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what are journal entry of vat in sale transaction with
example.
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Answer / atul pandey
The journal Entry of Sales transaction of vat is
Party A/c DR...
To Vat A/c
To Sales A/c
For E.g suppose A company X made a sale of 10000 to Company
z and there is a amount of Vat 5 percent in it. so the
entry made in X A/c is
Z A/c DR......... 10000
To Vat A/c .........477
To Sales A/c .......9523
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