Answer / sam

to calculate the sales tax, firstly need to know the net value of all the purchases made in that particular month, in the same way u need to calculate the sales net value of the same month.

here net value means the value with out tax.

example: i am calculating 5% tax

150000 7500 157500
here 150000 is net value, 7500 is 5% tax value and 157500 is gross value.

lets take the same amount as total month purchases

now sales: 200000 10000 210000

when calculating sales tax u need to remember is,

input -output
input means purhases and output means sales

we need to take only the tax values i.e 7500-10000= -2500

if the value is in negitive. the firm is liable to pay the tax to the governament.

if the value is in positive, there is no need to pay the tax, the amount will be carried forward to next month

what is Bank Reconciliation Statement (BRS) give detailed explanation with causes?

1 Answers  

---

why net profit shown liabilities side in balance sheet

9 Answers   DuPont, FactSet Systems,

---

What is peach tree accounting?

0 Answers  

---

whats difference between manufacturing account & cost account

0 Answers   Kurlon,

---

what is differnce between Investment banker and intvestment manager????

3 Answers   Capital IQ,

---

Pl send your mail addresses to avail a Free Book on interviews. It is specially designed containing 30 pages for Freshers in Accounting Job Seekers

7 Answers  

---

journal

2 Answers   Bank Of America,

---

X of Kolkata sends out goods costing 300,000 to Y of Mumbai at cost + 25%. Consignor’s expenses Rs 5000. 1/10th of the goods were lost in transit. Insurance claim received Rs 3000. The net loss on account of abnormal loss is (a) Rs.27,500 (b) Rs.25,500 (c) Rs.30.500 (d) Rs.27,000

2 Answers  

---

what is assessment how many more type assesment?

3 Answers  

---

what is the mean of ABC analysis ?

8 Answers  

---

Goods destroy by fire-journal entry?

15 Answers   Syntel,

---

3 principles of accounting

8 Answers  

---