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Vat accounts

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 March 2015 I want to know, where the VAT Accounts has to be shown, for eg. VAT payable, VAT @ 5% on Expenses, VAT on Sales @ 1%, VAT on Purchase 12.50% etc., Please guide for the same and the accounting procedure for the same.
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Vishnu Saboo

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Vishnu Saboo (Expert)
23 March 2015 VAT payable, VAT on sale are liability account.
rest both are asset account

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