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ACCA F3 201312 Sales Tax

The following transactions took place during Alan's first month of trading:

1. Credit sales of $50,000 exclusive of sales tax.

2. Credit purchases of $75,000 inclusive of sales tax.

3. Cash payments to credit supplier of $60,000 inclusive of sales tax

Sales tax is 20%.

What is the balance on Alan's sales tax control at the end of his first month of trading?

Suggested solutions:

	Amount	Sales tax	Total
	$	$	$
Sales	50,000	10,000	60,000
Purchases	62,500	12,500	75,000
Answer		-2,500	Debit Balance

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