Vat entries

CA Krishna Chaitanya M (Chartered Accountant) (463 Points)

22 August 2011  

journal entries to vat

on due date 

vat payable  a/c           Dr

to         vat receivable a/c         Cr

to         cash ( if any)                  Cr

                     

what are the jounal entries when input tax credit is adjusted like ( input tax credit taken on  common inputs ),,