Find out vat Payable and Trading account

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Querist : Anonymous

Querist : Anonymous (Querist)

14 December 2009 1) A ltd limited purchase 1000 calulators from X LTD at rs.100 each plus VAT 4%. AND SOLD 800calculators at rs.100 plus VAT. Prepare a trading account, and find out net vat payable.
2)In case 1 above if A LTD sold calulators at 10% discount. Then what is the gross profit and VAT Payable.
3)In case 1 above if A Ltd give a offer for purchase of 10 calculators 1 calculator free. then what is the gross profit and VAT pAYABLE.
4)iN CASE 2 ABOVE IF THE DISCOUNT IS REIMBURSED BY X LTD. then what is the gross profit and vat payable.
5)In case 3 above if the free quantity is replaced by the X ltd then what is gross profit and vat payable.
6) Pass the necessary entries in the books of A ltd for question no 4 & 5.

veena

veena (Expert)
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17 December 2009 VAT payable will be the total vat collected minus set off permitted under prevailing VAT laws

Querist : Anonymous

Querist : Anonymous (Querist)

18 December 2009 thank u...........

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