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PLEASE EXPLAIN DEBIT NOTE & CREDIT NOTE?WITH THE FOLLOWING
QUESTION?
1)IF X LTD.SOLD MATERIAL @ RS.112500/-WITH INCLUSIVE VAT @
12.5% TO HIS SUPPLIER(CREDITOR),BUT AFTERWORD THEY FOUND
THAT THE MATERIAL COMES UNDER 5% VAT RATE CATEGORY.SO HOW
THEY ADJUST THEIR LOSS RS.7500/- IN THEIR BOOKS?
2)IF X LTD.SOLD MATERIAL @ RS.112500/-WITH INCLUSIVE VAT @
12.5% TO HIS CUSTOMER(DEBTOR),BUT AFTERWORD THEY FOUND THAT
THE MATERIAL COMES UNDER 5% VAT RATE CATEGORY.SO HOW THEY
ADJUST THEIR LOSS RS.7500/- IN THEIR BOOKS?
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Answer Posted / ravi
sales - 112500
inputvat@12.5%=14062
inputvat@5%=5625
=14062-5625 =8437-7500 loss adjusted
937 vat refundable or could be adjusted to subsequent years
sales -112500
outputvat@12.5%= 14062
outputvat@5% = 5625
=14062-5625=8437-7500 loss adjudted
937 vat refundable or could be adjusted to subsequent years
| Is This Answer Correct ? | 5 Yes | 1 No |
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3. You are required to show the effect of each of the following changes on profit and Break-Even-Volume from the information given below: Sales 50,000 units Rs. 5.00 per unit Variable cost Rs. 3.00 per unit Fixed cost Rs. 70,000 Changes: (i) Price changes by 20%. (ii) Volume decreases to 40,000 units. (iii) Variable cost increases to Rs 3.50 per unit. (iv) Fixed cost decreases by 10%.
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