Because the business is registered for sales tax, it will be recoverable from the tax authorities. You really do need to watch the free lectures on sales tax. (Our lectures are a complete course for Paper F3 and cover everything needed to be able to pass the exam).
njivan28 says
Hi. in question 29,Which amount will appear in the in the Balance sheet,21990 or 3670?
John Moffat says
The amount to appear in the Statement of financial position is always the correct balance per the cash account.
righan says
Dear Sir, In the question 28, why the tax of 17.5% is not included in the costs? It it part of cost,isn’t it?
John Moffat says
Because the business is registered for sales tax, it will be recoverable from the tax authorities.
You really do need to watch the free lectures on sales tax.
(Our lectures are a complete course for Paper F3 and cover everything needed to be able to pass the exam).
jwasheke says
This is very good revision, l really needed to refresh on some of these topics. Thanks.