Syllabus D1. Accounting for Sales Tax

Syllabus D1

Accounting for Sales Tax ^{1 / 10}

a) Record sale and purchase transactions in ledger accounts.

b) Understand and record sales and purchase returns.

c) Understand the general principles of the operation of a sales tax.

d) Calculate sales tax on transactions and record the consequent accounting entries.

e) Account for discounts allowed

f) Account for discounts received