VAT IS WHICH RELATED ITEM
This query is : Open
03 August 2009
DEAR SIT/MADAM
1. VAT IS POSTED IN P&L A/C OR B.S.
2. AN ASSET PURCHASED VAT DEALER BUT SAME ASSET WAS SOLD NOT VAT DEALER AT THIS TIME WE COLLECT VAT WHO IS STOCK PURCHASE US
IWANT FULL DEATILS OF VAT PLEASE ANY MATERIAL
THANKS IN ADVANCE
1. VAT IS POSTED IN P&L A/C OR B.S.
2. AN ASSET PURCHASED VAT DEALER BUT SAME ASSET WAS SOLD NOT VAT DEALER AT THIS TIME WE COLLECT VAT WHO IS STOCK PURCHASE US
IWANT FULL DEATILS OF VAT PLEASE ANY MATERIAL
THANKS IN ADVANCE
03 August 2009
Regarding ur first qn. VAT may be included in Trading & P&L a/c. "Input tax should be shown on the debit side (expense side) and output tax should be shown on the credit side (income side). At the end of the year balance VAT payable or refundable should be shown in the Balance Sheet as current liability or current asset as the case may be.
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