what is the entry to be made for vat when any purchase is
made in that bill vat amount is included ?
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Answer / uttam kumar
PURCHASE A/C Dr.
Vat input A/c Dr.
To Party A/c Cr.
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Answer / Hema Singh
When a purchase invoice includes VAT, you should record the net (exclusive of tax) and gross (inclusive of tax) amounts separately on your books. The VAT amount will be recorded as output tax, while the net amount will form part of your cost of goods sold or expenses. In some cases, it may also be necessary to account for input tax if you are a registered VAT entity.
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