Zain Co. is a registered trader with the VAT Directorate of the Ministry of Finance of Bahrain. Zain Co. is dealing with the products which are standard rated @10%, zero-rated and exempt rated. Manama is supposed to submit VAT returns on quarterly bases. Following are the transactions for 2021. July 10 Purchased 150 units of Item X from Ali @BD 150 each (net) on cash. This item is standard rated at the time of purchase and zero-rated at the time of sales.
Zain Co. is a registered trader with the VAT Directorate of the Ministry of Finance of Bahrain. Zain Co. is dealing with the products which are standard rated @10%, zero-rated and exempt rated. Manama is supposed to submit VAT returns on quarterly bases. Following are the transactions for 2021.
July 10 |
Purchased 150 units of Item X from Ali @BD 150 each (net) on cash. This item is standard rated at the time of purchase and zero-rated at the time of sales. |
July 13 |
Sold 120 units of Item X for BD 200 (net) to Ahmad on credit |
July 14 |
Purchased 1000 units of Item A from Rami @BD 200 each (net) on credit. This item is standard-rated supplies at the time of purchases and sales. (credit terms 5/25, n/30) |
July 16 |
Sold 200 units of Item A for BD 200 (net) to Hanan on credit. |
July 26 |
Sold 200 units of Item A for BD 250 (net) to Ahmad on cash. Trade discount was 5%. |
July 29 |
Returned 100 units of item A to Rami. |
July 31 |
Settled the dues of Rami and got cash discount. |
August 8 |
Purchased 400 units of Item B from Wafa @BD 240 each (net) on cash. This item is standard-rated supplies at the time of purchases and exempt-rated at the time of sales. The trade discount was 5%. |
August 29 |
Sold 100 units of Item B @440 each (Net) on credit to Hamdan. |
August 31 |
Hamdan returned 20 units and give money for the remaining units. |
Assume that credit is claimed in books of account on September 30, 2021 and VAT return is submitted on October 25, 2021 with VAT payment or refund.
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