Vat
This query is : Resolved
MANISH KHEMANI
(Querist)
24 February 2012
Sir,
What neccesary enteries should be done for up vat.(input, output & capital purchase)
What neccesary enteries should be done for up vat.(input, output & capital purchase)
CA CS Pawan Jajoo
(Expert)
28 February 2012
For Purchases
Purchase Dr. 100
Input Vat Dr. 4
To Party or Bank Account 104
Capital goods Dr. 103
Input Vat Dr. after retention say 1
To Party / Bank account 104
If Capital goods is Plant and Machinery on which full setoff is available -
Plant & MAchinery Dr. 100
Input VAt Dr 4
To Bank or Party A/c
For Sales
Party Dr. 104
to Sale 100
To Output Vat 4
Then Vat adjustment Entry for netting Input and Output VAT like
Output Vat Dr
To Input Vat
To Cash / Bank
Purchase Dr. 100
Input Vat Dr. 4
To Party or Bank Account 104
Capital goods Dr. 103
Input Vat Dr. after retention say 1
To Party / Bank account 104
If Capital goods is Plant and Machinery on which full setoff is available -
Plant & MAchinery Dr. 100
Input VAt Dr 4
To Bank or Party A/c
For Sales
Party Dr. 104
to Sale 100
To Output Vat 4
Then Vat adjustment Entry for netting Input and Output VAT like
Output Vat Dr
To Input Vat
To Cash / Bank
03 April 2012
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