Ask Experts Questions for FREE Help !
Ask
    blehra's Avatar
    blehra Posts: 3, Reputation: 1
    New Member
     
    #1

    Aug 26, 2012, 06:52 PM
    How to journalize vat registered business
    Purchased office supplies from National Bookstore P1500 Terms: COD (VAT registered)
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
     
    #2

    Aug 26, 2012, 07:27 PM
    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

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Vat [ 1 Answers ]

X Ltd has recently purchased supplies from xyz Ltd for $250 less 20% trade discount, plus 17.5% vat, XYZ LTD allows 2.5% cash discount for the payment within 7 days of the receipt of the invoice,Net amount is due for payment by ABC Ltd.

We already have a registered company and a business account, what again is needed tre [ 1 Answers ]

We already have a registered company and a business account, what again is required to make us eligible to operate a care agency, we are both experienced with NVQ 2 and 3 respectively. Lola

How to journalize the transactions of Sep 01st to Sep 3th for Mr. Afnan's business [ 1 Answers ]

Dear sir, I have many problems in this question regarding how to prepare General journal Post to ledger accounts Prepare trial balance Pass adjusting entries And Income Statement for the month of September 30 and Balance Sheet...

How do I obtain a VAT certificate and business licence? [ 3 Answers ]

Hello, I hope I am in the right area. I just wondered how I go about obtaining a business licence and VAT number for the business I am starting up. I want to stock an online store but most wholesale companies want to have my VAT number or business licence number before I can deal with them. ...


View more questions Search