特许公认会计师(ACCA)F3财务会计讲义.pdfVIP

Generated by Unregistered Batch DOC TO PDF Converter 2012.4.319.1599, please register ! 点击右上角分享按钮 与好友分享 Session 5 Sales tax Discounts Main Contents: 1.General principles of sales tax 2.Calculation of sales tax 3.Accounting treatment for sales tax 4.Trade Discount 5.Settlement Discount a）Principles of sales tax ● Sales tax is a form ofindirect tax ● Sales tax is charged on purchases（input tax） and sales（output tax）. ● Sales tax isexcluded from thereported sales and purchases of the business. ● Periodically ● Ifoutput tax exceeds input tax, the authorities ● Ifinput tax exceeds output tax, thebusiness is repaid the excess by the tax authorities ● Sales tax is sometimes calledvalue added tax（VAT） ● Sales tax is charged onmost goods and services. 5.2 Calculation of sales tax ● It is common for a rate of 17.5% sales tax tobe charged on ● Calculation Net selling price（tax exclusive price） 100.0% Sales tax 17.5% Gross selling price（tax inclusive price） 117.5% - - 欢迎下次访问 Generated by Unregistered Batch DOC TO PDF Converter 2012.4.319.1599, please register ! 点击右上角分享按钮 与好友分享 - The difference is paid to the tax authorities. Example 1: Orlando sells the following goods: 1.to Bruno at a taxinclusive price of $470. 2.to Cosmo at a taxexclusive price of $700. Solution: Sales to Bruno: 470/117.5% x 17.5% = 70 Sales to Cosmo: 700 x 17.5% = 122.50 Total tax collected = 70+ 122.50 = 192.50 Example 2: Sean Co.purchases goods for $170,625（including sales tax） （including sales tax） A.8,918 B.14,224 C.4,471 D.10,479 Solution: A Output tax: sales（including sales tax） 230,500 sales tax（17.5%/117.5%） 34,330