2015年acca考试《f3财务会计》辅导资料10.docVIP

2015年ACCA考试《F3财务会计》辅导资料10 本文由高顿ACCA整理发布，转载请注明出处 ??　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 ? 　　5.1　Principles of sales tax ? 　　● Sales tax is a form of indirect tax ? 　　● Sales tax is charged on purchases(input tax) and sales(output tax). ? 　　● Sales tax is excluded from the reported sales and purchases of the business. ? 　　● Periodically business pay the sales tax to the tax authorities ? 　　● If output tax exceeds input tax, the business pays the excess to the tax authorities ? 　　● If input tax exceeds output tax, the business is repaid the excess by the tax authorities ? 　　● Sales tax is sometimes called value added tax (VAT) or goods and service tax ? 　　● Sales tax is charged on most goods and services. ? 　　5.2 Calculation of sales tax ? 　　● It is common for a rate of 17.5% sales tax tobe charged on the selling price. ? 　　● Calculation ? 　　Net selling price (tax exclusive price)　　　　100.0% ? 　　Sales tax　　　　　　　　　　　　　　　　　　　　 17.5% ? 　　Gross selling price(tax inclusive price)　　　 117.5% ? 　　- The net selling price is the amount that the business wishes to achieve. ? 　　- The gross selling price is the price charged to customers. ? 　　- The difference is paid to the tax authorities. ? 　　Example 1: Orlando sells the following goods: ? 　　1.to Bruno at a tax inclusive price of $470. ? 　　2.to Cosmo at a tax exclusive price of $700. ? 　　How much sales tax is Orlando collecting on behalf of the government? ? 　　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) and sells goods for $230,500 (including sales tax), what amount of sales tax is ultimately payable to the tax authorities? ? 　　A.8,918 ? 　　B.14,224 ? 　　C.4,471 ? 　　D.10,479 ? 　　Solution: A ?