Adjustment entry
This query is : Resolved
Querist : Anonymous
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.
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
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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