A man buys an article whose listed price is RO 380 from a shopkeeper and pays a sales tax at the rate of 10%. The shopkeeper pays a VAT of RO 3. Find the input tax and the price inclusive of tax at which the shopkeeper bought the article from the wholesaler. Select one: O a. Input tax = 38, Price Paid by retailer to wholesaler = 350 %3D O b. Input tax = 35, Price Paid by retailer to wholesaler = 385 O c. Input tax = 38, Price Paid by retailer to wholesaler = 385 O d. Input tax = 35, Price Paid by retailer to wholesaler = 350

A man buys an article whose listed price is RO 380 from a shopkeeper and pays a sales tax at the rate of 10%. The shopkeeper pays a VAT of RO 3. Find the input tax and the price inclusive of tax at which the shopkeeper bought the article from the wholesaler. Select one: O a. Input tax = 38, Price Paid by retailer to wholesaler = 350 %3D O b. Input tax = 35, Price Paid by retailer to wholesaler = 385 O c. Input tax = 38, Price Paid by retailer to wholesaler = 385 O d. Input tax = 35, Price Paid by retailer to wholesaler = 350

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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