VAT
This query is : Resolved
12 December 2009
Dear Experts
If a company have Purchases 150000(including 10000 for input vat) and Sales Rs. 200000.(including Output Vat rs. 15000) and Company have paid Vat rs. 10000-15000= 5000.
in the above case which amount debit in
as Sales tax expenses
and Sales a/c
and Purchases a/c
and much amount show in balance sheet if vat not paid
Regards
Mahesh Siradhana
If a company have Purchases 150000(including 10000 for input vat) and Sales Rs. 200000.(including Output Vat rs. 15000) and Company have paid Vat rs. 10000-15000= 5000.
in the above case which amount debit in
as Sales tax expenses
and Sales a/c
and Purchases a/c
and much amount show in balance sheet if vat not paid
Regards
Mahesh Siradhana
12 December 2009
Purchase A/c Dr. 150000
Input VAT A/c Dr. 10000
To Creditors A/c 160000
Debitors A/c Dr. 215000
To Sales A/c 200000
Output VAT A/c 15000
Purchase & Sales relates to P&L
& VAT has to be taken into your B/S
So you have Collected Rs.5000/- Add.after the Computation/settlement..of VAT INPUT & OUTPUT...
so you have to deposit in Bank Rs.5000/- by Challan.
Setoff
Out Put VAT A/c Dr. 15000
To Input VAT A/c 10000
cash or Bank A/c 5000
Input VAT A/c Dr. 10000
To Creditors A/c 160000
Debitors A/c Dr. 215000
To Sales A/c 200000
Output VAT A/c 15000
Purchase & Sales relates to P&L
& VAT has to be taken into your B/S
So you have Collected Rs.5000/- Add.after the Computation/settlement..of VAT INPUT & OUTPUT...
so you have to deposit in Bank Rs.5000/- by Challan.
Setoff
Out Put VAT A/c Dr. 15000
To Input VAT A/c 10000
cash or Bank A/c 5000
12 December 2009
Which amount debit as expense for sales tax in the profit and loss a/c
12 December 2009
Purchase A/c Dr. 150000
To Creditors A/c 150000
Debitors A/c Dr. 200000
To Sales A/c 200000
input vat a/c. 10000
vat a/c. 5000
to Output VAT A/c 15000
5000 is go on profit & loss A/c.
To Creditors A/c 150000
Debitors A/c Dr. 200000
To Sales A/c 200000
input vat a/c. 10000
vat a/c. 5000
to Output VAT A/c 15000
5000 is go on profit & loss A/c.
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
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- Rent lease agreement
- Relief u/s Section 89
- Refund of 20%pre-deposit paid for stay application
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- TDS Challan Code
- Supply through E-commerce Operators
- STCG on ETF gold & silver
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
