I FIRM IS NOT COME UNDER VAT
BUT GETS BILL FROM THEIR SUPPLIER OF VAT
MY QUESTION IS R THEY SHOW THE VAT AS A INDIRECT EXPENSE IN P&L A/C
INSTATE OF CURRENT LIABILITY
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VAT
Replies (2)
WHILE BOOKING THE EXPENSE, RECORD THE WHOLE AMOUNT IE. INCLUDE THE VAT AMOUNT IN THE EXPENDITURE.
FOR EG: PRINTING AND STATIONERY RS. 2500, VAT ON STATIONERY @ 5 % RS. 125 THEREFORE, EXPENSE TO BE BOOKED (2500+125= RS. 2625)
REGARDS,
DEVENDRA
no need to book the vat amount in any special head,,whole amount comes under your expense/Purchase
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