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Earn +20 ptsQ: What is the difference between output vat and deferred output vat?
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What is the difference between vat exclusive and vat inclusive?
The difference between vat exclusive and vat inclusive is that vat exclusive is the price before tax is added on. Vat inclusive is the price after tax has been added on.
Is vat on credit sales debited to vat output?
yes because credit sales contains vat
What is the Difference between nett and gross invoice?
Nett is pre VAT on an invoiceGross it the total cost due (inclusive of VAT)Hope this helpsLiz. H
How do you calculate the vat figure when only the gross amount is known?
Divide by 1.whatever the rate is. ie If vat is 17.5% you would divide the gross by 1.175 to get the net figure, the vat is the difference between the two.
Journal entry of credit sale with vat?
simpleParty A/c Dr. (inclusive of vat)sale A/c Cr. (exclusive of vat)Vat output Cr.
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