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.
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Accounting for VAT and WHT
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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