What is the Difference Between Sales Tax and VAT ?
- 7 Answers
- 20733 Views
- I also Faced
- E-Mail Answers
Answer Posted / shraddha
VAT is levied on goods and services whereas Sales tax is
levied ony on goods.
VAT is state tax whereas Sales tax is Central tax.
| Is This Answer Correct ? | 16 Yes | 32 No |
Post New Answer View All Answers
The following transactions relating to ABC Ltd for the month of 20x1 a) Services performed in relation to income recieved in advance total $1500 b)Supplies expense includes $400 of supplies that are still on hand at 30 June c)Interest accrued on the bank loan is 750 d)At the end of june paid rent for 3 months (June, july Aug) $6000 e)Credit sales for the month of June 2009 amounted to $50000. Past expierence shows that around 1.5% of net credit sales are written off as bad debts. XYZ ltd, previously notified ABC ltd that they have gone bankrupt, will be able to pay $1000, which was recieved at the end of the month. The provision of doubtful debt has an opening balance of $800. f) The owners of ABC Ltd wish to revise the balance of the provision of doubtful debts account to $3500. g) Depreciation of one year on the delivary van is $1500. h) On 30 June 2009, ABC Ltd sold an item of equipment for $40000 cash. The cost of equipment was $50000 and had a accumulated depreciation balance of $2000 REQUIRED: Prepare the relevant adjusting journal entries for the month of June 20x2
What do you find most satisfying about this job?
What is meaning of invoice?
What is the difference between depreciation and amortization?
What can be done incase of excess payment of TDS Remittence than the actual amount? Is there any adjustment towards the excess amount with the upcoming TDS payment? Reference of last quarter challan should be shown while adjusting in next quarter?
BRIEF IN DETAIL REGARDING RATIOS
What are the different types of gst?
You are using the accounts approach to parallel valuation and classic assets accounting. You need to create a new financial statement version to valuation based of IFRS principles. In asset accounting, what posting options can you choose for the new depreciation area? (any 2 answer) Area post in real time Area posts APC directly and depreciation periodically Area posts APC only directly Area posts APC and depreciation periodically
Tell me how many types of business transactions are there in accounting?
what will be the treatment of preliminery expenses if due to preliminary expenses being written off there results a loss?
What does the financial statement of the company include?
purchase plant and machinery
what do you maen by Expected rate of return ? Is there any formula for expected rate of return? what is systematic & unsystematic risk ? how to calculate both the risk?
how to pass provision salary full and settlement(inclusive Bonus,Gratutity etc )please show me entry
What is the fictitious assets?
