(South Africa (Pretoria))
Q: How do I calculate the VAT (Value-Added Tax) included on the debtor and creditor control account?
A: Control accounts for debtors and creditors are the full amounts including VAT that is owed from one party to another. Assuming VAT is 14%, to calculate the VAT portion you take the total (e.g. R200) and times by 14/114.So this would be:
R200 X 14/114 = _______