describe what journal entry pass in case of vat


Describe what journal entry pass in case of vat refundable and in case of vat payable?      

Ans) In case of vat payable:

output vat
Toinput vat
To vat payable

In case of vat refundable:
output vat
vat refundable
To input vat

 

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Accounting Basics: describe what journal entry pass in case of vat
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