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April to september

This query is : Resolved 
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(Querist)
13 August 2012 Respected Sir,

I Have paid Excess vat through Purchase bills against my sales bill.

The Excess Vat amount is Rs.8660.00 for April to September.I have filled the Vat return also.

What entry should i make in tally for Excess Vat paid.

The Excess vat i will adjust in 2nd return ie,October to March aganist vat payable.

Thanks & Regrads
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Ankit Varia

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Ankit Varia (Expert)
13 August 2012 The excess setoff should be shown as an asset in the balance sheet of the company.

This assets should be then knocked off against the sales tax liability at the year end after filing the returns for the month of march.
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survesh

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survesh (Querist)
13 August 2012 Please give me the accounting entry for setoff.

My Purchase vat and Sales vat acccount is grouped in profit and loss ac under purchase and sales.

Thanks & Regards
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Ankit Varia

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Ankit Varia (Expert)
13 August 2012 Accounting Entry for Vat Purchase.

Purchase Dr (expense a/c)
Setoff a/c (assets a/c)
To Party/Cash.

Setoff account only if setoff is eligible.
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