Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Academic Year 2021/2022 Summer Semester (ACF231) Taxation Accounting Problem Solving (bl: 5 Marks) The International Trading Company imported goods with value of 4,000,000BD and

image text in transcribed

Academic Year 2021/2022 Summer Semester (ACF231) Taxation Accounting Problem Solving (bl: 5 Marks) The International Trading Company imported goods with value of 4,000,000BD and paid 1,000,000BD as custom fees. The company paid 10% VAT on total cost of the imported goods. If the company has sales as following: First month: 1,000,000BD Second month: 1,500,000BD Third month: 2,000,000BD Fourth Month: 2,500,000BD Required: 1) What is the VAT paid and the VAT collected by this company? 2) Prepare VAT tax due statement on monthly basis for this company. Notes: This is an individual assignment. The deadline for submitting the problem solution via Moodle is on: 25th of June 2022.

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

Financial Accounting

Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M

5th Canadian edition

9781259105692, 978-1259103285

More Books

Students also viewed these Accounting questions

Question

Why are the COSO and COBIT frameworks so important?

Answered: 1 week ago