Vat creadit enty
This query is : Resolved
25 June 2012
sir/madam i give one entry for a in this entry party,vat creadit and payment how to take entry
25 June 2012
Take as example
first purchase entry
Purchase Dr. 100
Input VAT Dr. 10
To Party Cr. 110
Now Sales Entry
Party Dr. 132
To Sales 120
To Output VAT 12
Now Set off Entry
Output VAT Dr. 12
To Input VAT 10
To VAT Payable 2
Now Payment Entry
VAT Payable Dr 2
To Bank A/c 2
first purchase entry
Purchase Dr. 100
Input VAT Dr. 10
To Party Cr. 110
Now Sales Entry
Party Dr. 132
To Sales 120
To Output VAT 12
Now Set off Entry
Output VAT Dr. 12
To Input VAT 10
To VAT Payable 2
Now Payment Entry
VAT Payable Dr 2
To Bank A/c 2
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