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Accounting Entry-Vat

Accounting Entries 1260 views 6 replies

Good Afternoon to All,

we have registered the VAT in Karnataka,  In Oct month Out Put Tax is Rs.95,000.00 (Duties & Taxes, Liability)

                                                                                                       Input Tax is Rs.42,000.00  (Duties & Taxes, Liability)

                                                                                                   Vat Payable is Rs.53,000.00

And we paid Rs.53,000-00 to Govt, My question is How to pass Entry Vat payable & How to set off the Vat liablity of Rs.53,000

Awaiting for your kind replies......

 

 

Replies (6)

output tax dr

input tax cr

vat payable A/c cr

 

then vat payble a/c Dr

       cash/bank   cr

agree with kundan

Thanks  Mr.Kundan...............

I Agree with Mr. Kundan.

Originally posted by : Member (Account Deleted)

output tax dr

input tax cr

vat payable A/c cr

 

then vat payble a/c Dr

       cash/bank   cr

I agree

 

output tax dr  Rs. 95,000.00

input tax cr     Rs. 42,000.00  

vat payable A/c cr Rs. 53,000.00

 

then vat payble a/c Dr Rs. 53,000.00

       cash/bank   cr       Rs. 53,000.00


Absolultly correct, 

I agree with Mr.Kundan...............


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