VAT entry
How to make a VAT entry in books including set off?
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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: ______.
What are the various features of the management accounting information system?
Common Data Source: All of the programmatic and financial information available for the cost, budgetary, and financial accounting processes. This comprises all financial and much non-financial data, like environmental data, which are
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
What do you mean by the term provision of management accounting information?
The duties of each partner: The partners are beneath a fiduciary duty towards one another to: Render true accounts; Account for private gains; and Refrain from competition with the partnership firm.
Write a short note on why wealth creation is a longer-term concept?
The term used in governmental accounting to identify amounts that the governmental unit is authorized to spend for debt repayment, operating activities, and asset acquisition. The appropriations account is a budgetary account that acts as a control account for all budgeted expenditures. More usua
Unit Cost: The cost of a chosen unit of a good or service. Illustrations comprise dollar cost perton, machine hour, labor hour, and department hour.
Value-Added Activity: An activity which is judged to contribute to customer value or gratify an organizational requirement. The characteristic "value-added" reflects a belief that the activity can’t be removed without decreasing
From the books of Aggarwal Bors, the following information have been extracted: Rs. Sales 2,40,000 Variable costs 1,44,000 Fixed costs 26,000 Profit before tax 70,000 Rate of tax 40% The firm is proposing to buy a new plant which can generate additional annual profit of Rs. 10,000. The fixed
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