A second dealer buys a used fridge from a non-vendor for NAD 600 for resale. He pays the person NAD 400 immediately and the balance of NAD 200 in the next VAT period. Calculate the input tax that the second hand dealer will be entitled to claim ?
A second dealer buys a used fridge from a non-vendor for NAD 600 for resale. He pays the person NAD 400 immediately and the balance of NAD 200 in the next VAT period. Calculate the input tax that the second hand dealer will be entitled to claim ?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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QUESTION 1
a.) A second dealer buys a used fridge from a non-vendor for NAD 600 for resale. He
pays the person NAD 400 immediately and the balance of NAD 200 in the next
VAT period. Calculate the input tax that the second hand dealer will be entitled to
claim ?
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