How to make a VAT entry in books including setoff?
Answered by: mcgozon
View all answers by mcgozon
Member Since Mar-2009 |
Answered On : Mar 26th, 2009
1. Purchases Accounts Payable xxx VAT Input xxx Cash in Bank xxx Purchases recorded for the month.2. Sales Accounts Receivable xxx Sales xxx VAT Output xxx Sales recorded for the month.3. Set Off VAT Output xxx VAT Input xxx VAT Debit & Credit Account xxx Transfer of Surplus to VAT Debit & Credit Account.4. Payment VAT Debit & Credit Account xxx Cash in Bank xxx Payment of VAT reported for the month of ______.
1)purchese a/c dr,input vat a/c dr, ramana a/c cr
2) RAJU A/C DR ,SALES A/C CR,OUTPUT VAT CR ,
1. purchase a/c Dr
vat input a/c Dr
to Bank/Creditor a/c
2. Bank/ Debtors a/c Dr
to Sales a/c
to vat output a/c
3. Vat output a/c Dr
to vat payable a/c
4. Vat payable a/c Dr
to vat input a/c
to Bank/cash a/c
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