Vat accounting and payment

Accounting
1

Hi, I need some help on the attached P&L and B/S - Query related to VAT Support.
Now I am clearing back logs of my brothers company.
I got this financial report as on 31/03/2010.
As per the P&L report, Input tax is 1,112,781.35 and Output tax 930,570.71.
How can I pass the entry for this VAT RECOVERABLE in the next financial year**? I mean, I need accounting entry.

HOW DID THIS INPUT TAX & OUTPUT TAX APPEAR IN P&L? PLS ADVISE.

BASICALLY I AM NOT AN EXPERT IN FINANCE (THIS REPORT DONE BY PREVIOUS FINANCE PERSON) pdf_page_1

2

2010 year, that old?

1 Like
3

Authority wants full data and reports from the starting.

4

P&L would have net of vat figures and input/output vat are balance sheet items. Not sure on why above presentation was produced

5

Please correct me If I am wrong, Input tax amount should go to VAT Recoverable Account (Assets) and Output tax amount should go to VAT Payable Account (Liability), The net balance will be either receivable or payable.

6

yep, the balancing figure will be in vat control account