DEAR ALL,
KINDLY LET ME KNOW THE VAT CALCULATIONS?
THANKS,
KHADEER.
Bijoy
(Working )
(127 Points)
Replied 29 January 2011
What kind of calculation you required for VAT?
CA Himanshu Khurana
(Chartered Accountant)
(813 Points)
Replied 29 January 2011
Calculate VAT on Sales whichever is applicable
Less Input VAT (Tax Paid on Purchase) & Bal Vat Paidable.
If You have Excess Carried forward you adjust VAT payable in those excess
Pankaj Arora
(Learner)
(3134 Points)
Replied 29 January 2011
Purcahse Dr. 1000.00
Input Vat @ 5 % Dr. 50.00
Party A/c Cr.1050.00
Party A/c. Dr. 1575.00
Output Vat @ 5 % Cr. 75.00
Sales A/c. Cr. 1500.00
Output Vat Dr. 50.00
Input Vat Cr. 50.00
Vat Paid Dr. 25.00
Bank A/c. Cr. 25.00
Khadeer
(AUDIT ASSISTANT)
(34 Points)
Replied 29 January 2011
Pankaj Arora
(Learner)
(3134 Points)
Replied 29 January 2011
first see what’s the vat rate on your different item than after that calculate Vat on sale price of item.
Anand
(Chartered Accountant)
(166 Points)
Replied 29 January 2011
if price include vat than
Input Vat =total sale price X vat rate / 100+vat rate
Net vat payable= Vat output-vat input
Anand
(Chartered Accountant)
(166 Points)
Replied 29 January 2011
And vat entries are define by Pankaj Arora is good