method of vat Calculation


CA Final

Hi all,

 

please reply me of a query

 

A question asked in RTP nov 2010 QUESTION NO.24. about VAT Calculation with addition method .........


Please clear me the correct answer....

NORMALLY,

ADDITION METHOD IS :-

(I)  SALES

(II) TAX ON SALES

(III) PURCHASE

(IV) TAX ON PURCHASE

(V)  VAT PAYABLE (II)  -  (IV)

 

Profit % given on cost

My question is Profit calculation & Invoice price of Rishab, Suhani and Galaxy Medicine................

 
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