If Sales is Rs 1000 (Inclusive of Vat), Vat Rate

Categories >> Accounting >> Accounting General
Suggest New Category

If Sales is Rs 1000 (Inclusive of Vat), Vat Rate - 20%, What
is Vat Payable?

Question Posted / sanjay kapoor

6 Answers
11099 Views
I also Faced
E-Mail Answers

Answers were Sorted based on User's Feedback

If Sales is Rs 1000 (Inclusive of Vat), Vat Rate - 20%, What is Vat Payable?..

Answer / sanjay kapoor

If Sales is Rs 1000 (Inclusive of Vat), Vat Rate - 20%, What
is Vat Payable?
Vat Payable = 1000*20/120=Rs 166.6667

Is This Answer Correct ?

22 Yes

2 No

If Sales is Rs 1000 (Inclusive of Vat), Vat Rate - 20%, What is Vat Payable?..

Answer / nilesh kumar

166.67

(1000*20/120)

Is This Answer Correct ?

11 Yes

1 No

If Sales is Rs 1000 (Inclusive of Vat), Vat Rate - 20%, What is Vat Payable?..

Answer / molabanti

sales is 1000 inclusive of vat means its = to 120%

now 120%----1000
20%----- ?

20*1000=20000/120=166.67

vat 166.67
sales 833.33 (excluding vat)

total 1000 including vat

Is This Answer Correct ?

10 Yes

0 No

If Sales is Rs 1000 (Inclusive of Vat), Vat Rate - 20%, What is Vat Payable?..

Answer / madhulika2011

vat payable= 1000*(20/120)
= 166.67

Is This Answer Correct ?

3 Yes

0 No

If Sales is Rs 1000 (Inclusive of Vat), Vat Rate - 20%, What is Vat Payable?..

Answer / maqbool ahmed

1000*20/100

166.67 vat payable
833.33 is sales (execulding vat)
the total sales for 833.33 and vat payable 166.67

Is This Answer Correct ?

3 Yes

1 No

If Sales is Rs 1000 (Inclusive of Vat), Vat Rate - 20%, What is Vat Payable?..

Answer / mohammed fareed

Sales Rs. 1000/- inclusive of taxes
VAT @ 20%
therefore : sales + vat = total sales

In numbers: 100 + 20 = 120

i.e vat = 1000*20/120 = 166.67/-
sales=1000*100/120= 833.33/-

IF sales is exclusive of taxes:

Rs.1000*20%= Rs.200/-

Is This Answer Correct ?

2 Yes

0 No

Post New Answer

More Accounting General Interview Questions

when dissoluction of firm why investment flchuationfund subtrect from book value

0 Answers

how to pass this entry in tally? Dear Sir, I have just started learning tally . I am practicing tally. and I am following 11th Std book for practicing. Please help me with the following entry. I know dr and cr part but having problem in grouping. Please Help. Introduced goods of Rs 10,000, cash Rs 15,000, furniture Rs 5000, debtors of Rs 1000 and commenced business. What will be the entry and group for each ledger. Please Help.

0 Answers Student,

what is deffered liability

4 Answers Capital IQ,

Tell me do you have any professional experience of this field?

0 Answers

what is windows dressing final accounts?,sales a/c belongs to which a/c type?

0 Answers Angel Broking, OPI Global,

What's the accounting entry when an Invoice is created in AR?

0 Answers

What determines Capital flow across the countries?

1 Answers Wipro,

what do you mean by debt equity ratio?

6 Answers

what is cost of captial

3 Answers

how will you handle fairs in askening with the a high posistion person in a company? how will i develop my attitude when interviewed? am always scared.

0 Answers

How to pass an general entry for materials which are stored in warehouses??????

0 Answers General Motors GM,

What are the reasons which cause pass book of the bank and your bank book not tally?

0 Answers

For more Accounting General Interview Questions Click Here