Journal entry for vat payment

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raghavendra

raghavendra (Querist)
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25 March 2014 What will be the journal entry for VAT payable ( Excess Vat to be payable after VAT 240)?

TKKKKKK

TKKKKKK (Expert)
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25 March 2014 journal entry for purchase
Purchase a/c Dr
Input vat a/c Dr
to supplier a/c

For sales
Debtor a/c dr
to sale a/c
to output vat a/c

for payment of vat or for creating liability for vat
Output vat a/c dr
to input vat a/c
to cash/vat payable

raghavendra

raghavendra (Querist)
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26 March 2014 Not That one. After conducting VAT 240 Audit. it was found that Rs. 2000 to be paid excess. We are not purchasing anything right now. Can we debit the amount as expenditure?

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