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VAT Accounting Transactions Summary

The document outlines the accounting entries for January and February 2022, detailing transactions involving sales revenue, equipment purchases, and VAT receivables and payables. In January, the company does not remit VAT but can reclaim $420 in the next period, while in February, it records additional transactions and remits $50 in VAT to the government. The document also includes the opening and closing balances for VAT accounts, demonstrating the netting off of VAT receivable and payable.

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Thùy Chi Phạm
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5 views2 pages

VAT Accounting Transactions Summary

The document outlines the accounting entries for January and February 2022, detailing transactions involving sales revenue, equipment purchases, and VAT receivables and payables. In January, the company does not remit VAT but can reclaim $420 in the next period, while in February, it records additional transactions and remits $50 in VAT to the government. The document also includes the opening and closing balances for VAT accounts, demonstrating the netting off of VAT receivable and payable.

Uploaded by

Thùy Chi Phạm
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

January 2022

1. Dr. AR 5500
Cr. Sales revenue 5000
Cr. VAT output 500
2. Dr. Equipment 9000
Dr. VAT (input) receivable 900
Cr. Cash 9900
3. Dr. Gasoline 200
Dr. VAT (input) payable 20
Cr. Cash 220
End of Jan, 2022
VAT (input) receivable VAT (output) payable
OB: 0 OB: 0
900 500 500 500
20
CB: 420 CB: 0
Net off VAT receivable and VAT payable

Dr. VAT Payable 500


Cr. VAT receivable 500
In Jan, the company does not pay any VAT to government but will be able to reclaim $420 of
VAT input in the next accounting period.
In February 2022
1. Dr. Inventory 1000
Dr. VAT receivable 100
Cr. Cash 1100
2. Dr. AR 6600
Cr. Sales revenue 6000
Cr. VAT payable 600
3. Dr. Electric expense 300
Dr. VAT receivable 30
Cr. Cash 330
VAT (input) receivable VAT (output) payable
OB: 420 OB: 0
100 550 550 600
30 50 (cash)
CB: 0 CB: 50

Net off VAT receivable and VAT payable


Dr. VAT payable 550
Cr. VAT receivable 550
Remit to the government
Dr. VAT payable 50
Cr. Cash 50

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