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Accounting entry

suraj singh chauhan (Accountant) (124 Points)

28 April 2012

MY COMPANY RECEIVED GOODS COSTING RS.10000, VAT(4%) RS. 400 ON 28TH MARCH 2012 BUT NOT RECEIVED INVOICE. WE HAVE TAKEN THE INPUT CREDIT OF VAT WHILE PREPARING RETURN BUT INVOICE ACTUALLY RECEIVED ON APRIL 15 2012 AND INVOICE DATE IS 4TH APRIL 2012.

PLS SUGGEST ME IN THIS SITUATION WAHT ENTRY I PASS ON 28TH MARCH 2012 AND ON 15TH APRIL 2012

I AM CONFUSED AS VALUTION OF CLOSING STOCK DONE ON PHYSICAL STOCK TAKING, BUT INVOICE WE RECEIVED IS NOT OF AY. 2011-12

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4 Replies

Nitil Kr. Agarwala (Persuing CS) (264 Points)
Replied 28 April 2012

Dear Suraj,

You can't pass the accounting entry in absence of invoice. In your situation, i suggest you to revert back the entry made on 28th april and then pass the fresh entry of invoice date.

Thanks & Reards,

Nitil Agrawala

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suraj singh chauhan (Accountant) (124 Points)
Replied 30 April 2012

BUT WHAT ABOUT THE INPUT CREDIT THAT WE HAVE TAKEN WHILE PAY VAT LIABILITY FOR THE MONTH OF MARCH.

Mohd Salman (Chartered Accountant) (47 Points)
Replied 30 April 2012

U can revised the return & Input Would be reduced by that amount as Credited in the Last Return

& Liability Increase which will be paid at the time of revised return

DIBYENDU (SERVICE) (266 Points)
Replied 30 April 2012

I ADVICE U TO FILE REVISE RETURN FOR MARCH 2012, OR U MAY ADJUST EXCESS INPUT TAX CREDIT IN NEXT VAT RETURN, IF U ARE A DEALER REGISTERED UNDER WEST BENGAL VAT ACT 2003, THERE IS A PROVISION IN RETURN FORM 14 COLUMN NO. 39(d), MARKED 'INPUT TAX CREDIT CLAIMED IN SHORT/EXCESS EARLIER'WHICH IS DEDUCTIBLE FROM YOUR OUTPUT VAT IN NEXT APRIL 2012.IF U DO THE 2ND U MUST DELETE ENTRY WHICH U HAVE MADE ON DT.28TH MARCH 2012 AND TAKE FRESH INPUT CREDIT ON DT.4TH APRIL 2012. MIND THAT U R BOOKS OF ACCOUNTS & 4TH QTR. VAT RETURN DOES NOT MATCH IN THIS CASE AND A NOTE MAY BE GIVEN BY THE AUDITOR IN FORM-88 AT THE TIME OF HIS VAT AUDIT FOR YEAR 2011-12 ALSO U MAY PAY INTEREST FOR SHORTAGE DEPOSIT OF VAT.