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Sales tax

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(Querist)
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
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U S Sharma

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U S Sharma (Expert)
25 May 2011 follow old year's books and records, it may be works contract.
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SHIRAS

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SHIRAS (Querist)
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.?
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
23 July 2025 https://docs.google.com/document/d/1wy28hW_ELz2MOLt0BCxDHogpkaPwZ8VlWovaxVwTBl4/edit?usp=sharing
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