Hi everyone,
My company had cancelled the GST/VAT from the goverment.
We left huge amount of unsold inventory,all of the inventory claim as input tax previously.
Now IRAS(tax collection government) require us to accounted it as Output tax.
So does anyone know the correct account entry?
My company had cancelled the GST/VAT from the goverment.
We left huge amount of unsold inventory,all of the inventory claim as input tax previously.
Now IRAS(tax collection government) require us to accounted it as Output tax.
So does anyone know the correct account entry?