- Nisus Accountants
VAT Accounting Dubai, UAE
When Goods are bought following entries are passed, VAT rate is 5%:
Purchase A/C .Dr AED 100
VAT A/C .Dr AED 5
To Cash/Bank/Creditor A/C CR AED 105
When Goods are sold , following journal entries will be passed:
Cash/Bank/Name of Customer s A/C Dr. 168
To Sales A/C CR. AED 160
To VAT Output A/C CR. AED 8
2 views