The journal vouchers can be recorded by selecting the nature of adjustments as given below:
Nature of Adjustment |
Additional Details |
Journal Entry |
Increase of Tax Liability |
Purchase Tax Sch. H Items |
Debit: Current Assets ledger Credit: Output VAT Credit: Surcharge ledger |
Input Tax Adjustment for Purchases Tax Sch. H Items |
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Debit: Input VAT ledger Credit: Current Assets ledger |
Reversal of Input Tax |
Purchase Tax Sch. H Items |
Debit: Expenses ledger Credit: Input VAT ledger Credit: Surcharge ledger |
'Selecting Nature of Adjustments' has been shared with
