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Entries of Sales
Dr Receivable 700
Cr Sales tax 200
Cr Sales 500
Entries of Sales Return (Error)
Dr Return Inwards 350
Cr Receivable 350
Entries of Sales Return (Correction of Error)
Dr Sales tax 100
Cr Return Inwards 100 (350-250)
The sales tax is 40% and if no change is made to the question, I believe the answer will be option C. Please confirm sir.sory sir, i have understood the answer you have explained. i was just struggling regarding entry in the T accounts in the Nominal Ledger. i was so frustrated that i posted my confusion.
respected sir,
“investment” word is not understood by me. pls explain investment with example…!!!
Viewing 4 posts - 1 through 4 (of 4 total)