--%>
Assignment Help - homework help

VAT entry

How to make a VAT entry in books including set off?

E

Expert

Verified

Purchases:

        Accounts Payable: xxx
        VAT Input: xxx
        Cash in Bank: xxx
        Purchases recorded for the month.

Sales:

         Accounts Receivable: xxx
         Sales: xxx
         VAT Output: xxx
         Sales recorded for the month.

Set Off:

         VAT Output: xxx
         VAT Input: xxx
         VAT Debit and Credit Account: xxx
         Transfer of Surplus - VAT Debit and Credit Account.

Payment:

         VAT Debit and Credit Account: xxx
         Cash in Bank: xxx
         Payment of VAT accounted for the month of: ______.

   Related Questions in Managerial Accounting

  • Q : Partnership from Accounting point of

    Describe the status of partnership from an accounting point of view? Answer: From an accounting point of view, partnership is a separate business entity. From legal

    		•
  • Q : Understandability-Accounting information

    What do you mean by the term Understandability which is accounting information?

    		•
  • Q : Reasons for favoring partnership deed

    Give reasons in favor of having a partnership deed. Answer: A) In situation of any dispute or doubt, Partnership deed is the gui

    		•
  • Q : Human relation discuss the limitations

    discuss the limitations of human relations approaches to management

    		•
  • Q : Market Analysis and Logic 1.

      1. Contribution After Marketing Assume that the sales forecast for brand TOJO is 160,000 units, and that you expect to sell 50% of these units through mass merchandisers,

    		•
  • Q : The provision of management accounting

    explain how the provision of management accounting information can assist the management of a company with planning, controlling, decision making and communicating

    		•
  • Q : Deficiency of a partnership deed In the

    In the deficiency of a partnership deed, how are mutual relations of partners managed? Answer: In the absence of Partnership deed, the mutual relations are managed b

    		•
  • Q : Define Activity Activity : The real

    Activity: The real work task or step executed in generating and delivering products and services. The aggregation of actions executed within an organization which is helpful for the purpose of activity-based costing.

    		•
  • Q : Industry and your accounting place How

    How have you observed the regulations which affect both your industry and your accounting place?

    		•
  • Q : Define Cost Avoidance Cost Avoidance :

    Cost Avoidance: The action taken to decrease future costs, like replacing parts before they fail and cause harm to other portions. Cost avoidance might incur higher (or extra) costs in the short run however the final or life-cycle cost would be lower.

    		•