vat t account
loopy lou
Registered Posts: 41 Regular contributor ⭐
Can anyone help me to understand the vat T account. which figure goes in what column??
HELPPPPPPPPPPPPPPPPPPPPP!!!!!!!!!!!!!!!!
HELPPPPPPPPPPPPPPPPPPPPP!!!!!!!!!!!!!!!!
0
Comments
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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
GP0
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