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  • Nisus Accountants
    • Jul 16, 2020
    • 1 min read

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




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