02-15-2010, 01:53 AM
hello & assalamualikum, i need some guidance regarding entries for sales tax for discount for returns etc. assuming a business sells 50pcs juice @10 with sales tax of 16% with trade discount of 1% and cash discount for early payment 1%. what will be the value of sales tax will it be discounted price both cash and trade? and what will be journal entries for this. further 2pcs juices @10 were returned by customer what will be the accounting entry sales tax account will be debited i guess? i need journal entries for this if someone please.
second issue is assuming i m importing goods of value 500 and paying excise 5% and now for sales tax computation what amount will be charged will it be 500+5% ? please if you explain it by journal entries
third thing what in case of baddebts do i get relief? as in above example bad debts of value 100 in case of juices were occured, now how will i treat it for sales tax purpose? jazakALLAH
second issue is assuming i m importing goods of value 500 and paying excise 5% and now for sales tax computation what amount will be charged will it be 500+5% ? please if you explain it by journal entries
third thing what in case of baddebts do i get relief? as in above example bad debts of value 100 in case of juices were occured, now how will i treat it for sales tax purpose? jazakALLAH
