Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(ACF231) Taxation Accounting Problem Solving (b1: 5 Marks) The International Trading Company imported goods with value of 4,000,000BD and paid 1,000,000BD as custom fees.

image text in transcribed

(ACF231) Taxation Accounting Problem Solving (b1: 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.

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

Accounting For Managers Interpreting Accounting Information for Decision Making

Authors: Paul M. Collier

4th edition

978-111997967, 1119979676, 978-1119979678

More Books

Students also viewed these Accounting questions