Sales tax
This query is : Resolved
25 May 2011
Hi any one can help me.
I am working in a engineering design company, so there is only service revenue. no purchase and no resale. So i am confused what is the entries for sales and VAT journal entry. Give an example.
Many thanks in advance
I am working in a engineering design company, so there is only service revenue. no purchase and no resale. So i am confused what is the entries for sales and VAT journal entry. Give an example.
Many thanks in advance
25 May 2011
follow old year's books and records, it may be works contract.
25 May 2011
It is a new company. So i think journal will be debit Bank 50000 , credit revenue 45000 and credit sales tax payable 5000.
It is right.?
It is right.?
23 July 2025
https://docs.google.com/document/d/1wy28hW_ELz2MOLt0BCxDHogpkaPwZ8VlWovaxVwTBl4/edit?usp=sharing
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