Vat creadit enty

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Ganesh S Kale

Ganesh S Kale (Querist)
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25 June 2012 sir/madam i give one entry for a in this entry party,vat creadit and payment how to take entry

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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25 June 2012 Take as example

first purchase entry

Purchase Dr. 100
Input VAT Dr. 10
To Party Cr. 110

Now Sales Entry

Party Dr. 132
To Sales 120
To Output VAT 12

Now Set off Entry

Output VAT Dr. 12
To Input VAT 10
To VAT Payable 2

Now Payment Entry

VAT Payable Dr 2
To Bank A/c 2