Vat payment
This query is : Resolved
24 January 2013
WHEN WE ARE PAYING VAT WE DEBIT TO P&L A/C & CREDIT TO BANK OR CASH A/C BUT WHEN IT IS NOT SHOWING IN P&L THEN WHAT I MEANT???? WHERE THEY DEBITED VAT PAYMENT
24 January 2013
It should be like that:-
1) Customer A/c Debit
To Sale A/c
To VAT Payable A/c
then at the time of payment it should be
2) VAT Payable Debit
To Bank
thus it will not impact P&L Account
1) Customer A/c Debit
To Sale A/c
To VAT Payable A/c
then at the time of payment it should be
2) VAT Payable Debit
To Bank
thus it will not impact P&L Account
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