Question

(ii) A trader buys some good for 12000 and sells them for 15,000. If the rate of tax under VAT is 12%, find the VAT paid by the trader?​

Answer 1

Answer:

360

Step-by-step explanation:

Cost price of goods = 12,000

VAT charged, Under VAT 12%

= (12,000 × 12)/100 = 1440

Selling price of goods = 15,000

VAT charged, Under VAT 12%

= (15,000 × 12)/100 = 1800

VAT paid by trader = 1800 - 1440 = 360

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