vat t account

Can anyone help me to understand the vat T account. which figure goes in what column??
HELPPPPPPPPPPPPPPPPPPPPP!!!!!!!!!!!!!!!!

Comments

  • guinea pig
    guinea pig Registered Posts: 402
    VAT Control Account

    DEBIT:
    INPUT TAX (vat deductible)
    i.e. tax on all your purchases from
    Purchases day book,
    Cash book expenses
    Petty cash book expenses
    offset by sales returns
    Also bad debt relief

    CREDIT;
    OUTPUT TAX (vat payable)
    i.e. tax on all your sales from
    Sales day book
    Cash book sales
    offset by purchase returns

    GP
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