debited
Commission received is credited and cash is debited
yes because credit sales contains vat
credited
All liabilities are credited and assets are debited so increase in liability will be credited and not debited.
debited
Commission received is credited and cash is debited
yes because credit sales contains 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 %
credited
credited
credit
All liabilities are credited and assets are debited so increase in liability will be credited and not debited.
Revenue is income or a credit.
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
Input VAT is the tax imposed on purchase whereas Output VAT is the tax charged on selling items
VAT stands for the Value Added Tax. The definition of input VAT is the tax that is added to the price when you buy services or goods liable to VAT.