ACCOUNTING FOR VAT

2-Sep Purchases 107,142.86

Input tax 12,857.14
Accounts Payable 120,000.00

4-Sep Cash 224,000.00

Sales 200,000.00
Output tax 24,000.00

5-Sep Accounts Payable 11,200.00

Purchase returns 10,000.00
Input tax 1,200.00

6-Sep Sales returns 3,000.00

Output tax 360.00
Cash 3,360.00

8-Sep Accounts Receivable 22,400.00

Sales 20,000.00
Output tax 2,400.00

9-Sep Sales returns 1,500.00

Output tax 180.00
Accounts Receivable 1,680.00

10-Sep Purchases 90,000.00

Input tax 10,800.00
Accounts Payable 100,800.00

28-Sep Cash 95,200.00

Sales 85,000.00
Output tax 10,200.00

29-Sep Sales returns 2,500.00

Output tax 300.00
Cash 2,800.00

30-Sep Accounts Payable 3,360.00

Purchase returns 3,000.00
Input tax 360.00

OUTPUT TAX 35,760.00

INPUT TAX 22,097.14
VAT PAYABLE 13,662.86