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Sir, could you please take a look at MCQ 159 in the Kaplan exam kit. There is one part in the answer I do not understand. It’s the carried forward balance of $60 of insurance. There is no mention of the year end and I do not understand how they calculated that figure.
I am sorry but I do not have the Kaplan Kit.
If you type out the question then I will be happy to explain 🙂
HI I have a question:
The sales tax in salvadors nominal ledger currently shows output tax and input tax for the quarter at £64,515and £38,222 respectively. A detailed review of the account highlights the following:
A Sales invoice for £4200 (inclusive of sales tax at 20%) has not been accounted for
Sales tax of £1750 on purchases has been posted to the credit side of the sales tax account.
The correct amount payable to the government is:
Why is the answer : £23,493
I keep getting £25,243
Thanks
You must start a new thread when you are asking about a different topic – this has nothing to do with accruals and payments. Also, you must ask in the Ask the Tutor Forum if you want me to answer – this forum is for students to help each other.
The 1,750 was entered as a credit when it should have been entered as a debit. Therefore you need to reduce the balance by 3,500 ( 1,750 to cancel the wrong entry and then another 1,750 to enter the amount correctly). You have only reduced the amount by 1,750.
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