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Please tell me jurnal entries for input vat and output vat?
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Answer / rabindra nayak
For example
vat out put 5% 1500/-
vat in put 5% 300/-
Journal enteritis of vat input & out put
vat out put 5% A/c 300/- DR
vat in put 5% A/c 3000/- Cr
so our vat out put now 1200/-
VAT Out Put always Credit Balance & Vat input always Debit
balance.
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4- What do you mean by journals and journalizing?
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