journal entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 December 2014
Suppose our input vat is Rs 2000 & our output vat is Rs 1000 /- then what will be journal entry ?
Suppose our input vat is Rs 1000 & our output vat is Rs 2000 /- then what will be journal entry ?
Waiting for feedback.
Suppose our input vat is Rs 2000 & our output vat is Rs 1000 /- then what will be journal entry ?
Suppose our input vat is Rs 1000 & our output vat is Rs 2000 /- then what will be journal entry ?
Waiting for feedback.
21 December 2014
Entries,
1. VAT output a/c. Dr.1000
VAT payable a/c. Dr.1000
To VAT input a/c. Cr.2000
2. VAT output a/c. Dr.2000
To VAT input a/c. Cr.1000
To VAT payable a/c. Dr.1000
At the end of each month/quarter (as the case may be) vat input and output is to be transferred to vat payable account.
in first case there will be debit balance of vat payable account means there is vat credit available which will be utilized in next month/quarter (as the case may be), and in second case there will be credit balance means vat is payable.
1. VAT output a/c. Dr.1000
VAT payable a/c. Dr.1000
To VAT input a/c. Cr.2000
2. VAT output a/c. Dr.2000
To VAT input a/c. Cr.1000
To VAT payable a/c. Dr.1000
At the end of each month/quarter (as the case may be) vat input and output is to be transferred to vat payable account.
in first case there will be debit balance of vat payable account means there is vat credit available which will be utilized in next month/quarter (as the case may be), and in second case there will be credit balance means vat is payable.
Rupesh Jain
(Expert)
22 December 2014
journal entry will be
vat output a/c 1000
to vat input a/c 1000
after tfr this entry your vat input will be rs. 1000/-. in next month if your output is more than input then after adj. balance you have to pay balance amount.
vat output a/c 1000
to vat input a/c 1000
after tfr this entry your vat input will be rs. 1000/-. in next month if your output is more than input then after adj. balance you have to pay balance amount.
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