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Journal entry of credit sale with vat?
simpleParty A/c Dr. (inclusive of vat)sale A/c Cr. (exclusive of vat)Vat output Cr.
What is the accounting journal entry to record audit fees with VAT?
To record audit fees with VAT, you would make the following journal entry: Debit the "Audit Fees Expense" account for the net fee amount, debit the "VAT Input Tax" account for the VAT amount, and credit the "Accounts Payable" or "Cash" account for the total amount (audit fee plus VAT). For example, if the audit fee is $1,000 and VAT is $200, the entry would be: Debit Audit Fees Expense $1,000, Debit VAT Input Tax $200, and Credit Accounts Payable $1,200.
What is the Journal entry of Vat payable to bank?
debit bank accountcredit VAT payable
What is the journal entry of vat adjustment and narration in tally 9?
Tally is a financial accounting with inventory and account only. The journal entry allows for notations, explanations and adjustments. This can be done through a narrative attached to the worksheet.
How do you do credit sales entry without tds?
Buyer a/c dr. To Sales a/c. The GAAP shows such an entry as: Account Receivable (debit) $$$ Sales (Revenue) (credit) $$$ This is based on Double-Entry Accounting as standardized by the GAAP. For.buyer's a/c Dr. amount to sales a/c amount.Accounts-receivable@ Sales(sales being in your Results and accounts-receivable in your balance sheet.simple Party A/c Dr. (inclusive of vat) sale A/c Cr. (exclusive of vat) Vat output Cr.
What is the journal entry for purchasing goods on credit?
Purchase a/c Dr Input vat a/c Dr To Party a/c (Being goods purchased on credit from supplier/creditor.)
What is the entry for when vat is paid to the government?
VAT stands for value added tax. it is simply a form of compensation tax. Let suppose a firm paid $ 30,000.00 to the government under the head of value added tax on 30th June 2010. The journal entry will be as follow: DR: Value Added Tax (VAT) Account $ 30,000.00 CR: Cash / Bank Account* $ 30,000.00 * If payment is made by cash, then Cash Account will be written on the credit side. And if bank draft or cheque is paid, then Bank Account will be written on the credit side.
What is the difference between output vat and deferred output vat?
Deferred output tax is recorded by the seller for the sale of things on credit, and the standard output tax is recorded for the sale of things that were paid for with cash.
What is the journal entry when gas bill provision?
gas cylinder a/c Dr vat on cylinder a/c dr To creditors a/c
Journal entries for vat payment to inland revenue?
Computer A/C Dr.150000 VAT Input19500 To Global Digitronix 169500(Being Computer purchase from Global Digitronix on credit)169500169500
What is the entry for a cash purchase including vat12.5 percent?
Cash Purchase - £112.50 Debit Bank - £112.50 Credit Purchases - £100.00 Credit VAT - £12.50
Is vat on credit sales debited to vat output?
yes because credit sales contains vat
