Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A retailer charges VAT on an article at the prescribed rate of 5% from the buyer. The listed price of the article is OMR 450.

image text in transcribed
A retailer charges VAT on an article at the prescribed rate of 5% from the buyer. The listed price of the article is OMR 450. If the retailer has to pay a VAT of OMR 2.400 to Government, then what was VAT amount paid by the buyer to the retailer? A. OMR 23.68 b. OMR 25 C. OMR 21.43 d. OMR 22.5

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services

Authors: Alvin Arens, Randal J. Elder

14th Global Edition

0273755013, 978-0273755012

More Books

Students also viewed these Accounting questions