General Accounting Question:
Explain what journal entry pass in case of vat refundable and in case of vat payable?
Answers:
Answer #1In case of vat payable:
output vat
Toinput vat
To vat payable
In case of vat refundable:
output vat
vat refundable
To input vat
output vat
Toinput vat
To vat payable
In case of vat refundable:
output vat
vat refundable
To input vat
Answer #2Output vat
To input vat
To Vat payable
To input vat
To Vat payable
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