WHY LOSS IN BUSINESS IS SHOWN IN ASSETS SIDE OF BALANCE SHEET?
WHY EXCISE DUTY IS DEDUCTED FROM THE GROSS SALES TO ARRIVE
NET SALES? WHY SALES TAX IS NOT DEDUCTED FROM SALES TO
ARRIVE NET SALES?
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Answer Posted / Mandeep Singh
Losses in business are shown as a reduction of assets because they represent a decrease in the value of those assets. In other words, losses reduce the total assets available to the business.nnExcise duty is deducted from gross sales to arrive at net sales because it is a tax levied on specific goods (like alcohol, tobacco, and fuel) at the production or manufacturing level. This tax must be paid by the producer/manufacturer and is not passed onto consumers in the form of higher prices.nnSales tax, however, is a consumption-based tax that is charged to customers at the point of sale. It is added to the price of the goods sold and is not deducted from gross sales to arrive at net sales.
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