VAT entry
How to make a VAT entry in books including set off?
Expert
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: ______.
Variable Cost: A cost which differs with changes in the level of an activity, whenever the other factors are held constant. The cost of material treating to an activity, for illustration, differs according to the number of material de
What do you mean by the term position analysis in a business? Briefly illustrate it.
What are the various Calls in Arrears? Describe it.
A function of measuring and assigning production costs to determine the unit cost. Actual revenue assigns the real cost of materials, labor, and overhead to ma
Identify and evaluate the strategic options in brief?
What do you mean by the term Reliability which is accounting information?
What does the difference between management accounting and financial accounting suggest?
Managerial Cost Accounting System: The organization and processes, whether automated or not, and whether portion of the general ledger or stand-alone, which accumulates and reports constant and trustworthy cost information and perform
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
What are the various modes that the strategic management process can be approached?
18,76,764
1935058 Asked
3,689
Active Tutors
1420738
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!