Rounding of Adjustment entries
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?
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?
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
while passing the entry it self round off to rupee and pass
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Section 50-fixed asset-->building ceases to exist
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Putting a heading on received mail
- Reprocessing of rectification order AY 2025-26
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Regarding Applicability of Tax Audit u/s 44AB
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
