If Sales is Rs 1000 (Inclusive of Vat), Vat Rate

Categories >> Accounting >> Accounting General
Suggest New Category

If Sales is Rs 1000 (Inclusive of Vat), Vat Rate - 20%, What
is Vat Payable?

Question Posted / sanjay kapoor

6 Answers
11105 Views
I also Faced
E-Mail Answers

Answers were Sorted based on User's Feedback

If Sales is Rs 1000 (Inclusive of Vat), Vat Rate - 20%, What is Vat Payable?..

Answer / sanjay kapoor

If Sales is Rs 1000 (Inclusive of Vat), Vat Rate - 20%, What
is Vat Payable?
Vat Payable = 1000*20/120=Rs 166.6667

Is This Answer Correct ?

22 Yes

2 No

If Sales is Rs 1000 (Inclusive of Vat), Vat Rate - 20%, What is Vat Payable?..

Answer / nilesh kumar

166.67

(1000*20/120)

Is This Answer Correct ?

11 Yes

1 No

If Sales is Rs 1000 (Inclusive of Vat), Vat Rate - 20%, What is Vat Payable?..

Answer / molabanti

sales is 1000 inclusive of vat means its = to 120%

now 120%----1000
20%----- ?

20*1000=20000/120=166.67

vat 166.67
sales 833.33 (excluding vat)

total 1000 including vat

Is This Answer Correct ?

10 Yes

0 No

If Sales is Rs 1000 (Inclusive of Vat), Vat Rate - 20%, What is Vat Payable?..

Answer / madhulika2011

vat payable= 1000*(20/120)
= 166.67

Is This Answer Correct ?

3 Yes

0 No

If Sales is Rs 1000 (Inclusive of Vat), Vat Rate - 20%, What is Vat Payable?..

Answer / maqbool ahmed

1000*20/100

166.67 vat payable
833.33 is sales (execulding vat)
the total sales for 833.33 and vat payable 166.67

Is This Answer Correct ?

3 Yes

1 No

If Sales is Rs 1000 (Inclusive of Vat), Vat Rate - 20%, What is Vat Payable?..

Answer / mohammed fareed

Sales Rs. 1000/- inclusive of taxes
VAT @ 20%
therefore : sales + vat = total sales

In numbers: 100 + 20 = 120

i.e vat = 1000*20/120 = 166.67/-
sales=1000*100/120= 833.33/-

IF sales is exclusive of taxes:

Rs.1000*20%= Rs.200/-

Is This Answer Correct ?

2 Yes

0 No

Post New Answer

More Accounting General Interview Questions

Credit balance of suspense A/c will be shown in

1 Answers

What is Double Entry System ?

8 Answers

when receieve cheque from a party and we deposite cheque in bank how do this entry

2 Answers

can u explain the meaning of Work Contract Tax in breif.

1 Answers

what is the difference between cost of goods sold and cost of sales ?

2 Answers

can u tell me what is the process of calculating closing stock?

4 Answers

how to prepare balance sheet pls tell me?

2 Answers

what is profit and loss(dr) in cash flow statement?

0 Answers

Tell me what are the key tasks for account executive?

0 Answers

What is the Meaning of Current ratio?

3 Answers

Dear Sir, We are operating a Security Agency, Please suggest us how to calculate holidays & Overtime duty, where we take 12 hrs, duty from guards in place of 08 hrs. duty. Please suggest us how to calculate. thanking you, suman

1 Answers

instead of clicking backup,i selected restore in tally7.2 and all my data is lost and i also forgot the comapny name,which i wanted to restore?how to recover my data?

1 Answers

For more Accounting General Interview Questions Click Here