Not shown vat payable in the b/s
This query is : Resolved
25 July 2012
Dear sir
1)in the A.Y-2011-12 our client Balance sheet not shown in the VAT payable in the Balance sheet and
2)wrongly shown as VAT Refundable but their is no any refundable Balance
Guide me
Regards
RAMESHA
1)in the A.Y-2011-12 our client Balance sheet not shown in the VAT payable in the Balance sheet and
2)wrongly shown as VAT Refundable but their is no any refundable Balance
Guide me
Regards
RAMESHA
25 July 2012
VAT refundable is receivable and hence current asset.
Then how comes payable as refundable. If it is a (-) balalnce on asset side, correct it.
Check with VAT annual return
Then how comes payable as refundable. If it is a (-) balalnce on asset side, correct it.
Check with VAT annual return
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