plz tell me how
1. to adjust VAT paid against sales invoice as the same is not charged in bill Bt VAT has been paid as per return.
In have open an account in Indirect expenses as ..VAT Expenses and an account in Current Liability under duties and taxes ...as output vat and paased entries as .... VAT EXPENSES DR.
TO VAT OUTPUT
and
VAT OUTPUT DR.
TO VAT PAYABLE
is this treatment correct ?
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VAT Adjustment entry in tally
Replies (2)
sorry It's .....
VAT OUTPUT Dr.
To VAT INPUT
not payable
VAT OUTPUT Dr.
To VAT INPUT
not payable
You need to pass as bellow
1) sale entry
Bank/debtor a/c dr.
To sales a/c (sale value less vat payable)
TO VAT payable a/c ( value calc. as per substraction method)
2)Adjustment. and vat paid entry
Vat payable a/c dr
To vat input a/c (To the extent of adjustment of input tax)
To Bank a/c (amount paid to govt)
1) sale entry
Bank/debtor a/c dr.
To sales a/c (sale value less vat payable)
TO VAT payable a/c ( value calc. as per substraction method)
2)Adjustment. and vat paid entry
Vat payable a/c dr
To vat input a/c (To the extent of adjustment of input tax)
To Bank a/c (amount paid to govt)
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