Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A-Star Sdn Bhd (AS) is a registered manufacturer under the Sales Tax Act 2018. AS closes its accounts on 31 December annually. During the year

A-Star Sdn Bhd (AS) is a registered manufacturer under the Sales Tax Act 2018. AS closes its accounts on 31 December annually. During the year 2019, AS imported the raw materials for the use in its manufacturing of taxable goods in Malaysia. On 31 October 2019, AS received an invoice with the following details of the raw material cost:

Purchase price RM 100,000

Insurance RM 1,200

Freight charge RM 3,000

Import duty 20%

Note: The above raw material is cleared from Customs control on 15 November 2019.

Required: Compute the sales tax payable by A-Star Sdn Bhd, if any, in respect of the above transaction.

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_2

Step: 3

blur-text-image_3

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

Managerial Accounting For Dummies

Authors: Mark P Holtzman, Karen Schoenebeck

1st Edition

1118116429, 978-1118116425

More Books

Students also viewed these Accounting questions