VAT ENTRY
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 March 2010
SUPPOSE OUTPUT TAX(INCLUDE CST.)1000
& INPUT TAX 1500. IN THIS CASE SIR VAT REFUND.SIR I WANT TO ASK YOU IF OUTPUT TAX(INCLUDE CST) LESS THAN INPUT TAX .THAN WILL WE VAT PMT IN CASH.OR REC. FROM GOVERNMENT.
VAT REFUND A/C DR. 500
OUTPUT VAT A/C DR. 1000
TO INPUT VAT 1500
SIR IS THIS ENTRY IS CORRECT. IF WRONG THAN SIR PLZ RIGHT ENTRY TELL ME.THANKS IN ADVANCE
& INPUT TAX 1500. IN THIS CASE SIR VAT REFUND.SIR I WANT TO ASK YOU IF OUTPUT TAX(INCLUDE CST) LESS THAN INPUT TAX .THAN WILL WE VAT PMT IN CASH.OR REC. FROM GOVERNMENT.
VAT REFUND A/C DR. 500
OUTPUT VAT A/C DR. 1000
TO INPUT VAT 1500
SIR IS THIS ENTRY IS CORRECT. IF WRONG THAN SIR PLZ RIGHT ENTRY TELL ME.THANKS IN ADVANCE
24 March 2010
Entry is correct.
Refund can be claimed from Govt
Refund can be claimed from Govt
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