The following are the data extracted from the books of a retailer and registered with the National Gulf Tax Agency, which deals in several items, some of which are taxable, some of which are exempted for the month of March 2019 first purchases during the month: 1 - Goods purchased in the amount of 40,000 dinars and paid tax at the rate of 5% (BD2000) 42000 2- goods purchased in the amount of 180000 tax exempt second obtained from sales during the month - 63000 BD with Total tax of the sale of goods subject to VAT 2 - 190000 dinars obtained from the sale of tax-exempt goods required preparation of M Summarize VAT for March 2019 explaining the amount of VAT.
The following are the data extracted from the books of a retailer and registered with the National Gulf Tax Agency, which deals in several items, some of which are taxable, some of which are exempted for the month of March 2019 first purchases during the month: 1 - Goods purchased in the amount of 40,000 dinars and paid tax at the rate of 5% (BD2000) 42000 2- goods purchased in the amount of 180000 tax exempt second obtained from sales during the month - 63000 BD with Total tax of the sale of goods subject to VAT 2 - 190000 dinars obtained from the sale of tax-exempt goods required preparation of M Summarize VAT for March 2019 explaining the amount of VAT.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 6RE: Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of...
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The following are the data extracted from the books of a retailer and registered with the National Gulf Tax Agency, which deals in several items, some of which
are taxable, some of which are exempted for the month of March 2019 first purchases during the month:
1 - Goods purchased in the amount of 40,000 dinars and paid tax at the rate of 5% (BD2000) 42000
2- goods purchased in the amount of 180000 tax exempt second obtained from sales during the month
- 63000 BD with Total tax of the sale of goods subject to VAT
2 - 190000 dinars obtained from the sale of tax-exempt goods required preparation of M Summarize VAT for March 2019 explaining the amount of VAT.
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