24 March 2010
SUPPOSE OUTPUT TAX(INCLUDE CST.)1000 & INPUT TAX 1500. IN THIS CASE SIR VAT REFUND.SIR I WANT TO ASK YOU IF OUTPUT TAX(INCLUDE CST) LESS THAN INPUT TAX .THAN WILL WE VAT PMT IN CASH.OR REC. FROM GOVERNMENT. VAT REFUND A/C DR. 500 OUTPUT VAT A/C DR. 1000 TO INPUT VAT 1500 SIR IS THIS ENTRY IS CORRECT. IF WRONG THAN SIR PLZ RIGHT ENTRY TELL ME.THANKS IN ADVANCE
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