Question

VAT Deductible and VAT Received for Company C in a given tax period are as follows.

Month	VAT Deductible (TL)	VAT Received (TL)	VAT Tax Return
April 2020	350.000	300.000
May 2020	300.000	100.000
June 2020	350.000	750.000

Required: a) Fill VAT tax return number on the table for each month.

b) Close the VAT Accounts and make the journal entries at the end of April, May, June 2020.

c) If it is necessary make journal entries for VAT payment to the tax offices on 26 May, 26 June, 26 July 2020.

Answer 1

Part B &C
Journal entries
Date	Particulars		Debit	Credit
30-Apr	VAT Deductible A/c	Dr	3,50,000
	To VAT Received A/c			3,00,000
	To VAT Payable A/c			50,000
26-May	VAT Payable A/c	Dr	50,000
	To Bank A/c			50,000
30-May	VAT Deductible A/c	Dr	3,00,000
	To VAT Received A/c			1,00,000
	To VAT Payable A/c			2,00,000
26-Jun	VAT Payable A/c	Dr	2,00,000
	To Bank A/c			2,00,000
30-Jun	VAT Deductible A/c	Dr	3,50,000
	VAT Payable A/c	Dr	4,00,000
	To VAT Received A/c			7,50,000