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Adjustment entry

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 September 2015 Sir, In a month of March. wrongly sale @12.5% shown in sale@5%. and vat paid on sale @5% but now we correct the entry. then which entry pass in book and how we adjust vat entry with interest amount.
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Vishnu Saboo

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Vishnu Saboo (Expert)
15 September 2015 if the same in not recoverable from customer -
VAT paid a/c dr
Interest A/c Dr
To Bank

if it is recoverable from customer
Customer A/c dr
To VAT Payable
To Interest

Vat payable Dr
Interest Dr
To Bank
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