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

Contributed capital, what is the contributed capital and how do you figure ...

what is the contributed capital and how do you figure it out?

What is net realizable value, Q. What is Net realizable value? Companie...

Q. What is Net realizable value? Companies must not carry goods in inventory at more than their net realizable value. Net realizable value is the approximate selling price of a

Procedure of recording business transactions, Q. Procedure of recording bus...

Q. Procedure of recording business transactions? The raw information of accounting is the business transactions. We documented the transactions in section 1 as increases or dec

Liquid extracts company, Liquid Extracts Company makes a line of fruit extr...

Liquid Extracts Company makes a line of fruit extracts for home use in making wine, jams and jellies, pies and meat sauces.  Fruits enter the production process in pounds; the prod

What is time orientation - financial accounting, What is Time orientation ...

What is Time orientation Financial accounting reports reflect position and performance of business for the past period. Essentially, they are backward looking. Management accou

What do you mean by unearned revenue, Q. What do you mean by unearned reven...

Q. What do you mean by unearned revenue? A liability/revenue adjustment concerning unearned revenues covers situations in which a customer has transferred assets typically cash

Non-current assets, What should companies not show as non-current assets in...

What should companies not show as non-current assets in their balance sheets? A  plant bought on hire purchase B  plant fully depreciated C  plant held on finance leases D  pla

Deferred payments, Ask question Discuss the export financing under the defe...

Ask question Discuss the export financing under the deferred payment system.#Minimum 100 words accepted#

Next step till finalization, Normal 0 false false false ...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Generate the cash flow of companies, Rondo plc, a sports apparel manufactur...

Rondo plc, a sports apparel manufacturer with a cost of capital of 13.75%, is looking to expand its activity and is considering two possible countries to open a sales subsidiary. R

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