JANUARY VAT 12% VAT PAYABLE Journal Entry

Sales 750000 12% 90000 Purchases 800000 Cash 840000 Output VAT 90000
Purchases 800000 12% 96000 Input VAT 96000 Sales 750000 Input VAT 90000
VAT PAYABLE -6000 *NO VAT Cash 896000 Output VAT 90000

FEBRUARY VAT 12% VAT PAYABLE Journal Entry

Sales 680000 12% 81600 Purchases 420000 Cash 761600 Output VAT 81600 VAT Payable 25200
Purchases 420000 12% 50400 Input VAT 50400 Sales 680000 Input VAT 56400 Cash 25200
VAT PAYABLE 31200 Cash 470400 Output VAT 81600 VAT Payable 25200

MARCH VAT 12% VAT PAYABLE Journal Entry

Sales 500000 12% 60000 Purchases 375000 Cash 560000 Output VAT 66000 VAT Payable 15000
Purchases 375000 12% 45000 Input VAT 45000 Sales 500000 Input VAT 51000 Cash 15000
VAT PAYABLE 15000 Cash 420000 Output VAT 60000 VAT Payable 15000

QUARTERLY VAT DUE

Output VAT 231600
Less: Input VAT 191400
VAT DUE 40200
Less: Tax Credit 25200
VAT still Due 15000