--%>
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 : Relationship between risk and return

    Write a short note on the relationship between risk and return?

    		•
  • Q : Characteristics which accounting

    What are the key qualities or characteristics which accounting information should possess?

    		•
  • Q : Influence of lack of partnership deed

    Describe the provision of 'Indian partnership Act 1932‘concerning sharing of profits in lack of any provision in partnership deed. Answer: In the lack of any p

    		•
  • Q : What is Outcome Outcome : The outcomes

    Outcome: The outcomes of a program activity as compared to its intended aims. Program outcomes might be computed in terms of service or product quality and quantity, customer satisfaction, and usefulness.

    		•
  • Q : Explain Performance Measurement

    Performance Measurement: A means of computing effectiveness, efficiency, and outcomes. A balanced performance measurement score-card comprises financial and non-financial measures focusing on the quality, cycle-time, and price. The performance measure

    		•
  • Q : Features of partnership Write some main

    Write some main features of partnership? Answer: Essential elements or major features of Partnership are as follows: A) Two or m

    		•
  • Q : Management Accounting Project Please

    Please let me know the cost of getting this assignment completed?

    		•
  • Q : How do tax influence the cost of debt

    Normal 0 false false

  • Q : Define Inter-Entity Inter-Entity : A

    Inter-Entity: A term meaning between or among distinct federal reporting entities. It generally refers to the activities or costs among two or more agencies, bureaus or departments.

    		•
  • Q : Budgetary accounts Accounts used in

    Accounts used in governmental accounting to record the budget amounts but not the actual amount. For example, at the beginning of the accounting period, the planned amount of tax revenue, revenue from license, and inflows from fines would be recorded as one amount in

    		•