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VAT ACCOUNTING

This query is : Resolved 
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Guest

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Guest (Querist)
30 June 2010 WHAT ENTRY SHOULD BE PASSED FOR SET OFF INPUT/OUTPUT TAX PAYABLE,AND WHEN ACTUAL PAYMENT IS MADE THEN WHAT ENTRY SHOULD BE PASSED?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
30 June 2010 You can create one ledger for VAT payment, the out put vat and input vat every month you trasnfer to that ledger while setoff , the differnce you debit while making payment the same ledger
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
30 June 2010
AT THE END OF THE MONTH YOU CAN PASS THE FOLLOWING ENTRY.
VAT OUTPUT......................DR
TO, VAT INPUT
TO, BANK
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