Vat refundable , Accounting Basics

Assignment Help:

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

 


Related Discussions:- Vat refundable

What are the steps for closing entries, What are the steps for Closing entr...

What are the steps for Closing entries There is a certain order that should be used to close accounts: REID 1.  Balance of the total R evenue to Income Summary 2.  Bal

Inventory valuation, The Kauai Surf Company sells high-end surfboards to to...

The Kauai Surf Company sells high-end surfboards to tourists.  The inventory is purchased from a manufacturer in Honolulu.

Define auditing, Q. Define Auditing? Auditing A business in quest of a ...

Q. Define Auditing? Auditing A business in quest of a loan or attempting to have its securities traded on a stock exchange typically must provide financial statements to suppor

061689 bussines accounting and you all i need detail, 061689 bussines accou...

061689 bussines accounting and you All i need detail how to do it i watch video but im not understanding if anybody have more specific explanation details

The operating expenses section, The operating expenses section Operati...

The operating expenses section Operating Expenses - directly associated to the sale of merchandise General expenses (administrative expenses) related to business's offic

Ledger, “Ledger is said to be the principal book entry and the transactions...

“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.”

#title.blessing., Implication of applying accounting concept wrongly

Implication of applying accounting concept wrongly

Acme inc. has total liabilities of $120, Acme Inc. has total liabilities of...

Acme Inc. has total liabilities of $120,000, total sales of $80,000, net income of $12,000, current assets of $90,000 and total assets of $150,000. What is the debt to equity rat

In accounting, 1. what is accounting ? 2. what should we/i do to know accou...

1. what is accounting ? 2. what should we/i do to know accounting 3. what are the basics of accounting? 4 is accounting is hard ?

Bank reconciliation statement, even after preparing BRS why does balance as...

even after preparing BRS why does balance as per cash book and balance as per pass book do not tally?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd