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November 7, 2015 at 1:33 pm
Could you pls explain irrecoverable sales tax as it is mentioned in BPP Study Text?
John Moffat says
November 7, 2015 at 3:08 pm
The only situation in which this is relevant for F3 is if the trader is not registered for sales tax.
if that is the case, then they do not change sales tax on their sales. Also, they cannot get back the sales tax on anything they buy. Therefore the full amount paid is the expense (or the cost, if they are buying an asset).
November 7, 2015 at 3:14 pm
Could you pls explain this with an example?
November 7, 2015 at 3:19 pm
Suppose they pay 120 (Including sales tax) for purchases. The entry if they are not registered for sales tax is Dr Purchases 120 Cr Cash 120. There is no accounting for sales tax.
November 7, 2015 at 3:21 pm
Thanks a lot sir!!! You are great ????
In the question it will be specified that the company is registered with sales tax???
November 7, 2015 at 3:22 pm
Sir I meant You are great !!!!!
October 3, 2015 at 9:04 pm
excellent lecture , thank you
March 11, 2015 at 7:16 am
Great lecture…open tuition forever!!!
December 15, 2014 at 2:07 pm
Very easy to understand thank you!!!
August 2, 2014 at 7:37 pm
thank you sir.
August 2, 2014 at 8:58 pm
Thank you also
January 3, 2014 at 6:27 pm
July 18, 2013 at 6:26 pm
great way to put it!!!!
March 4, 2013 at 8:00 pm
how can i play these lectures
March 4, 2013 at 8:55 pm
here is the help page:
March 17, 2013 at 5:27 am
nice lecture..understood well….
December 18, 2012 at 7:47 am
it does make sense.thanks
December 17, 2012 at 11:39 pm
November 20, 2012 at 7:06 am
Gosh this made it so much easier for me, I had a really hard time understanding tax.
August 10, 2012 at 3:57 pm
Totally makes sense, sales tax.
August 7, 2012 at 8:06 pm
Thanks OT for making this topic clear
February 6, 2012 at 9:41 pm
I feel I have to comment about the material here @ Open, It is fantastic. I have recently been studyig with BPP both classroom and home study and I have not seen any real different between the two organisations. That is how highly I rate the material being provided.
May 13, 2011 at 2:54 pm
March 2, 2011 at 7:20 pm
The pictures are very pretty
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