Vat adjustment

This query is : Resolved

jitu (Querist)
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10 February 2015 Respected Experts

i want to know what journal entry will be passed for adjusting following input and output vat

INPUT VAT 28645
OUTPUT VAT 37258

IF I PASS SUCH ENTRY INTO TALLY

INPUT VAT 37258 DR
OUTPUT VAT 28645 CR
VAT PAYABLE - 8613 CR

(BEING EXCESS INPUT VAT OVER OUT OUT PUT VAT)

CA Deven

CA Deven (Expert)
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10 February 2015 OUTPUT VAT DR 37258
TO INPUT VAT 28645
TO BANK BAL FIG.

jitu

jitu (Querist)
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11 February 2015 dear Deven sir,

i confuse the by "TO BANK BAL FIG"

balance will be transferred into bank bal

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CA Deven

CA Deven (Expert)
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11 February 2015 are you need to pay from the bank

CA Deven

CA Deven (Expert)
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11 February 2015 VAT PAYABLE 8613

TO BANK 8613

AFTER PASSING ABOVE ENTRY

jitu

jitu (Querist)
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11 February 2015 DEAR DEVEN SIR,

But into my query "INPUT EXCESS THAN OUT PUT"

in this case what happen i mean why will we pay ?

CA Deven

CA Deven (Expert)
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11 February 2015 PASS ENTRY

OUTPUT VAT 28645
TO INPUT VAT 28645

AFTER PASSING ABOVE ENTRY YOUR INPUT VAT A/C WILL BE 8613/- WHICH U WILL ADJUST AGAINST NEXT MONTHS VAT LIABILITY

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Vishnu Saboo

Vishnu Saboo (Expert)
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24 February 2015 if you have excess ITC, you can carryforward it or can claim for refund as per specified procedure, or if you having more output tax than to ITC, you have to pay the same.

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