VAT

This query is : Resolved

CA Mahesh Gurjar (Querist)
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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

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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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

CA Mahesh Gurjar

CA Mahesh Gurjar (Querist)
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12 December 2009 Which amount debit as expense for sales tax in the profit and loss a/c

RAJESH MODI

RAJESH MODI (Expert)
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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.

Ravinder

Ravinder (Expert)
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13 December 2009 I think Mr rajesh is right

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