Query Regaring Accounting Entry & Vat Returns.

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Dar Freinds.

I have qeustion to Ask From( Actually Advise).There is so Called Company Where I m Internal/Statutory Auditor.

i Need Advice On following so as waht to do In this Situations.

1) WE Keep Receving purchses Bills\Expenses Bills for the month Of Dec,Jan ,Feb & March During current 

    Period.what should we do for such .i mean on which date we should Record those bills. as they are of  

     Last Year.i.e F.Y 2007-08.Becoz if i do Record is say on last dtae 31.03.2008 than i need to change my Vat  

     Return.what should i do to cope of with this issue???

2) They Record sale of current month to next months 1st day(example for april recorded on 1st may) they

      issue  sale inv dated 1 st day of next month but sales for the preivous month .which  Create issue while 

      Finalistion as well as  On affect vat Returns. on Vat Return.what to do????

 can any One help me out?????????????


Replies (3)

Pass entries as and when goods reach. Normally actual value can be easily assessed with the help of quotations received or proforma invoices. Its good to have this control in place to avoid unnecessary complications and fire fighting happening in a later date. The company must streamline their accounting process to ensure prompt accounting of purchases. Sales are well within the control of the company and missing out accounting of sales in time is unpardonable.

What is the procedure of VAT Assessment under Goa VAT ACT?

how we calculate Deffered tax liabilities

 

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