12-20-2010, 04:46 PM
VAT TAXABLE PERSON HAS VALUE ADDED TAX LIABILITY 20000 DOLLARS,ON BANK ACCOUNT 100000 AND MERCHANDISE IN VALUE OF dollars 30000.
TASK
A)Make opening balance sheet
B)Journalize and post transaction
no Transaction dollars Debit Credit
1 Merchandise acquisition
on credit
-Purchase price 21000
-VAT 3990
-Invoice price 24990
2 Suppliers settlement
from bank account 24990
3 Settlement of VAT liabilty 20000
4 All merchandize sale
a) store outgoing ......
b) issued invoice
Sale price 80000
VAT 15200
Total amount 95200
C)Close accounts
D)Make closing balance sheet
TASK
A)Make opening balance sheet
B)Journalize and post transaction
no Transaction dollars Debit Credit
1 Merchandise acquisition
on credit
-Purchase price 21000
-VAT 3990
-Invoice price 24990
2 Suppliers settlement
from bank account 24990
3 Settlement of VAT liabilty 20000
4 All merchandize sale
a) store outgoing ......
b) issued invoice
Sale price 80000
VAT 15200
Total amount 95200
C)Close accounts
D)Make closing balance sheet
