how to keep double entries when nbt is charged from customer 2% but payment made 2.04 to Inland revenue department

asked Oct 10, 2018 in NBT by anonymous

2 Answers

0 votes
answered Oct 10, 2018 by Visio (4,330 points)
you dont have to have a direct accounting link between NBT collection and payment as IRD will not care how you claim it from the customer or whether you claim it or not at all. one option is:

when you sell:
cr sales
dr cash/debtors

when paying nbt:
dr nbt exp
cr cash/bank
0 votes
answered Jan 27 by Chathuranga (800 points)
Your turnover should include NBT charged from customers. NBT paid on you're turnover. Act doesn't mentioned your liable to charge NBT from customers. Not like the VAT. So your total Turnover should NBT including amount.

Because your IT, ESC, NBT & VAT returns total turnover should tally.

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