank u very much
Alex’s Trial Balance at 31 December 2015 Dr (BWP) Cr (BWP) Capital 18 240 Bank overdraft 3 000 Fixtures and fittings 14 100 Provision for depreciation-fixtures and fittings 8 800 Inventory 14 200 Trade receivables 12 300 Trade payables 9 900 Revenue 110 000 Purchases 51 000 Discount received 1 800 Wages and salaries 26 000 Sundry expenses 34 000 Discount allowed 620 217 540 ======= 86 420 ======== Required: i Prepare the corrected trial balance at 31 December 2015. (7 marks) ii Show any difference you find as a balance on an appropriate account.
what is the new rate of c.s.t in uttraklhand
what are your current financial and accounting projects? What is your role?
How many invoices on average do you handle on a weekly/monthly basis?
