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ACCA F3 Sales Tax (part a)

VIVA

View ACCA F3 / FIA FFA lectures Download F3 notes


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Comments

  1. srkrishna says

    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?

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    • 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.

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      • srkrishna says

        June 1, 2018 at 5:52 am

        TQ for the information sir..?

      • John Moffat says

        June 1, 2018 at 4:40 pm

        Try are welcome 馃檪

  2. loukasierides says

    October 7, 2017 at 6:23 pm

    Oh my God I could not stop laughing. Excellent diagrams, that you for the excellent lecture!

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    • John Moffat says

      October 8, 2017 at 7:05 am

      Thank you for the comment 馃檪

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  3. jinansh says

    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

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    • 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).

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      • jinansh says

        November 7, 2015 at 3:14 pm

        Respected Sir,
        Could you pls explain this with an example?
        Thank you

      • John Moffat says

        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.

      • jinansh says

        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???

      • jinansh says

        November 7, 2015 at 3:22 pm

        Sir I meant You are great !!!!!

  4. kathy says

    October 3, 2015 at 9:04 pm

    excellent lecture , thank you

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  5. Omotayo says

    March 11, 2015 at 7:16 am

    Great lecture…open tuition forever!!!

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  6. Nina says

    December 15, 2014 at 2:07 pm

    Very easy to understand thank you!!!

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  7. puran says

    August 2, 2014 at 7:37 pm

    thank you sir.

    great lecture

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    • John Moffat says

      August 2, 2014 at 8:58 pm

      Thank you also 馃檪

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  8. shani says

    January 3, 2014 at 6:27 pm

    Good lecture

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  9. accakeisha says

    July 18, 2013 at 6:26 pm

    great way to put it!!!!

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  10. davidmhk says

    March 4, 2013 at 8:00 pm

    how can i play these lectures

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    • admin says

      March 4, 2013 at 8:55 pm

      here is the help page:
      https://opentuition.com/support/

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    • Zeila says

      March 17, 2013 at 5:27 am

      nice lecture..understood well….

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  11. johnyzazai says

    December 18, 2012 at 7:47 am

    it does make sense.thanks

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  12. haryz says

    December 17, 2012 at 11:39 pm

    Brilliant! O.O

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  13. mustafa1991 says

    November 20, 2012 at 7:06 am

    Gosh this made it so much easier for me, I had a really hard time understanding tax.

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  14. tshegokau says

    August 10, 2012 at 3:57 pm

    Totally makes sense, sales tax.

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  15. tariqkath says

    August 7, 2012 at 8:06 pm

    Thanks OT for making this topic clear 馃檪

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  16. paulduffy says

    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.

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  17. abubakar123 says

    May 13, 2011 at 2:54 pm

    馃檪 nice lecture

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  18. dolce says

    March 2, 2011 at 7:20 pm

    The pictures are very pretty 馃檪

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