18 September 2012
Vat output amount for the period 01.01.2011 to 31.03.2011 = 128979 Rs. Vat input = 92519 Rs Provision made for next quarter out of Input = 27756 Rs. Vat input b/f from last quarter = 10916 rs Total ITC Availed = (92519-27756+10916)=75679 Rs Total sales tax payable for the quarter = 128979-75679 = 53300 Rs. Input c/f to next quarter = 27756 Rs. Sales Tax paid on 24.04.2011
But the amount of Sales Tax payable and vat c/f is not shown in the balance sheet for the year ended 31.03.2011
What will be journal entry to be passed in the books in the year 2011-12, so that the amount of sales tax payable and the vat input c/f of the last year can be adjusted in this year.
CAclubindia
