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 Posted / 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
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