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General principles of sales tax

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › General principles of sales tax

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by mujeebrehman.
Viewing 2 posts - 1 through 2 (of 2 total)
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  • July 12, 2019 at 10:53 pm #522798
    faisalkhan07
    Member
    • Topics: 2
    • Replies: 0
    • ☆

    please help me why the answer is 630 of this question ?
    Mandy sells goods worth $25,500 inclusive of sales tax and buys goods for $18,100 excluding sales tax. Relevant rate of Sales tax is 17.5% on the listed price. Calculate how much does Mandy has to pay the tax authorities in respect of these two transactions?

    $1767
    $630
    $1102
    $1295

    November 13, 2019 at 10:50 am #552403
    mujeebrehman
    Member
    • Topics: 0
    • Replies: 2
    • ☆

    Sales including sales tax 25500
    lets say good value is X then sale tax at of 17.5% will
    x*(17.5/100 ) + x = 25500
    1.75x=25500
    Sales Value = X + 21702
    so
    21702 + 21702 * 17.5% = 25500

    on purchase we get sales tax refund from
    so net sale tax figure will be
    21702-18100=3602
    the sale tax paid to the authoties
    3602*17.5%
    630.35

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