Accounting for VAT and WHT

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September 22, 2015 at 1:48 pm #272785
seyifunmi1
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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
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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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