Acca financial Accounting (FA) Study Text ac ca (FA)

Test your understanding 5 

 

 

 

 

Net Sales 

tax Total 

  

$ 

$ 

$ 

Purchases  (all on credit) 

180,000 

18,000 

198,000 

Sales 

(all on credit) 

260,000 

26,000 

286,000 

Record these transactions in the ledger accounts. 

 

 

 

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Chapter 5 

KAPLAN PUBLISHING

 

83 

 

Test your understanding 6 

 

Valerie’s business is registered for sales tax purposes. During the 

quarter ending 31 March 20X6, she made the following sales, all of 

which were subject to sales tax at 17.5%: 

$10,000 excluding sales tax 

$7,402 including sales tax 

$6,745 excluding sales tax 

$11,632 including sales tax. 

She also made the following purchases all of which were subject to 

sales tax at 17.5%: 

$15,000 excluding sales tax 

$12,455 including sales tax 

$11,338 including sales tax 

$9,870 including sales tax.