How to make a VAT entry in books including setoff?

Questions by sandeepkelkar

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mcgozon  

  • Member Since Mar-2009 | Mar 26th, 2009


1.  Purchases
        Accounts Payable                  xxx
        VAT Input                              xxx
            Cash in Bank                               xxx
                Purchases recorded for the month.

2.  Sales
         Accounts Receivable              xxx
             Sales                                             xxx
             VAT Output                                    xxx
                 Sales recorded for the month.

3.  Set Off
         VAT Output                            xxx
             VAT Input                                        xxx
             VAT Debit & Credit Account             xxx
                Transfer of Surplus to VAT Debit & Credit Account.

4.  Payment
          VAT Debit & Credit Account     xxx
             Cash in Bank                                  xxx
                  Payment of VAT reported for the month of ______.
             

Showing Answers 1 - 10 of 10 Answers

mcgozon

  • Mar 26th, 2009
 

1.  Purchases
        Accounts Payable                  xxx
        VAT Input                              xxx
            Cash in Bank                               xxx
                Purchases recorded for the month.

2.  Sales
         Accounts Receivable              xxx
             Sales                                             xxx
             VAT Output                                    xxx
                 Sales recorded for the month.

3.  Set Off
         VAT Output                            xxx
             VAT Input                                        xxx
             VAT Debit & Credit Account             xxx
                Transfer of Surplus to VAT Debit & Credit Account.

4.  Payment
          VAT Debit & Credit Account     xxx
             Cash in Bank                                  xxx
                  Payment of VAT reported for the month of ______.
             

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Nirmala M.S.

  • Apr 21st, 2012
 

Instead Of VAT Debit or Credit A/c we can Create VAT Payable a/c
VAT set off entry
VAT out put A/c --------DR
To VAT input A/c---------------------CR
To VAT Payable A/c------------------CR
VAT Payment entry
VAT Payable A/c ------------ DR
To Bank or Cash A/c---------------CR

M Sha sha vali

  • Sep 17th, 2012
 

Purchases A/C DR
to vat input A/C
vat output A/C DR
to sales A/C
vat output A/C DR
to vat output A/C
to vat payable A/C
vat payable A/C DR
to bank A/C

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KAREEM

  • Sep 20th, 2012
 

PURCHASE A/C. DR
INPUT EXCISE DUTY DR
INPUT CESS DR
HI.ED.CESS DR
INPUT VAT A/C. DR
VENDOR A/C. CR

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Saji

  • Oct 7th, 2012
 

1)Purchase
Purchase A/c Dr 50000
VAT input A/c Dr 2000
To Vendor A/c Cr 52000
2)Sales
Customer A/c Dr 60000
To Sale 57600
To VAT Output 2400
3)VAT Set off:
VAT Output A/c Dr 2400
To VAT Input 2000
To VAT payable 400
% of VAT is 4 here

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Rupali

  • Oct 18th, 2012
 

1. purchase a/c Dr
vat input a/c Dr
to Bank/Creditor a/c
2. Bank/ Debtors a/c Dr
to Sales a/c
to vat output a/c
3. Vat output a/c Dr
to vat payable a/c
4. Vat payable a/c Dr
to vat input a/c
to Bank/cash a/c

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ramana

  • Dec 8th, 2012
 

1)purchese a/c dr,input vat a/c dr, ramana a/c cr
2) RAJU A/C DR ,SALES A/C CR,OUTPUT VAT CR ,

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lakhan lal

  • Dec 24th, 2013
 

vat entry full

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praveen

  • Aug 10th, 2014
 

check

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Gopikishan Pathak

  • Sep 23rd, 2014
 

1)Purchase
Purchase A/c Dr 50000
VAT input A/c Dr 2000
To Vendor A/c Cr 52000
2)Sales
Customer A/c Dr 60000
To Sale 57600
To VAT Output 2400
3)VAT Set off:
VAT Output A/c Dr 2400
To VAT Input 2000
To VAT payable 400
% of VAT is 4 here

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