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Sales Tax

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Sales Tax

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by John Moffat.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • July 6, 2020 at 11:04 am #576105
    lchen
    Member
    • Topics: 17
    • Replies: 15
    • ☆

    Hi Sir,
    Sorry to bother you again, but there is a question stated that the closing sales tax for this month is on debit side but then the answer reverse it to be the c/d. And the question only asked to calculate this month’s sales tax. May I ask why do we need to reverse that.

    Many thanks!

    July 6, 2020 at 2:35 pm #576129
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    As you will know from my free lectures on double-entry bookkeeping, for all t-accounts if the balancing figure is on the debit side then it is carried forward as a credit balance. If the balancing figure is on the credit side it is carried forward as a debit balance.

    I do explain the reason for this in my free lectures.

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