Vat accounts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 March 2015
I want to know, where the VAT Accounts has to be shown, for eg. VAT payable, VAT @ 5% on Expenses, VAT on Sales @ 1%, VAT on Purchase 12.50% etc., Please guide for the same and the accounting procedure for the same.
Vishnu Saboo
(Expert)
23 March 2015
VAT payable, VAT on sale are liability account.
rest both are asset account
rest both are asset account
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