We are in a business of Jewellery items. In the month of Oct.11 we have made a sales entry related one item of jewellry and passed the sales entry showing the vat entry for the same now the same item is gifted to the same person so what entry will be passed for the above.
pls. kindly let me know.
you should Debit it as expense and credit the a/c of that person. No impact on VAT liability
You may debit it to personel a/c of prop. partner or dirctors as drwings and credit to taht person. No impact on VAt liablity
dont reverse sales entry... no impact on VAT.. just book expenses..
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