A Consultancy service business had the following data during the month: On contracts for professional services: Advance
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Question:
Advance collection of fee 500 ,000
Collections for services rendered 800,000
Receivables 1,300,000
Payments to VAT providers for services 700,000
Payments to non VAT providers for services 300,000
Payments to VAT suppliers for office supplies 200,000
How much is the output tax? ___________________________
How much is the value added tax payable?_________________________
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
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