Mohammed Shahid Rahman (Partner) (143 Points)
01 February 2017Hello, In the year 15-16 my input vat was greater than output vat. It was approx 15000/- i guess.
I forgot to mention this in the balance sheet of 15-16 and return was submitted.
How can this be rectified in year 16-17. What will the account entries and under wht head should it come in Tally. I am new to accounts. Plz help. Regards
Praveen Kachhawa
(Financial Accountant)
(225 Points)
Replied 02 February 2017
I think your output vat is standing in liabilities or input at assets side.
follow these step
1. Open a ledger "VAT 15-16"
2 Pass journal entries ( 1 apr. 2016 )
(A). VAT 15-16 dr.
To Input vat
input vat of previous year trf.
(B). Output Vat Dr.
To VAT 15-16
output vat of previous year trf.
now the "vat 15-16" ledger reflect net effect of VAT balance.
Praveen Kachhawa
(Financial Accountant)
(225 Points)
Replied 02 February 2017
I think your output vat is standing in liabilities or input at assets side.
follow these step
1. Open a ledger "VAT 15-16"
2 Pass journal entries ( 1 apr. 2016 )
(A). VAT 15-16 dr.
To Input vat
input vat of previous year trf.
(B). Output Vat Dr.
To VAT 15-16
output vat of previous year trf.
now the "vat 15-16" ledger reflect net effect of VAT balance.
Praveen Kachhawa
(Financial Accountant)
(225 Points)
Replied 02 February 2017
I think your output vat is standing in liabilities or input at assets side.
follow these step
1. Open a ledger "VAT 15-16"
2 Pass journal entries ( 1 apr. 2016 )
(A). VAT 15-16 dr.
To Input vat
input vat of previous year trf.
(B). Output Vat Dr.
To VAT 15-16
output vat of previous year trf.
now the "vat 15-16" ledger reflect net effect of VAT balance.
Mohammed Shahid Rahman
(Partner)
(143 Points)
Replied 02 February 2017
Thanks for the reply Praveen.
I would like to know VAT_15_16 will come under which head in tally? Indirect Income, Indirect Expense ??
I'll explain again with example.
In yr 15-16 i purchased something and paid vat of 15000/- . In the same year i sold something and i got vat of 1000/-
When the returned was filed i did not mention that i have to carry fwd (15000-1000=14000) nxt year. Somehow I made a mistake. My 14000 is with the government. As return for 15-16 has already been filed, i cannot change the balance sheet.
I'll some how have to show 14000 in this years balance sheet.
Regards
CAclubindia
