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sales tax column

Forums › FIA Forums › FA1 Recording Financial Transactions Forums › sales tax column

  • This topic has 2 replies, 2 voices, and was last updated 7 years ago by pororo.
Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • October 21, 2015 at 2:07 pm #278188
    pororo
    Member
    • Topics: 8
    • Replies: 12
    • ☆

    On 1April Kimberley had the following transactions: (a) A cash sale of $8832 (b) A cash receipt of $6624 in relation to a credit sale in the previous month. Both transactions were inclusive of sales tax at 15?. What amount would be recorded in the sales tax column of the cash book on 1 April?

    October 21, 2015 at 5:38 pm #278245
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10199
    • ☆☆☆☆☆

    Cash sale: sales tax content = 8832 x 15/115 = 1152

    The receipt of cash form the credit sale would have no sales tax content. This is simply a customer paying for an earlier purchase. The sales tax would have been recorded when the sale was originally made.

    October 22, 2015 at 1:10 am #278295
    pororo
    Member
    • Topics: 8
    • Replies: 12
    • ☆

    ok, thank you…

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