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Summary

Input and Output VAT Summary

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Summarises the basics concepts involved with VAT Input and Output. Shows all the relevant transactions that affect calculating VAT owed to/by SARS. Shows how transactions affect posting to the VAT Control Account.

Institution
12
Course
Accounting








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Institution
12
Course
Accounting
Schooljaar
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All documents for this subject (79)

Document information

Uploaded on
October 29, 2021
Number of pages
2
Written in
2021/2022
Type
Summary

Subjects

  • input vat
  • output vat
  • vat
  • ledger account
  • vat control account

Content preview

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
$4.77
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