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Dear Friends
I need your expertise to solve my problem
I need to get the double entries for the following scenario
A travel tour operator sell travel packages to its customers.
His main costs are accomodation, air tickets , transfers and tours
He pays VAT on the profit he made
E.gSale of travel package $10000
Costs incurred Rs 8000
Profit $2000
VAT rate 15%
VAT $300which account to debit since VAT is levied on profit?
DR……………..
CR VAT AccountI rely on kind reply
Understanding VAT on the profit of travel packages is crucial for both consumers and providers. While it adds transparency, it can also influence overall pricing, especially for luxury experiences. That’s why choosing services with clear terms and fair pricing is essential. If you’re planning a trip to Greece, I highly recommend checking out https://12knots.com/en/yacht-charter/destinations/mediterranean-sea/greece/athens/ yacht charters in Athens. Their offerings are not only stunning but also straightforward when it comes to costs and inclusions, which makes navigating taxes and extra fees much less stressful.
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