VAT

What kind of calculation you required for VAT?

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

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

first see what’s the vat rate on your different item than after that calculate Vat on sale price of item.

if price include vat than 

 Input Vat =total sale price X vat rate / 100+vat rate

Net vat payable= Vat output-vat input

And vat entries are define by Pankaj Arora is good