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Excess payment

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(Querist)
13 September 2012 IF A BUSINESS MAN HAS PAID EXCESS AMT OF VAT ... SHOULD THE EXCESS AMT BE DEBITED TO P&L???? IF NOT THAN WHAT WILL WE DO OF THE EXCESS AMOUNT???
PLZ CLEAR IT
THANK U
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CA Sripal Jain

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CA Sripal Jain (Expert)
13 September 2012 hi priyansh,
there is VAT receivable and payable,it depends which method u following whether inclusive or exclusive method
2. if you pay more VAT than required you must be clear what r u asking,say you have VAT input of 10k and u asjust 5k on output,then 5k is shown in asset side
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CA PRIYANSH SURYAWANSHI

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CA PRIYANSH SURYAWANSHI (Querist)
13 September 2012 I got it sir
THANK U VERY MUCH FOR HELP
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