input vat
This query is : Resolved
14 May 2011
Dear Sir,
kidnly suggest me that why input vat is debited at the time of purchase.and how we treat it,can we appeal of vat adjustment to government.
kidnly suggest me that why input vat is debited at the time of purchase.and how we treat it,can we appeal of vat adjustment to government.
14 May 2011
Purchase a/c dr ..........100
Vat a/c Dr ...............005
to
Cash/Bank/Sundry creditor ............105
--------------------------------------
Cash/Bank/S.Debtor .........105
to
Sales a/c ............................100
Vat a/c ..............................105
the same account is used when sales takes place, balance of tax is paid in cash. However if any input credit is balance at year end, it would get refunded to assesee after assessment.
Vat a/c Dr ...............005
to
Cash/Bank/Sundry creditor ............105
--------------------------------------
Cash/Bank/S.Debtor .........105
to
Sales a/c ............................100
Vat a/c ..............................105
the same account is used when sales takes place, balance of tax is paid in cash. However if any input credit is balance at year end, it would get refunded to assesee after assessment.
15 May 2011
sir which rule u have applied to vat debit. and in sales why u have credit vat with 105.
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