Vat (Grouping)

This query is : Resolved

survesh (Querist)
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28 December 2009 Dear Friend

My firm is a trading & Manuf firm of Turnover 70,00,000.00.I have to pay a VAt Tax.I want to pay Vat on my sales after adjust.of Purchases Vat.Please say whether I should Pass a Journal Entry for 6 month Vat payable say april to Sep or direct to Indirect expenses Ac

Sale vat Dr,(P/L Ac)
Purchase vat Cr,(P/L Ac)
Vat Payable Cr. (Liablities)
We hav to pay VAT Half Yearly Please give Entry in Tally

is above Entry correct. oR

Vat Paid (Indirect Expenses)

Is Vat Grouped in Duties & Taxes Or In P/L Ac Pleas give my Correct entry for Vat Ac

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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28 December 2009 Pls refered to this query.
https://www.caclubindia.com/experts/experts_message_display.asp?group_id=305285

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