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Accounting for VAT and WHT

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Accounting for VAT and WHT

  • This topic has 1 reply, 2 voices, and was last updated 9 years ago by Tax Tutor.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • September 22, 2015 at 1:48 pm #272785
    seyifunmi1
    Participant
    • Topics: 1
    • Replies: 0
    • ☆

    Please, how do is VAT and WHT accounted for in the books of a non profit making organisation. For example, Mr Food supplies Snacks to New Association (a non profit making organisation) for N50,000. VAT is 10% while WHT is 5%. How will New Association account for this transaction in its books?

    Thanks.

    September 25, 2015 at 10:51 am #273515
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    This is not an F6 question nor does it actually make sense as there would be no Withholding Tax (WHT) on such a transaction! Please keep questions relevant to the F6 UK examination.

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