Accounting Aspect of Value Added Tax in Bangladesh
Accounting Aspect of Value Added Tax in Bangladesh
Term Paper On
Accounting Aspect of Value Added Tax in Bangladesh
Prepared By :
Name : Md. Mahmudul Hassan
Roll :
University Roll :
Class Roll :
Supervisor’s Name and Designation
Mr. Md Nurajjaman
Assistant professor
Department of Accounting
Govt. B.M College, Barisal
Date of Submission :
OBJECTIVES OF THE STUDY
LEARNING OBJECTIVES
After studying you shall be able to understand : ➢ The concept of Value added tax ➢ Characteristics of Vat ➢ Advantages and disadvantages of vat ➢ Contribution of Vat in Bangladesh ➢ some Important features of Vat in Bangladesh ➢ Charge of Value added Tax ➢ Who will pay the Vat ? ➢ Exemption from Vat ➢ Registration of Vat ➢ Offence and Penalties ➢ Accounting treatment at vat ➢ Vat authorities
Accounting Treatment of VAT
1. Journal Entries for VAT Account :
1. When assets purchase with VAT That Assets A/C Dr *** Cash/Bank/A/P Cr ***
2. When goods/Raw Materials Purchase with VAT Purchase/Raw Materials A/C Dr *** Input VAT A/C Dr ** Cash/Bank/A/P A/C Cr ***
3. When Goods are return to Suppliers which were purchased with VAT A/P/Cash Dr *** Purchase Return Cr *** Input VAT Cr ***
4. When goods are Sold with VAT Cash/A/R Dr *** Sales Cr *** Output VAT A/C Cr ***
5. When goods are return from suppliers which were sold with VAT Sales return A/C Dr *** Out put VAT A/C Dr *** A/R Cr ***
6. For balance of Input VAT VAT Current A/C Dr *** Input VAT Cr ***
7. For balance of output VAT Output VAT Dr *** VAT current A/C Cr ***
8. When return Submit or deposit into bank after adjusting the input VAT & Out put VAT VAT current A/C Dr *** Bank/Cash A/C Cs **
2. VAT Computation :
2.1 : When goods are Imported :
|Particulars
Term Paper On
Accounting Aspect of Value Added Tax in Bangladesh
Prepared By :
Name : Md. Mahmudul Hassan
Roll :
University Roll :
Class Roll :
Supervisor’s Name and Designation
Mr. Md Nurajjaman
Assistant professor
Department of Accounting
Govt. B.M College, Barisal
Date of Submission :
OBJECTIVES OF THE STUDY
LEARNING OBJECTIVES
After studying you shall be able to understand : ➢ The concept of Value added tax ➢ Characteristics of Vat ➢ Advantages and disadvantages of vat ➢ Contribution of Vat in Bangladesh ➢ some Important features of Vat in Bangladesh ➢ Charge of Value added Tax ➢ Who will pay the Vat ? ➢ Exemption from Vat ➢ Registration of Vat ➢ Offence and Penalties ➢ Accounting treatment at vat ➢ Vat authorities
Accounting Treatment of VAT
1. Journal Entries for VAT Account :
1. When assets purchase with VAT That Assets A/C Dr *** Cash/Bank/A/P Cr ***
2. When goods/Raw Materials Purchase with VAT Purchase/Raw Materials A/C Dr *** Input VAT A/C Dr ** Cash/Bank/A/P A/C Cr ***
3. When Goods are return to Suppliers which were purchased with VAT A/P/Cash Dr *** Purchase Return Cr *** Input VAT Cr ***
4. When goods are Sold with VAT Cash/A/R Dr *** Sales Cr *** Output VAT A/C Cr ***
5. When goods are return from suppliers which were sold with VAT Sales return A/C Dr *** Out put VAT A/C Dr *** A/R Cr ***
6. For balance of Input VAT VAT Current A/C Dr *** Input VAT Cr ***
7. For balance of output VAT Output VAT Dr *** VAT current A/C Cr ***
8. When return Submit or deposit into bank after adjusting the input VAT & Out put VAT VAT current A/C Dr *** Bank/Cash A/C Cs **
2. VAT Computation :
2.1 : When goods are Imported :
|Particulars