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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Sales Tax
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?
DR Purchases 575
CR Payables 575
