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
U S Sharma
(Expert)
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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