purchase from interstate as applicable f form given to supplier & selling in local state as applicable local vat guide me as per law
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Answer Posted / Ravindra Kumar Sagar
Inter-state sales and taxes can be complex, but here is a general outline of how it applies to your situation:
1. If you purchase goods from a supplier located in another state, you will need to pay the applicable sales tax for that state based on their tax rates and any applicable exemptions.
2. When you sell these goods within your local state, you will also be required to charge and collect sales tax based on your local state's tax rates and any applicable exemptions.
3. To ensure compliance with tax laws, it is essential that you register for a sales tax permit in both the purchasing and selling states, as well as maintaining accurate records of purchases and sales.
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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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