can u explain the meaning of Work Contract Tax in breif.
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Answer Posted / gauri6583
In certain States, (like Maharashtra) Main and Sub
Contractors are treated as single legal Entity. Therefore,
there is no VAT/TDS applicable between the transactions of
the Main and the Sub-Contractor . The VAT Forms are exchanged
between the Main and the Sub Contractors to declare that they
have discharged VAT liability for their portions of the
Contracts. In such cases, the Main Contractor gets the
deduction of the value of the work executed by the Sub
Contractor. The main and the Sub Contractor are jointly and
severally responsible for the compliance under the works
contract provisions of the VAT Act .
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The following information is extracted from the audited books of accounts of a chain of food stores for the period ended 31st December 2015. Revenue Statement (Trading and Profit and Loss Account for the year ended 31st December 2015. BWP’000 BWP’000 Sales 460 Cost of good sold (220) Gross profit 240 Wages 50 Other expenses 30 (80) Net Profit 160 Note: The purchase figure included in the cost of goods sold of P255 000. Balance Sheet as at 31st December 2015 BWP’000 BWP’000 Fixed Assets 400 Current assets: Stock 80 Debtors (trade) 120 Bank 400 ----- [600] Current liabilities: Trade creditors 300 ------ [300] 300 Net Assets 700 ==== Financed by: Share capital 600 Revenue reserves 100 ------ 700 Shareholders Funds 700 ===== Required: (a) Calculate the following accounting ratios: (i) Current ratio (ii) Acid test ratio (iii) Stock turnover (in days) (iv) Debtors turnover (in days) (v) Creditors turnover (in days) (vi) Return on capital employed (ROCE) (vii) Gross profit percentage (viii) Net profit percentage (b). Give a brief comment on the performance of the company, based on the above ratios.
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