This is a Case of Private Limited Company.
The Company is a construction company and has started the work on site last month. Since the Flats that shall be constructed shall be sold later, so their is no VAT liability on Output.
The company therefore shall pay Output Tax by taking 8-10 % margin over the Purchase made.
Now VAT Input a/c shall be opened in Current Assets (Duties & Taxes)

On Purchase

Purchase Dr
Vat input Dr
Cash/Bank/Creditor Cr

At the end of quarter Tax Payment shall be made

Transfer Input to VAT Payable
Vat Payable Dr
Vat Input Cr (with amount o/s in this a/c)

& the amount further paid being 8-9 % is also debited in Vat Payable which is also paid off

Vat Payable Dr
Bank/Cash Cr
My Question is where we will show this VAT Payable since logically its the part of my Purchase Cost

1.which type of entries should be passed in journal voucher

Hi my name is viren gandhi.
I am currently employed in garment manufacturing co. Manily handling inventory inward and outward.

I just want format in excel that automatically add or deducted inventory issues styles wise like Style No1 (op+inward-outward) and give final summary at last.

Pls help me on this

A company enters into a contract which includes a clause that some part of material i.e RMC(Ready mix concrete) will be provided by the company to contractor but in case does not provide then contractor charges to that extent amount from the company. the qust. is wherther i should book this RMC part separtely or whole amount cumulatively which is total work done. PLZ show the entry
asap

A company is building a site in order to provide information through its interactive website. It has incurred 50000 USD in building the site.Do we treat web site cost as Fixed asset or write it of as expenses or amortise over the period? if we depreciate it what would be the rate of depreciation? kindly suggest....

what do you mean by debit note ?
For which purpose we are issued debit note?

some on plz tell me that during the f.y 2009-10 , some cheque and receipt was the date of 31.3.10 , and all these debit/ credit in april 2010, the bank is not being reconcile from the april becos of few cheque , in tally erp 9. we have have break up data in 10-11 . plz tellme .

Dear Experts,

How pass Entry for TDS receiviable write off which is showing in balance sheet for the FY 07-08,08-09,09-10, at the time of finalization for the FY 10-11.

Pls clarify

Dear Experts,

How pass Entry for Advance tax,TDS receiviable & write off at the time finalization by making Provision for Income Tax.

Pls clarify

1.sir plz provide me material regarding ifrs-introduction ?
2. impact of ifrs ?
3.diff ifrs vs a.s