Hi,
If I create the VAT Output on Fringe Benefits, the credit would go to 9500/000 - where would the debit go?
For example:
You have to account for VAT Output on an employee using a company car. The value is the supply is determined as 0.3% of the determined value of the vehicle. Say the vehicle is R100,000. So supply is of R100,000 x 0.3% = R300. VAT Output is R300 x 14/114 = R36.84 VAT Output.
So now I credit 9500/000 with R36.84 - what do I debit?
Please advise.
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