Vat closing entry

A/c entries 8428 views 11 replies

MAY NY BODY PLZ TELL WHAT ENTRY WILL BE PASSES IF IN CLOSING TRIAL BALANCE

VAT INPUT=357262

VAT OUTPUT=366952

Replies (11)

vat output dr.

          to vat input

HI

Pass balance as Vat payable @ 9690.00 as liability

 

 

Hi

Pass entry:

Vat Output    dr     366952

        to Vat Input                 357262

        to Vat Payable            9690

this vat payable will be liability

hi

this will be perfect entry 

 

VAT OUTPUT A/C  Dr

              TO VAT INPUT A/C

 

 

Dear Rohit,

 

Following entries are to be passed :-

1) In case of VAT Refund

Output VAT A/c                Dr.      XX

VAT Refund A/c               Dr.     XX

      To Input VAT A/c                      XX

[Being VAT Accounts closed and VAT Refund due]

 

2) In case VAT Payable

Output VAT A/c               Dr.       XX

    To Input VAT A/c                            XX

    To VAT Payable A/c                       XX

[Being VAT Accounts closed and VAT payable]

 

Regards,

Devendra Kulkarni

Vat Output A/c .................................Dr. (Total Amt)

        To Vat Input A/c........................Cr  (Total Amt)

        To Vat Payable A/c...................Cr (Balance Amt)

Vat Output a/c                Dr     366952/-

        to Vat Input             Cr                   357262/-

        to Vat Payable        Cr                   9690/-

9690/-  is your liability...

Hai,

    First create VAT Control A/c. and then transfer the month collection i.e., VAT Output to VAT Control A/c. and then transfer the month ITC taken amount i.e., VAT Input to VAT Control a/c.  Finally VAT. Control a/c. will show debit or credit balance.  If shown credit balance that will be a payable or shown debit balance that will be adjustable and carried forward to the next month.  It should be closed in the month end date.  

    Closing balance of VAT Control a/c. is to be tallied with Sales tax return.  if difference comes, that difference will be tallied when the payment entry made (On the date of payment).

Necessary entries:

1. VAT Control A/c. Dr.      xxx

    To VAT Input A/c. Cr      xxx

    (Being VAT. Input amount transferred)

 

2. VAT Output A/c. Dr.      xxx

    To VAT Control A/c. Cr      xxx

    (Being VAT. Output amount transferred)

 

3. VAT Control A/c. Dr.      xxx

    To Cash/ Bank A/c. Cr xxx

    (Being payment made for the month of xxxxxxxx)

 
 
Pls. use it. It will helpful to verify sales tax return monthwise. 
 
 
 

Hi,

anyone plz help me out,

actually  vat input is < out put 

so if we have to carry forward the  input vat

then next month out put will be some amt.

how to deduct the out put from carry forward amt 

for this i need entry in tally

This is petrol bunk accounts

how to pass Petrol Depriciation entry ?

this one which effected to Captial or Profit loss a/c

 

 

 

31.03.2013 

Journal Entry F7

Vat Output A/c ---Dr

To Vat input A/c

To Vat Payable A/c

 


CCI Pro

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