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Vat accounting

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CA
1518 Points Joined January 2013

Purchases dr

Vat input dr

To creditors Cr

Debtors dr

To sales Cr

To Vat output Cr

 

Are the above entries correct and are creditors and debtors are shown in balance sheet including VAT  and how VAt is shown and accounted please anyone explain

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On 28 July 2016 at 11:07 Report
Replies (3)
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CMA
13117 Points Joined May 2009
  1. Entries are correct
  2. Creditors & debtors balance include VAT portion too
  3. Input VAT is grouped under other current assets
  4. Output VAT under duties & taxes
2 Reply
On 28 July 2016 at 15:07
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articled assistent
121 Points Joined March 2014
adding to the above comment which given by poornima,
1. when input tax is adjusted against output tax, just transfer the same to output tax at the end of particular month.
2. if anything paid in excess of adjustment against input tax or when the input tax is NIL then entry is
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On 28 July 2016 at 15:37
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articled assistent
121 Points Joined March 2014
continue....
output tax a/c Dr
To bank or cash a/c
2 Reply
On 28 July 2016 at 15:39

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