Rounding of Adjustment entries

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 July 2010 Hi Friends,

When accounting in Tally, total Vat Payable is 2022.72, but due to rounding the actual VAT paid was 2025. Now when entering the entry in Tally,

VAT PAYABLE A/C DR 2025
Bank A/c 2025,

the VAT Payable A/c shows a debit balance of 2.28... Now what entry should I pass to close this 2.28 rounded amount?

Also VAT Paid can be shown as expense in Profit & Loss account?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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24 July 2010 Create one Round of difference ledger under expenses group debit and close your VAT ledger,

while passing the entry it self round off to rupee and pass

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