Not shown vat payable in the b/s

This query is : Resolved

Ramesha.M (Querist)
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25 July 2012 Dear sir

1)in the A.Y-2011-12 our client Balance sheet not shown in the VAT payable in the Balance sheet and

2)wrongly shown as VAT Refundable but their is no any refundable Balance

Guide me

Regards
RAMESHA

shibu

shibu (Expert)
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25 July 2012 VAT refundable is receivable and hence current asset.
Then how comes payable as refundable. If it is a (-) balalnce on asset side, correct it.

Check with VAT annual return