Adjustment entry

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 September 2015 Sir, In a month of March. wrongly sale @12.5% shown in sale@5%. and vat paid on sale @5% but now we correct the entry. then which entry pass in book and how we adjust vat entry with interest amount.

Vishnu Saboo

Vishnu Saboo (Expert)
Follow

15 September 2015 if the same in not recoverable from customer -
VAT paid a/c dr
Interest A/c Dr
To Bank

if it is recoverable from customer
Customer A/c dr
To VAT Payable
To Interest

Vat payable Dr
Interest Dr
To Bank

Message likes : 1 times