VAT ACCOUNTING
This query is : Resolved
Guest
Guest
(Querist)
30 June 2010
WHAT ENTRY SHOULD BE PASSED FOR SET OFF INPUT/OUTPUT TAX PAYABLE,AND WHEN ACTUAL PAYMENT IS MADE THEN WHAT ENTRY SHOULD BE PASSED?
30 June 2010
You can create one ledger for VAT payment, the out put vat and input vat every month you trasnfer to that ledger while setoff , the differnce you debit while making payment the same ledger
Message likes :
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30 June 2010
AT THE END OF THE MONTH YOU CAN PASS THE FOLLOWING ENTRY.
VAT OUTPUT......................DR
TO, VAT INPUT
TO, BANK
AT THE END OF THE MONTH YOU CAN PASS THE FOLLOWING ENTRY.
VAT OUTPUT......................DR
TO, VAT INPUT
TO, BANK
Message likes :
1 times
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