whether VAT is an asset or liabilities?
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Answer / kirti ranjan acharya
Definitely It is both an asset and liability. but it can b
define in this way as When it is being collected from
party who is purchasing goods it becomes liability for
selling party and it becomes asset for purchaser.
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Answer / hemant dubey
Vat is the part of liabilites always it shown in the side
of Duties & Taxes
Whatever we collect from the parties we have to pay that to
government .
So it is one types of Duty aries with us .
| Is This Answer Correct ? | 1 Yes | 10 No |
State which of the following are Cash transactions, and which are credit transactions: Questions Answers 1. Anil commenced business with Rs.10,000 2. Bought goods for cash Rs. 2000 3. Bought goods from Balaji on account Rs. 4000 4. Paid Balaji on account Rs. 500 5. Commission received Rs. 50 6. Commission due to Raj Rs. 100 7. Took Loan from Bank Rs. 20,000 8. Interest on loan due to the bank Rs. 200 9. Paid salaries Rs. 200 10. Sold goods for Rs. 1000 11. Sold goods to Eshwar on account Rs. 2000 12. Received from Eshwar on account Rs. 100
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