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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 11 years ago by John Moffat.
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  • July 6, 2014 at 12:03 pm #178246
    Vicks
    Participant
    • Topics: 17
    • Replies: 18
    • ☆

    Alison is not registered for sales tax purposes.
    She had recently received an invoice for goods for resale which cost $500 before sales tax which is charged at 15%. The total cost is $575
    Whats the correct entry in the ledger in respect of this invoice?

    July 6, 2014 at 4:38 pm #178259
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54795
    • ☆☆☆☆☆

    DR Purchases 575
    CR Payables 575

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