GOOD AND SERVICES PURCHASED GOOD AND SERVICES SOLD
(Coming into the Business) (Going out of the Business)
REFUND FROM SARS OWED TO SARS
Money that can be claimed back Money that is paid
VAT CONTROL ACCOUNT
(LIABILITY)
LEDGER ACCOUNT
A DR ( - ) (DECREASES VAT OWED) (INCREASES VAT OWED) ( + ) CR
Trading Stock bought cash Trading Stock bought returned to creditor
VAT INPUT
Trading Stock bough on credit Discount Received on Trading Stock received from creditor
Any purchases made for running of business Drawings for personal use
Trading stock sold returned from debtor Trading Stock sold for cash (3) Bank
VAT OUTPUT
Discount Allowed on Trading Stock sold to debtor Trading Stock sold on credit
Discount allowed reversed due to dishonoured cheque
Bad Debts written of on Trading Stock sold to debtor
received from debtor
(Coming into the Business) (Going out of the Business)
REFUND FROM SARS OWED TO SARS
Money that can be claimed back Money that is paid
VAT CONTROL ACCOUNT
(LIABILITY)
LEDGER ACCOUNT
A DR ( - ) (DECREASES VAT OWED) (INCREASES VAT OWED) ( + ) CR
Trading Stock bought cash Trading Stock bought returned to creditor
VAT INPUT
Trading Stock bough on credit Discount Received on Trading Stock received from creditor
Any purchases made for running of business Drawings for personal use
Trading stock sold returned from debtor Trading Stock sold for cash (3) Bank
VAT OUTPUT
Discount Allowed on Trading Stock sold to debtor Trading Stock sold on credit
Discount allowed reversed due to dishonoured cheque
Bad Debts written of on Trading Stock sold to debtor
received from debtor
