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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 / h.r. sreepada bhagi
Input VAT, Excise Duty, Service Tax (i.e. on Purchase of
goods or services) under 'Current Assets, Loans & Advances'
- These are assets and can be set-off against payable.
Output VAT, Excise Duty, Service (i.e. on Sales or on
service income) under 'Current Liabilities & Provisions' -
These are liabilities and payable to the respective
government department after setting off the Input Credit.
In the period end Balance Sheet the balance should be shown
either under assets or liabilities after setting off the
respective accounts.
| Is This Answer Correct ? | 54 Yes | 10 No |
Answer / m.balraj goud&ravikiran
DUTIES&TAXES UNDER THIS HEAD THE LEDGERS CAN BE OPEN OR
CREATE.
| Is This Answer Correct ? | 36 Yes | 8 No |
Answer / 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 |
Answer / chowdary
duties & taxes for input vat(current assets)
duties & taxes for out put vat (current liabilities)
| Is This Answer Correct ? | 16 Yes | 0 No |
Answer / viswanatha
1. vat on sale
Ans. output vat under heads duties and taxes
(current liabilities)
2.vat on purchases
Ans.input vat under heads duties and taxes (current liabilities)
3.excise on sales
Ans. outputexcise under heads duties and taxes(current liabilities)
4.excise on purchase
Ans.inputexcise under heads duties and taxes (current liabilities)
5.service tax input
Ans.inputservice tax under heads duties and taxes (current liabilities)
6.service tax output
Ans.outputservice tax under heads duties and taxes(current liabilities)
All account packages Leger creates are same types
| Is This Answer Correct ? | 19 Yes | 18 No |
sreepada bhagi tum over smart ban rahe ho zuber ji aap unhe or over smart bana rahe ho ,
pahle to ye batiye sir 'Duties & Taxes' is a Profit & Loss A/c account head" ye jo apne likha hai its not right. first of all sreepada bhagi ji i think u read a 11th class accounts book, u must clear ur basic and then post
| Is This Answer Correct ? | 3 Yes | 2 No |
Answer / raman biswas
actually there are two types of method to maintain our accounts
1st is account only
2nd is account with inventory
when we do account only then generally we put input vat as current assets which means we had purchased or received vat which we had to pay to government.
as like as out put vat is a current liabilities which we have to pay to government
but we also put both of them in duties and taxes because this is a duty to pay.(this is generally used when we maintain accounts with inventory)
thankyou all of you
| Is This Answer Correct ? | 2 Yes | 1 No |
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I am a Leaving Cert Student. From Solutions to exam questions etc. I know what to do with the following adjustment but I cannot explain why. A thypical Adjustment is: A building is acquired for €60000 plus VAT at 10%. The amount paid to the Vendor was entered in the Buildings Account. No entry made in the VAT account. Could you explain why the VAT amount is deducted from the VAT amount in the TB? And why it is sometimes an Asset in the BS. Thank you, Mary
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