Accounting Entry-Vat

vijaya kumar n (JOB) (488 Points)

23 November 2010  

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......