Adjustment of sales tax in accounts
This query is : Open
29 November 2011
How should I adjust input sales tax, output sales tax & payment of sales tax in Accounts?
Regards
Regards
29 November 2011
You can Open Input Sales Tax A/c, Output Sales Tax A/c and Sales Tax A/c...i.e total 3 A/cs. Periodically you may transfer the balances of input & output sales tax accounts to sales Tax A/c. The payment made on A/c of sales tax can be debited to Sales Tax A/c. The situation of payment arises when the Out put sales Tax is more than the input sales tax amount.
29 November 2011
How should i incorporate them in the financial statements?
Regards
Regards
29 November 2011
How should i incorporate them in the financial statements?
Regards
Regards
29 November 2011
How should i incorporate them in the financial statements?
Regards
Regards
29 November 2011
In case Input Tax A/c Credit is more it can be shown as an asset. In such situation you may retain the excess balance in this account only.
Suppose Your input tax shows 900, where as
Out put tax shows 600/-, Transfer Rs 600/-i.e. to the extent of Out put Tax liability , in to the Sales Tax A/c.
.
Balance of Rs 300/ in Input Tax A/c can be shown as Receivable in Asset Side.
.
There are alternative methods also.
Suppose Your input tax shows 900, where as
Out put tax shows 600/-, Transfer Rs 600/-i.e. to the extent of Out put Tax liability , in to the Sales Tax A/c.
.
Balance of Rs 300/ in Input Tax A/c can be shown as Receivable in Asset Side.
.
There are alternative methods also.
01 December 2011
Please tell me the alternative mothods.
Regards
Regards
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