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Please tell me under which heads following ledgers should
open or create.
1. Vat on Sales
2. Vat on Purchases
3. Excise on Sales
4. Excise on Purchases
5. Service Tax Input
6. Service Tax Output
It’s urgent for me.
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Answer Posted / h.r. sreepada bhagi
'Duties & Taxes' is a Profit & Loss A/c account head & all
the A/cs mentioned in the question are related to Balance Sheet.
Get to the basics of Accounting, Any tax collected is
payable to the Government & so should come under Current
Liabilities and any tax charged in the bills for purchase of
goods & services is an asset if the concerned law entitles
the purchaser to Tax Credit. In the period end balance
sheet, Excess of Input Credit over tax payable shall be
shown under 'Current Assets, Loans & Advances' and excess of
Taxes collected over input tax credit should be shown under
'Current Liabilities & provisions'.
Advice to those posting the answers - If u do not know
proper accounting treatment, don't post an answer which will
mislead the readers.
| Is This Answer Correct ? | 28 Yes | 6 No |
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