Question

A retailer sells an article for RO 280 to the buyer and charges sales tax at a rate of 15%. If the
retailer has to pay a value added tax of RO 7.500, find;
a) The input tax
b) The list price of the product the wholesaler sold to retailer
c) The amount paid by the retailer to the wholesaler

Answer 1

Answer:

the answer is the best answer is optional is c

thanks for your question ok na

Answer 2

Given :  A retailer sells an article for RO 280 to the buyer and charges sales tax at a rate of 15%  , the retailer has to pay a value added tax of RO 7.5

To find : a) The input tax  , b) The list price of the product the wholesaler sold to retailer  c) The amount paid by the retailer to the wholesaler

Solution:

A retailer sells an article for RO  280  to the buyer and charges sales tax at a rate of 15%.

Sales Tax = (15/100)280 = Rs 42

Retailer Pays  a  Tax of  Rs 7.5

Tax Paid = Tax Collected - Input Tax

=> 7.5  = 42 - Input Tax

=> Input Tax  = 34.5  RO

price of the product the wholesaler sold to retailer   = P

15% Sales Tax  = (15/100)P

(15/100)P = 34.5  

=> P = 230

RO 230 Was List Price

Amount Paid by Retailer = 230 + 34.5   =  264.5 RO

Amount Paid by Retailer =  264.5 RO

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