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Question
Invoice for Rs 492650/- is inclusive of 14.5% VAT. Pl 
calculate Basic Rate for the material.
 Question Submitted By :: Accounting-AllOther
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
Assuming that the Invoice value of Rs.492650/- includes the
Basic Price & VAT - Basic value of the material is
Rs.430262/- & VAT @14.5% is Rs.62388/-.

Formula is - 492650 / 114.5 x 100 = 430262/-
492650 - 430262 or 492650 / 114.5 x 14.5 = 62388/-
 
Is This Answer Correct ?    33 Yes 7 No
H.r. Sreepada Bhagi
 
Answer
# 2
Invoice value of Rs.492650/- includes the
Basic Price Rs.430262/-.


Working Note :- - 492650 / 114.5 x 100 = 430262/-
 
Is This Answer Correct ?    25 Yes 5 No
Amit
 
 
 

 
 
 
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