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what is VAT ?
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VAT Means VALUE ADDED TAX, Earlier i.e up to March 2005
APGST is there, from April on The government imposed VAT
Tax.
| Is This Answer Correct ? | 6 Yes | 8 No |
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Sold goods worth 425760 on credit to ABC Traders which is inclusive of 4% vat tax.Pass sales entry with Vat tax
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closing stock at the end is comprised of %a purchase price of $60000,10% discount and 15% import duty.The stock can be sold for $70000 after incurring costs of $1950.Included in the purchase price is abnormal wastage of $2000.Transportation costs are $1000 and storage costs are $500,what is the value of the closing stock?
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