0
What else can I help you with?
Is Direct Labor credited or debited?
debited
Is commission received debited or credited in the cashbook?
Commission received is credited and cash is debited
Is vat on credit sales debited to vat output?
yes because credit sales contains vat
When the seller is paid the customer's account is credited or debited?
credited
Whether increase in liability credit or debit?
All liabilities are credited and assets are debited so increase in liability will be credited and not debited.
Is Direct Labor credited or debited?
debited
Is commission received debited or credited in the cashbook?
Commission received is credited and cash is debited
Is vat on credit sales debited to vat output?
yes because credit sales contains vat
How many types of vat?
The types of VAT........ 1 ) INPUT VAT @ 4 % 2 ) INPUT VAT @ 1 % 3 ) INPUT VAT @ 12.5 % 4 ) OUTPUT VAT @ 1 % 5 ) OUTPUT VAT @ 4 % 6 ) OUTPUT VAT @ 12.5 %
When the seller is paid the customer account is debited or credited?
credited
When the seller is paid the customer's account is credited or debited?
credited
Is loan debited or credited?
credit
Whether increase in liability credit or debit?
All liabilities are credited and assets are debited so increase in liability will be credited and not debited.
How do you calculate vat intput and output?
To calculate VAT input and output, first identify the VAT you paid on purchases (input VAT) and the VAT you charged on sales (output VAT). Input VAT is the tax included in the cost of goods or services acquired for business use, while output VAT is the tax collected from customers on sales. To determine the VAT you owe to the tax authorities, subtract the total input VAT from the total output VAT. If the output VAT exceeds the input VAT, you pay the difference; if the input VAT exceeds the output VAT, you may be eligible for a VAT refund.
Can you explain how transactions are debited or credited in accounting?
In accounting, transactions are debited or credited based on the accounting equation, which states that assets must equal liabilities plus equity. When a transaction increases assets or expenses, it is debited. When a transaction increases liabilities, equity, or revenue, it is credited.
Is revenue credited or debited?
Revenue is income or a credit.
What is VAT output and VAT input?
VAT that is charged by a business and paid by its customers is known as "output VAT" (that is, VAT on its output supplies). VAT that is paid by a business to other businesses on the supplies that it receives is known as "input VAT
