Sign Up
Tutor Hunt on twitter Tutor Hunt on facebook

Tutor HuntResources Accounting Resources


Vat Journal Entries

VAT Double Entry

Date : 05/03/2018


Author Information

Uploaded by : Reetika
Uploaded on : 05/03/2018
Subject : Accounting

VAT Journal Entries

There is much confusion about the VAT journal entries. I have written down this article to clear the understanding about VAT entries, which will help in making ledger account accurately.

Purchase A/C .Dr (Value of purchase)

VAT A/C .Dr (VAT on purchase)

To Cash/Bank/Creditor A/C (Value of purchase + VAT input

Cash/Bank/Name of Customer s A/C Dr.(Value of purchase+VAT)

To Sales A/C (Value of Sales)

To VAT Output A/C (VAT on Sale)

Net VAT Payable A/C .Dr (Excess of VAT output over VA

To Bank A/C

This resource was uploaded by: Reetika

Other articles by this author

© 2005-2019 Tutor Hunt - All Rights Reserved

Privacy Policy | Copyright | Terms of Service
loaded in 0.000 seconds
twitter    facebook