What is the difference between input vat & out put vat?
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Answer Posted / krushna
The question is about the input vat and out put vat. His
intention to know when the input and out vat accounts will
be created. But you both answered an assumed question. The
question or answer should be clear and accurate.
| Is This Answer Correct ? | 8 Yes | 9 No |
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In Pricing the gallons of petrol sold,service station 'A' follows the first-in-first-out method,while service station'B'follows last-in-first-out method.On 1st January both has the same quantity in stock viz.6,000 gallons at Rs.26 per gallon.During the month,each station recieved additional supplies of 6,000 gallons at Rs.27.50 per gallon.Sales for each of these two stations,during the month,were 8,800 gallons at Rs.29 per gallon. Determine for each service station,profit earned during the month and value of the petrol in stock at close of the month.
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