Answered step by step
Verified Expert Solution
Question
1 Approved Answer
(c) Following are the particulars taken from the books of Keraniganj Manufacturing Company for the year ended 31 December 2016: Inventories Raw Materials Work-In-Process Finished
(c) Following are the particulars taken from the books of Keraniganj Manufacturing Company for the year ended 31 December 2016: Inventories Raw Materials Work-In-Process Finished Goods Raw Materials Purchased (net) Purchase Returns Freight Out Labor (80% direct) Depreciation (70% factory) Sales Salaries Factory Rent Factory Insurance Marketing Expenses Factory Utilities Factory Supplies Other Factory Expenses Office Supplies 31 December 1 January Tk. 30,000 Tk. 35,000 40,000 50,000 55,000 45,000 Tk. 200,000 20,000 40,000 150,000 50,000 60,000 40,000 30,000 40,000 20,000 15,000 15,000 10,000 Required: Determine the amount of VAT if the rate is 15%, assuming that the company sells its product by adding 20% profit on sales
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started