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May 31, 2018 at 8:06 am
Respected sir…… sir for example 2 i calculated in this way…….. let X be the net selling price without tax or exlusive of tax….. then, 16%of X=120 – X 16/100 of X=120 – X 16X=[120 – X]100 16X=12000-100x 116X=12000 X=12000/116 X=103.45approx value where exact is 103.44827 so now as we got the value of X i.e.,103.45 which is net selling price[tax exclusive] so calculating 16%on 103.45 we get the sales tax as 17.so I did it in this way sir which i feel easy can i do the same for the same type of quetions if they repeat……or will this method give out a different answer?
John Moffat says
May 31, 2018 at 3:39 pm
That is fine – it does not matter how you go about calculating the figure. In the exam it will only be asked as an MCQ and only the answer is marked – nobody will look at your workings.
The only factor to consider is speed – you will be in enormous time pressure in the exam and therefore it is vital you do it as fast as you can.
June 1, 2018 at 5:52 am
TQ for the information sir..?
June 1, 2018 at 4:40 pm
Try are welcome 🙂
October 7, 2017 at 6:23 pm
Oh my God I could not stop laughing. Excellent diagrams, that you for the excellent lecture!
October 8, 2017 at 7:05 am
Thank you for the comment 🙂
November 7, 2015 at 1:33 pm
Respected Sir, Could you pls explain irrecoverable sales tax as it is mentioned in BPP Study Text? Thank you
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
Respected Sir, Could you pls explain this with an example? Thank you
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: https://opentuition.com/support/
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
🙂 nice lecture
March 2, 2011 at 7:20 pm
The pictures are very pretty 🙂
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