Just one small question with what you were referring to at end with companies who are not registered for tax...
How would it work for the company next in the chain if they themselves were registered, so using your example from earlier in the lecture, lets say the knitter was not registered for sales tax but the shop was. How would the ledger accounts look like for the shop because I guess they would still charge sales tax when they come to sell to the customer even though they didn't pay it when buying from the knitter.
Just one small question with what you were referring to at end with companies who are not registered for tax...
How would it work for the company next in the chain if they themselves were registered, so using your example from earlier in the lecture, lets say the knitter was not registered for sales tax but the shop was. How would the ledger accounts look like for the shop because I guess they would still charge sales tax when they come to sell to the customer even though they didn't pay it when buying from the knitter.
Cheers