VAT Control Account (Grade 12 NSC Matric Accounting): Flashcards
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VAT Control Account definition
VAT Control Account definition
Summary account combining Input VAT & Output VAT transactions
Debit balance in VAT Control means
Debit balance in VAT Control means
SARS owes the business money
Credit balance in VAT Control means
Credit balance in VAT Control means
Business owes money to SARS
When debit balance occurs (VAT)
When debit balance occurs (VAT)
When Input VAT > Output VAT
When credit balance occurs (VAT)
When credit balance occurs (VAT)
When Output VAT > Input VAT
Debit balance on balance sheet
Debit balance on balance sheet
Current asset
Credit balance on balance sheet
Credit balance on balance sheet
Current liability
Where Input VAT transfers to
Where Input VAT transfers to
Debit side of VAT Control Account
Where Output VAT transfers to
Where Output VAT transfers to
Credit side of VAT Control Account
Examples of debit side entries (VAT)
Examples of debit side entries (VAT)
Debtors Control, Discount allowed, Bad debts, Bank, Petty cash