Regarding Vat
This query is : Resolved
01 September 2008
Sir,
I Want to Know what will be accounting entry of VAT
Thanks
Bhaskar
I Want to Know what will be accounting entry of VAT
Thanks
Bhaskar
02 September 2008
When you purchase goods on VAT and eligible for inputtax credit:
Debit: material a/c or consumption of material a/c or capital item Rs.100
Debit:Input tax credit a/c Rs. 4
Credit: Sundry creditors a/c Rs.104
When you sell goods on VAT:
Debit : Sudry Debtors a/c Rs.208
Credit: Sales a/c Rs.200
Credit: Output tax payable Rs. 8
When the payment of VAT is made (on due date):
Debit : Output tax payable a/c Rs.8
Credit: Input tax credit a/c Rs.4
Credit: Bank a/c Rs.4
Debit: material a/c or consumption of material a/c or capital item Rs.100
Debit:Input tax credit a/c Rs. 4
Credit: Sundry creditors a/c Rs.104
When you sell goods on VAT:
Debit : Sudry Debtors a/c Rs.208
Credit: Sales a/c Rs.200
Credit: Output tax payable Rs. 8
When the payment of VAT is made (on due date):
Debit : Output tax payable a/c Rs.8
Credit: Input tax credit a/c Rs.4
Credit: Bank a/c Rs.4
02 September 2008
Thank your Sir for your vauleable information about vat
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