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Vat

This query is : Resolved 
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Querist : Anonymous

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Querist : Anonymous (Querist)
20 August 2011 does vat falls in p& L account as per below

input vat : 100
Out put vat : 120
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balance : 20
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this will be paid by the company
does it fall in P&L account expenses side
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Ram Avtar Singh

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Ram Avtar Singh (Expert)
20 August 2011 its already credit at the time of sale now you are paying now your liability. Now in your books Balance will be Nil after payment.

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