mcgozon

 Profile Answers by 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 ______.
             

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

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

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

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

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 ,

lakhan lal

• Dec 24th, 2013

 

vat entry full

praveen

• Aug 10th, 2014

 

check

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

Dinesh

• Dec 26th, 2014

 

i need the clear explantion answer

Samadhan Ptil

• Oct 13th, 2015

 

What entry will be passed of retention on fixed asset purchase ?

Lenin

• Jan 12th, 2016

 

1.Purchase Entry
PURCHASE A/C DR XXX
VAT INPUT A/C DR XXX
TO CASH /CREDIT XXXX

2.SALES
CASH/CREDIT A/C DR XXX
TO SALES XXX
TO VAT OUT PUT XXX

3. SET OFF
VAT OUTPUT A/C DR XXX
TO VAT INPUT XXX
TO VAT PAYABLE XXX

4.PAYMENT
VAT PAYABLE A/C DR XXX
TO BANK/CASH XXX

Phillip Gittens

• Mar 22nd, 2016

 

Seems very lengthy to be used in many transactions. When bills have already been made how can it be done after the fact?

Srinivasan

• Apr 1st, 2016

 

1. VAT Output where will reflected P & L or BS.
2. VAT payable reflected in BS.

sanjay patil

• May 24th, 2016

 

This entry is perfect and accurate

Rob

• Jun 5th, 2016

 

Would you be able to help me? Detail the accounting entries you would make for the following transaction:
A) An invoice for a payment relating to a fixed asset addition including a retention amount.

Bode Adefala

• Jun 21st, 2016

 

Dr Vat input and credit cash

durgesh

• Aug 22nd, 2016

 

I need more help about VAT adjustment and entry whole year, How to adjust carry forward entry and and what should I do when there is a mis-match?

Jaleel

• Oct 25th, 2017

 

When set off
Vat output a/c Dr
Input vat a/c Cr
Vat payable. Cr
When payment made
Vat payable a/c Dr
Bank/Cash. Cr