Vat refundable , Accounting Basics

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

 

Posted Date: 3/30/2013 3:07:58 AM | Location : United States







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