Interested to Buy Any Domain ? << Click Here >> for more details...
What is the difference between input vat & out put vat?
- 11 Answers
- 57516 Views
- I also Faced
- E-Mail Answers
Answer Posted / vijaya kumar
Concept of Input Vat and Output Vat
Case 1
Mr.A purchase the goods Rs 1100 and vat is 100 again that
goods sold my me to Rs 2200 and Out put tax 200
In the above case 1, Out put 200 and input vat 100. so Mr.A
paid 100 tax
| Is This Answer Correct ? | 36 Yes | 7 No |
Post New Answer View All Answers
while passing a journal entry we rite dr. for the a/c to be debited but why don't we write cr. for the a/c which is credited and instead write 'TO'??
MAY I PREPARE TAX INVOICE FROM MFG UNIT TO RETAILER DIRECTLY?
Please send me full details of MIS report how to prepare which item to be consider in MIS report? 2) full details of Esic, PF and Fbt and maharashtra labour welfare fund
Can anyone give comparative data of NPA(non performing assets) of nationalised banks or BANKS IN INDIA for the last 5-10 years if possible with bifurcation substandard doubtful loss asset
what is the scenario of multi-org setup?
Short Answer on _______Appropriation
Short Answer on ________Ad-Valorem Duties
Can anyone plz. tell me where can i get the proforma application for DAO.I have tried all the links but i couldn't find any application proforma in the notifications.
What is invoice accounting rules?
What is combination?
Hi all i did my M.B.A financ enw iam doing a job as a finance executive but i feel it is not good 4 me can any 1 plz guide me 4 the better career my job profile is (INVOICING)hw it is help me out 4 the better career shell i continu ein the same 1 by learning sap or oracle or shall i shift to any other if any other which job is suites to me plz suggest me
1. what is debenture? 2.Why company will issue shares? 3. What is audit? 4. What is the role of finance department? 5. What is mutual fund?
if jj form not cancelled within 1hour,wat to do
example of SOP
2. You are required to prepare a Profit & Loss Account for the year ending 31st December, 2007 and the Balance Sheet on that date. The Trial Balance of XYZ Ltd. for the year ended 31st December 2007 is as follows:- Trial Balance of XYZ Ltd. as on 31st Dec. 2007 Debit Balances Rs. Credit Balances Rs. Materials used 3,50,000 Sales(including 2% Sales tax) 9,18,000 Cost of Labour 1,50,000 Sale of Scrap 100 Stock, finished and work in process on 31st December, 2006 50,000 Rent received 2,000 Wages : Factory Staff 15,000 Discounts 2,750 Directors Remuneration 50,000 Recovered against fire claim re : Stock 5,000 Salaries : Clerical Staff 75,000 Capital : Equity 25,000 Insurances : Workmen’s Compensation 1,500 Preference- 9% 8,000 General, fire etc. 2,000 Creditors 1,56,000 Directors’ Life Insurance 1,500 Provision for Taxation 1,05,000 Maintenance : Buildings 1,000 Profit & Loss Account 13,750 Plant and Machinery 12,500 Rent and Rates of premises and hire of plant 20,000 Heat, Light and Power 15,000 Experimental and Laboratory Expenses 10,000 Canteen Expenses 5,000 Staff Welfare expenses 2,500 Motor Expenses 12,500 Professional Charges 2,800 Postage and Telephone 3,500 Books, Printing and Stationery 11,000 Sundry expenses 10,000 Carriage and Packing on Sales 3,300 Discounts 5,000 Debtors 1,78,000 Freehold Property 50,000 Plant and Machinery 12,500 Fixtures and Fittings – Offices 3,500 Office machinery and Equipment 3,000 Motor Car and Van 6,500 Stock of materials on 31st Dec. 2007 1,20,000 Bank 38,000 Sales Tax Paid 15,000 12,35,600 12,35,600 Depreciation is to be provided at the following rates: Plant and Machinery 10% Fixture and Fittings 05% Office Machinery, etc. 10% Motor Vans and Cars 25% The stock of finished goods and work in progress as on 31st December, 2007 was Rs. 35,000. Provide for preference dividend and ordinary dividend at 10%. The total taxation liability is estimated at Rs.1,50,000 of which Rs. 75,000 relates to the current year. Debtors include Rs. 10,000 deposited as security against government contracts. The Works Manager is paid partly by salary and partly by a commission; he is entitled to a commission of 5% on the amount by which the surplus in the factory cost exceeds 20% of the sales for the period. Charge the commission if any in the Profit and Loss Account.
