Hi
Can anybody explain the accounting entries in VAT for trading 2 different type items - one is 12.5% and other is 4 % taxable. Whether the input & out put tax entries needs seperate folios for 4% & 12.5%? Please explain
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vat accounting
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for output two ledger codes are necessary and not for input
| Originally posted by :geoffrey moothedan | ||
| " | Hi Can anybody explain the accounting entries in VAT for trading 2 different type items - one is 12.5% and other is 4 % taxable. Whether the input & out put tax entries needs seperate folios for 4% & 12.5%? Please explain |
" |
I think NO, Total Input VAT(whether it may be 4% or 12.5%) can be set off with available Output vat (both 4% and 12.5%)
THE CORRECT ACCOUNTING IS OPEN SEPARATE LEDGER INPUT 4% AND 12.5% AND OUTPUT 4% AND 12.5% AND THEN AT THE END OF QUARTER/ MONTH WHEN SALES TAX DUE DR OUTPUT ENTRIES AND CREDIT INPUT ENTRIES AND BALANCE IS UR TAX PAYABLE
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