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







Related Discussions:- Vat refundable , Assignment Help, Ask Question on Vat refundable , Get Answer, Expert's Help, Vat refundable Discussions

Write discussion on Vat refundable
Your posts are moderated
Related Questions
Enumerate the term- Cash discounts Offered to encourage prompt and early payment by buyer. Cash discounts are recorded in accounting records of both the buyer and the seller. S

The injection molding department of a company uses an average of 30 gallons of special lubricant a day. The supply of the lubricant is replenished when the amount on hand is 170 ga


Liquidity refers to a company's cash position, availability of resources to meet short-term cash requirements, and overall ability to obtain cash in the normal course of business.

Q. Detailed steps for completing the work sheet ? Accountants use these preliminary steps in preparing the work sheet. The following segments describe the detailed steps for com

illustrate business cycle with reference to a retail trader which does business on a cash basics

stpes to be taken prepaing for final accounts

Q. Show Accumulated depreciation account with example? Micro Train credits the depreciation amount to an accumulated depreciation account which is a contra asset rather than di

Q. What is Accounts receivable? Accounts receivable as well called trade accounts receivable are amounts owed to a business by customers. An account receivable occurs when a co

Prepare a Multiple-Step Income Statement based on the information presented in problem 4 above.                    Answer :