has any one filled annexure K in vat audit if yes, then please explain with an example ....
i dont know how actually it was to be filled ?
thnx.....
5 Replies
CA Ayush Agarwal
(Practice)
(122 Points)
Replied 03 June 2014
Annexure K in VAT Audit Report in Form 704 represents the Reconciliation of Sales and Purchases as per the figures considered in the Audited financial statements and the figures considered as per the Sales and Purchase Summary.
For Example:
Sales as per Profit and Loss Account XXXX
Add:
Sales as per Sales Summary XXX
Similiarly for Purchases
assessee
(...)
(546 Points)
Replied 07 June 2014
thanks 4 reply ...i m bit confused..
sales as per profit and loss account is total figure then why you are adding again sales as per summary..........
CA Ayush Agarwal
(Practice)
(122 Points)
Replied 07 June 2014
Sales as per summary shall not be added in the reconciliation but it is the figure which is to be arrived at.
Sales as per P & L Account XXXXX
Add:
VAT @ 5% XXX
VAT @ 12.5% XXX
Others XXXX
...... XXXX
...... XXXX
total XXXX
Sales as per Sales summary XXXX
Diff (Total - Sales as per Sales summary which should equal to zero)
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