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Regarding Vat

This query is : Resolved 
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(Querist)
01 September 2008 Sir,

I Want to Know what will be accounting entry of VAT

Thanks

Bhaskar
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CA Ravi Kumar Murugesh

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CA Ravi Kumar Murugesh (Expert)
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
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n. bhaskar sarma

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n. bhaskar sarma (Querist)
02 September 2008 Thank your Sir for your vauleable information about vat
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