vijaya kumar n (JOB) (488 Points)
23 November 2010Good Afternoon to All,
we have registered the VAT in Karnataka, In Oct month Out Put Tax is Rs.95,000.00 (Duties & Taxes, Liability)
Input Tax is Rs.42,000.00 (Duties & Taxes, Liability)
Vat Payable is Rs.53,000.00
And we paid Rs.53,000-00 to Govt, My question is How to pass Entry Vat payable & How to set off the Vat liablity of Rs.53,000
Awaiting for your kind replies......
| Originally posted by : Member (Account Deleted) | ||
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output tax dr input tax cr vat payable A/c cr then vat payble a/c Dr cash/bank cr |
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I agree
nisar_raza2008@yahoo.com
(nisar_raza2008@yahoo.com)
(21 Points)
Replied 28 September 2011
output tax dr Rs. 95,000.00
input tax cr Rs. 42,000.00
vat payable A/c cr Rs. 53,000.00
then vat payble a/c Dr Rs. 53,000.00
cash/bank cr Rs. 53,000.00
Absolultly correct,
I agree with Mr.Kundan...............
CAclubindia
