The Dealer will be liable to pay the Fine/penalty to the department for any delay made in paying the dues or on contravening any of the VAT provisions. All such All such adjustment entries made will be captured in MUSAK-19.
To create a Journal Voucher for VAT Adjustment against Interest, Penalty or Other dues:
Go to Gateway of Tally > Accounting Vouchers > F7: Journal > Select the appropriate Class from the Voucher Class List for e.g., VAT Class.
Select Adjustment Towards Interest, Penalty or Other Dues in the Used for field.
Debit the Interest ledger grouped under Indirect Expenses.
Enter the amount in the Debit field.
Credit the Interest Payable ledger grouped under Current Liabilities.
The credit amount is automatically entered.
Enter the details in the Narration field, if required.
Press Y or Enter to accept and save.
Note: The value of journal entry made using Adjustment Towards Interest, Penalty or Other Dues as the VAT Adjustment will be captured in Boxes 7, 9 and 20 of MUSAK–19.
The transaction details will also be captured in MUSAK–18.
'Adjustment Towards Interest Penalty or Other Dues' has been shared with
