input vat and out put vat comes which head?

Question Posted / mohd

Answers were Sorted based on User's Feedback

input vat and out put vat comes which head? ..

Answer / ethomba

INPUT VAT - CURRENT ASSET
OUTPU VAT - CURRENT LIABILITY

OPEN CONTROL ACCOUNT, TRANFER BALANCE TO CONTROL ACCOUNT,
AND PAY THE BALANCE IF ANY.

Is This Answer Correct ?

36 Yes

2 No

input vat and out put vat comes which head? ..

Answer / sharma

vat input & vat out put are come in duty & taxes

Is This Answer Correct ?

23 Yes

9 No

input vat and out put vat comes which head? ..

Answer / mallesh

Input Vat comes under current asset
output Vat comes under current liabilities
Vat Payable come under duties & taxes comes under liabilities

Is This Answer Correct ?

13 Yes

2 No

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