Regarding Vat
This query is : Resolved
01 September 2008
Sir,
I Want to Know what will be accounting entry of VAT
Thanks
Bhaskar
I Want to Know what will be accounting entry of VAT
Thanks
Bhaskar
01 September 2008
PURCHASES A/C DR
INPUT VAT DR
TO SUNDRY CREDITOR
(BEING PURCHASES ACCOUNTED)
SUNDRY DEBTOR DR
TO SALES A/C
" OUT PUT VAT
(BEING SALES ACCOUNTED)
OUTPUT VAT A/C DR
TO INPUT VAT A/C
(BEING INPUT VAT T/D TO
OUT PUT VAT A/C)
INPUT VAT DR
TO SUNDRY CREDITOR
(BEING PURCHASES ACCOUNTED)
SUNDRY DEBTOR DR
TO SALES A/C
" OUT PUT VAT
(BEING SALES ACCOUNTED)
OUTPUT VAT A/C DR
TO INPUT VAT A/C
(BEING INPUT VAT T/D TO
OUT PUT VAT A/C)
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