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-   -   How to journalize vat registered business (https://www.askmehelpdesk.com/showthread.php?t=697191)

  • Aug 26, 2012, 06:52 PM
    blehra
    How to journalize vat registered business
    Purchased office supplies from National Bookstore P1500 Terms: COD (VAT registered)
  • Aug 26, 2012, 07:27 PM
    paraclete
    You need to decide how you will record transactions, including VAT or excluding VAT
    If Including VAT then Debit Office Supplies Credit Cash for the entire amount
    If excluding VAT the debit Office Supplies for the net amount, debit VAT Paid for the VAT amount and credit cash for the entire amount

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