Answer / amjad

hello

has the input tax comes under duties and taxes, then the
output tax will also comes under duties and taxes

suppose you purchase some thing by paying 104 which include
4% tax know you sell it and your marging of profit is 10
then 104 + 10, 114 will be your selling price on which you
will charge 4% which comes at 4.56 know when you will fill
return your libility will be 4 - 4.56 i.e. .56 OK

Journalize the Following: 1. The following were purchased on account: a. Materials $ 10,000 b. Office supplies $ 2,000 c. Small tools $ 1,000

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