Vat adjustment
This query is : Resolved
10 February 2015
Respected Experts
i want to know what journal entry will be passed for adjusting following input and output vat
INPUT VAT 28645
OUTPUT VAT 37258
IF I PASS SUCH ENTRY INTO TALLY
INPUT VAT 37258 DR
OUTPUT VAT 28645 CR
VAT PAYABLE - 8613 CR
(BEING EXCESS INPUT VAT OVER OUT OUT PUT VAT)
i want to know what journal entry will be passed for adjusting following input and output vat
INPUT VAT 28645
OUTPUT VAT 37258
IF I PASS SUCH ENTRY INTO TALLY
INPUT VAT 37258 DR
OUTPUT VAT 28645 CR
VAT PAYABLE - 8613 CR
(BEING EXCESS INPUT VAT OVER OUT OUT PUT VAT)
10 February 2015
OUTPUT VAT DR 37258
TO INPUT VAT 28645
TO BANK BAL FIG.
TO INPUT VAT 28645
TO BANK BAL FIG.
11 February 2015
dear Deven sir,
i confuse the by "TO BANK BAL FIG"
balance will be transferred into bank bal
i confuse the by "TO BANK BAL FIG"
balance will be transferred into bank bal
11 February 2015
VAT PAYABLE 8613
TO BANK 8613
AFTER PASSING ABOVE ENTRY
TO BANK 8613
AFTER PASSING ABOVE ENTRY
11 February 2015
DEAR DEVEN SIR,
But into my query "INPUT EXCESS THAN OUT PUT"
in this case what happen i mean why will we pay ?
But into my query "INPUT EXCESS THAN OUT PUT"
in this case what happen i mean why will we pay ?
11 February 2015
PASS ENTRY
OUTPUT VAT 28645
TO INPUT VAT 28645
AFTER PASSING ABOVE ENTRY YOUR INPUT VAT A/C WILL BE 8613/- WHICH U WILL ADJUST AGAINST NEXT MONTHS VAT LIABILITY
OUTPUT VAT 28645
TO INPUT VAT 28645
AFTER PASSING ABOVE ENTRY YOUR INPUT VAT A/C WILL BE 8613/- WHICH U WILL ADJUST AGAINST NEXT MONTHS VAT LIABILITY
Message likes :
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24 February 2015
if you have excess ITC, you can carryforward it or can claim for refund as per specified procedure, or if you having more output tax than to ITC, you have to pay the same.
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