sushant gurav (Accountant) (396 Points)
04 June 2011Dear Sir,
Please tell me ,in Tally 9.0 my output VAT account shows negative figure. Simply b'cause our input VAT are more that output VAT.
Sir , i have classified my account output VAT account as Duties & taxes(Current liabilites)
I have a question how i can show this in VAT receivable account in tally 9.0. B'cause it is coming on liability side.
What i have to do.
Please clarify ,
Its urgent.
Thanks.
Sushant
Rajnikant Vadigoppula
(CA, CS And CMA Final)
(919 Points)
Replied 04 June 2011
i think the ledger of output vat is created under duties and taxes, so it is showing on liability side.
ok just create a new ledger called VAT receivable in loans and advances of asset side and transfer the balance by following entry
VAT Receivable a/c Dr XXXX
To Output VAT a/c XXXX
CA Vibhash Kumar Sah
(Associate Manager)
(710 Points)
Replied 08 June 2011
The way suugested by Mr. Rajnikant is correct. But my apprehension is that how you have got excess Input Credit ? Unless & untill your are executng Works Contract, there is no way to have excess Input Credit as VAT is nothing but somehow tax on value addition. Othewise you may have not claimed input credit in earlier years.
CAclubindia
