What is rate & taxes in Accounting. when we make a journal entry like rate & taxes debit & party credit. So i want to guide me consider for rate & Taxes.
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Answer / Yuvraj
Rate & Taxes in Accounting refer to charges added on top of the basic price or cost of a product or service. When making a journal entry, it means that a certain percentage or amount is being added as tax (or sales tax) and the corresponding party (customer or vendor) is debited or credited accordingly.
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