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: ______.
Write a short note on the changing responsibilities of the management accountant?
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ACCOUNTING PROCESS: The process of Accounting involves the following steps: Discover Q & A Leading Solution Library Avail More Than 1454646 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1936780 Asked 3,689 Active Tutors 1454646 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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