1. Mr. X, an importer of wheat, imported wheat for Tk. 70. He paid VAT @15%. He sold it to a wholesaler Mr. W for Tk. 100 and collected VAT @ 4.5%. Mr. W sold it to a retailer for Tk. 150 and collected VAT @7.5%. Give necessary journal entries for these transactions. 2. Mr. X, an importer of wheat, imported wheat for Tk. 70. He paid VAT @15%. He sold it to a wholesaler Mr. W for Tk. 100 and collected VAT @ 4.5%. Mr. W sold it to a retailer for Tk. 150 and collected VAT @15%. Mr. W maintains all the necessary documents/records as required by the VAT laws. Give necessary journal entries for these transactions.

1. Mr. X, an importer of wheat, imported wheat for Tk. 70. He paid VAT @15%. He sold it to a wholesaler Mr. W for Tk. 100 and collected VAT @ 4.5%. Mr. W sold it to a retailer for Tk. 150 and collected VAT @7.5%. Give necessary journal entries for these transactions. 2. Mr. X, an importer of wheat, imported wheat for Tk. 70. He paid VAT @15%. He sold it to a wholesaler Mr. W for Tk. 100 and collected VAT @ 4.5%. Mr. W sold it to a retailer for Tk. 150 and collected VAT @15%. Mr. W maintains all the necessary documents/records as required by the VAT laws. Give necessary journal entries for these transactions.

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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