Vat Issue
This query is : Resolved
28 December 2009
Dear Sir
I am Accounting for A Manuf.Unit Prop Ship firm is in Tax Audit.The firm has to pay VAT Qtrly.Please Clearfy should a Journal Entry passed after each QTR adjusting Vat Purchases Tax.
April to June and July to Sep.
Entry Passed : 30/6/2009
Vat on sale Dr,
Vat on Purchases Cr,
Vat Payable Cr.
Sales vat is under Sales Ac & Purchase vat is under Purchases Ac.Vat Ac is under Duties & Taxes Ac. Is the grouping correct.and the tally entry correct OR vat paid for 6 month should by Shown in Indirect expenses Please clear the Entry.
Regards
I am Accounting for A Manuf.Unit Prop Ship firm is in Tax Audit.The firm has to pay VAT Qtrly.Please Clearfy should a Journal Entry passed after each QTR adjusting Vat Purchases Tax.
April to June and July to Sep.
Entry Passed : 30/6/2009
Vat on sale Dr,
Vat on Purchases Cr,
Vat Payable Cr.
Sales vat is under Sales Ac & Purchase vat is under Purchases Ac.Vat Ac is under Duties & Taxes Ac. Is the grouping correct.and the tally entry correct OR vat paid for 6 month should by Shown in Indirect expenses Please clear the Entry.
Regards
Murtaza I Bhagat
(Expert)
28 December 2009
yes you can do journal entry for better & good accounting of VAT.
Murtaza I Bhagat
(Expert)
28 December 2009
I am giving you journal entries how to entry for VAT Accounting.
1.When Goods Purchase From registered dealer-
Purchase a/c Dr.
Inputvat a/c Dr
To Cash / Creditors
(Goods Purchased from………………)
2.When Goods Purchaser from Unregistered Dealer-
Purchase a/c Dr.
To Cash / Creditors
(Goods Purchased from………………)
3.When Goods Sold to Registered dealer-
Cash / Debtors a/c Dr.
To Sales a/c
To Outputvat
(Goods Sold to …………………….)
4.When Goods Sold to Unregistered dealer-
Cash / Debtors a/c Dr.
To Sales a/c
To Outputvat
(Goods Sold to …………………….)
5.Adjustment of Input and Output Tax-
Outputvat a/c Dr.
Input Credit a/c Dr. (if Any)
To Inputvat a/c
To Cash / Bank (If any)
(Adjustment of Inputvat and Outputvat totally adjust with input & output)
1.When Goods Purchase From registered dealer-
Purchase a/c Dr.
Inputvat a/c Dr
To Cash / Creditors
(Goods Purchased from………………)
2.When Goods Purchaser from Unregistered Dealer-
Purchase a/c Dr.
To Cash / Creditors
(Goods Purchased from………………)
3.When Goods Sold to Registered dealer-
Cash / Debtors a/c Dr.
To Sales a/c
To Outputvat
(Goods Sold to …………………….)
4.When Goods Sold to Unregistered dealer-
Cash / Debtors a/c Dr.
To Sales a/c
To Outputvat
(Goods Sold to …………………….)
5.Adjustment of Input and Output Tax-
Outputvat a/c Dr.
Input Credit a/c Dr. (if Any)
To Inputvat a/c
To Cash / Bank (If any)
(Adjustment of Inputvat and Outputvat totally adjust with input & output)
Murtaza I Bhagat
(Expert)
28 December 2009
VAT Payment you are setoff against VAT Payable and duties & taxes group you have taken is correct.
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