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How to make a VAT entry in books including setoff?
Asked By: sandeepkelkar
| Asked On: Feb 9th, 2009
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Answered by: mcgozon
View all answers by mcgozon
Member Since Mar-2009 | Answered On : 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 ______.
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 ,
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