--%>
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 : Cash flows from operating activities A

    A financial analysis tools that measures the need for financing. The formula is the cash-flow from operating activities divided by the cash paid for long-term asset. Cash paid for long-term assets can be found on the statement of cash-flow, in the investing-activities

    		•
  • Q : Operation of business

    What are the main reasons that the operation of business environment has become ever more turbulent and competitive?

    		•
  • Q : Management Accounting Project Please

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

    		•
  • Q : Features of the management accounting

    What are the various features of the management accounting information system?

    		•
  • Q : Things which Strengths comprises Write

    Write a brief note on the things which Strengths comprises?

    		•
  • Q : Define Activity Activity : The real

    Activity: The real work task or step executed in generating and delivering products and services. The aggregation of actions executed within an organization which is helpful for the purpose of activity-based costing.

    		•
  • Q : Define Cost Driver Cost Driver : Any

    Cost Driver: Any factor which causes a modification in the cost of an action or output. For illustration, the quality of portions received by an activity, or the degree of complexity of tax returns to be evaluated by the IRS.

    		•
  • Q : Benchmark test The process of testing a

    The process of testing a new software program using actual data and comparing the results to the alternative soft wares. The alternative can be new software or the organization's existing system. The test should be examined the software's accuracy and efficiency.

    		•
  • Q : Explain Operating Budgets Operating

    Operating Budgets: It is a financial document which aids a business in making significant decisions regarding its actions. An operating budget does not contain instant impact on the actual state of the business and exhibits only future projections. Bu

    		•
  • Q : The provision of management accounting

    explain how the provision of management accounting information can assist the management of a company with planning, controlling, decision making and communicating

    		•