actual entry
debtors 100000 dr
sales 90000 cr
vat 10000 cr
entry done
debtors 100000 dr
sales 85000 cr
vat 15000 cr
how shall i rectify the error in fy 13-14
since it is a proprietorship firm
should i debit vat & credit capital a/c
vat A/c Dr, 5000
To Profit and loss Appropriation 5000
treatment by applying AS-5
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
