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Vat closing entry

Rohit (ICAI) (259 Points)

04 November 2011

MAY NY BODY PLZ TELL WHAT ENTRY WILL BE PASSES IF IN CLOSING TRIAL BALANCE

VAT INPUT=357262

VAT OUTPUT=366952

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11 Replies

ashish gupta ( student) (1922 Points)
Replied 04 November 2011

vat output dr.

to vat input

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Rajneesh Kumar (Finance & Accounts) (29 Points)
Replied 04 November 2011

Pass balance as Vat payable @ 9690.00 as liability

Aftab Alam (Student) (68 Points)
Replied 04 November 2011

Pass entry:

Vat Output dr 366952

to Vat Input 357262

to Vat Payable 9690

this vat payable will be liability

1 Like

DIPESH VASA Helping Hand!!!!! (CA FINAL ) (441 Points)
Replied 04 November 2011

this will be perfect entry

VAT OUTPUT A/C Dr

TO VAT INPUT A/C

Devendra (Chartered Accountant) (4775 Points)
Replied 04 November 2011

Dear Rohit,

Following entries are to be passed :-

1) In case of VAT Refund

Output VAT A/c Dr. XX

VAT Refund A/c Dr. XX

To Input VAT A/c XX

[Being VAT Accounts closed and VAT Refund due]

2) In case VAT Payable

Output VAT A/c Dr. XX

To Input VAT A/c XX

To VAT Payable A/c XX

[Being VAT Accounts closed and VAT payable]

Regards,

Devendra Kulkarni

2 Like

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C.A. Sandeep Wawhal (CA, PGDFM, BCom) (1831 Points)
Replied 05 November 2011

Vat Output A/c .................................Dr. (Total Amt)

To Vat Input A/c........................Cr (Total Amt)

To Vat Payable A/c...................Cr (Balance Amt)

1 Like

Sandip (Accountanat) (56 Points)
Replied 07 November 2011

Vat Output a/c Dr 366952/-

to Vat Input Cr 357262/-

to Vat Payable Cr 9690/-

9690/- is your liability...

1 Like

SANKARA NARAYANAN (ACCOUNTANT) (57 Points)
Replied 12 November 2011

Hai,

First create VAT Control A/c. and then transfer the month collection i.e., VAT Output to VAT Control A/c. and then transfer the month ITC taken amount i.e., VAT Input to VAT Control a/c. Finally VAT. Control a/c. will show debit or credit balance. If shown credit balance that will be a payable or shown debit balance that will be adjustable and carried forward to the next month. It should be closed in the month end date.

Closing balance of VAT Control a/c. is to be tallied with Sales tax return. if difference comes, that difference will be tallied when the payment entry made (On the date of payment).

Necessary entries:

1. VAT Control A/c. Dr. xxx

To VAT Input A/c. Cr xxx

(Being VAT. Input amount transferred)

2. VAT Output A/c. Dr. xxx

To VAT Control A/c. Cr xxx

(Being VAT. Output amount transferred)

3. VAT Control A/c. Dr. xxx

To Cash/ Bank A/c. Cr xxx

(Being payment made for the month of xxxxxxxx)

Pls. use it. It will helpful to verify sales tax return monthwise.

1 Like