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: ______.
A security that starts as an instrument similar to as check, in which a customer asks the bank to pay the designated amount to a payee in the future. The bank accepts the order, becoming responsible for payment, because the customer has the money to back the check, an
An account used in a partnership to record an individual partner's investment in the partnership plus the indi- vidual's share of any undistributed partnership income. In a corpo- ration, the equity sections have two parts: the contributed capital and retained earning
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
Cost: The monetary value of resources employed or liabilities or sacrificed incurred to attain an objective, such as to obtain or make a good or to execute an activity or service.
Full Cost: The sum of all costs needed by a cost object comprising the costs of activities executed by other entities in spite of of funding sources.
Write a short note on the changing responsibilities of the management accountant?
Explain the term bank reconciliation statement?
The U.S. market for rice is illustrated below. The world pric
Cost Assignment: A procedure which identifies costs with activities, outputs, or another cost objects. In a wide sense, costs can be assigned to activities, processes, products, organizational divisions, and services. There are three
Describe fluctuating capital of partners? Answer: Partner‘s capital is stated to be fluctuating if capital modifies with every transaction in the capital accou
18,76,764
1945058 Asked
3,689
Active Tutors
1437510
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!