Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Tax owed by the company = At the beginning of the second tax period of 2020, the value-added tax balance reached 100 dinars in favor
Tax owed by the company =
At the beginning of the second tax period of 2020, the value-added tax balance reached 100 dinars in favor of the Sheikh Commercial Company, and the following are the operations that were carried out during the tax period:
On April 5, the goods purchased are subject to the zero tax rate of 5,000 dinars in cash.
On April 8, the goods purchased are subject to the basic tax rate of 15,000 dinars on the account from Al-Ali Company.
On April 10, returns for goods subject to the basic tax rate amounted to 1,200 dinars that were purchased from Al-Ali Company, and returns for purchases of goods subject to zero tax amounted to 200 dinars.
On May 14th, goods subject to the zero tax rate of 6,000 dinars were sold to Abdulaziz on account, and other goods subject to the basic tax rate of 14,000 dinars in cash.
On May 27, a commodity that the company had sold to Abdulaziz Company on May 14 was received, amounting to 3,000 dinars.
On June 17, a debt was written off for 400 dinars of sales subject to the base tax rate that had been sold to the customer Murad.
Required: Answer the following:
1- Determine the value of the value-added tax for each transaction in a table indicating whether it is in the interest of the company or for the benefit of the state specifying the balance of the tax due at the end of the tax period (two marks)
2- Photocopying of the value-added tax deposit account. (Two marks)
3- Recording all accounting entries in the companys journal if it knows that the company decided to rotate the remaining balance at the end of the period to the next period if the balance is in the companys favor. (5 marks)
4- The registration of the tax that must be paid by the company to the National Bureau of Revenue or the amount of the tax that must be recovered in favor of the company, according to the company's decision. (sign).
please solve it
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