Accounting entry
This query is : Open
sushant gurav
(Querist)
31 May 2014
Sir,
Please tell me ..
In financial year 2010-2011 we passed a entry for VAT receivable for Rs. 120,930.00
since output Vat was showing 1,20,930.00 at the end of the year it was transfered to Vat receivable by passing below entry.
I.E VAT receivable a/c .1,20,930.00
To Output Vat a/c 1,20,930.00
Now after assesment, Vat authorities disallowed our 1,20,930.00 due to other reason , now i have passed revered entry in current year exactly opposit as shown above.
now Output a/c shows Dr. balance of 1,20,930.00.
My Query is ,i want to nullyfy output account, then which account should be debited. ( since 120930.00 should be adjusted)
kindly suggest
Please tell me ..
In financial year 2010-2011 we passed a entry for VAT receivable for Rs. 120,930.00
since output Vat was showing 1,20,930.00 at the end of the year it was transfered to Vat receivable by passing below entry.
I.E VAT receivable a/c .1,20,930.00
To Output Vat a/c 1,20,930.00
Now after assesment, Vat authorities disallowed our 1,20,930.00 due to other reason , now i have passed revered entry in current year exactly opposit as shown above.
now Output a/c shows Dr. balance of 1,20,930.00.
My Query is ,i want to nullyfy output account, then which account should be debited. ( since 120930.00 should be adjusted)
kindly suggest
Guest
Guest
(Expert)
31 May 2014
this must be part of purchase na......
i think u had done mistakes...
let me clear it completely
i think u had done mistakes...
let me clear it completely
sushant gurav
(Querist)
02 June 2014
ya this is a purchase entry.
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