Hey, the class is amazingly helpful.. Just a little suggestion i would like to give.. The voice is not very clear.. So maybe something can be done abt that please.
No, because we would not be able to offer them free of charge. However you will find more free resources (including the ability to ask questions of our tutors) on our free website.
@opentuition sir,suppose a company has purchase furniture for its own use then sales tax which it has pay would it be recorded separately or it will be added to purchase as capital expenditure???
Each individual item is not tracked separately. We take the difference between the total tax collected on all their sales, and the total tax suffered on all purchases and expenses. If the total tax suffered is more than the total tax collected then the difference is refunded by the state.
@@opentuition Sir, in the above scenario even if there was no buyer the total tax suffered and total tax collected seem to be equal but I am not sure. Sir, would you mind giving me an example of the situation where the total tax suffered is more than the total tax collected?
@@imaghising8342 The tax collected on sales and the tax suffered on purchases and expenses will almost certainly not be the same. In most cases the tax collected on sales will be higher (because normally the company is selling at a higher price so as to make profits). In that case the difference is payable to the state. The most obvious situation when the tax suffered will be higher is if the company makes a large purchase of a non-current asset. That will result in a large amount of tax suffered. I do explain all of this in the lectures - have you watched part (b) yet? This is part (a)! You can find all of the lectures indexed on our free website.
The drawing really picasso haha,
John has a gift .
:-)
Useful example, thanks
You are welcome :-)
Thank you for the lecture, very informative
Hey, the class is amazingly helpful.. Just a little suggestion i would like to give.. The voice is not very clear.. So maybe something can be done abt that please.
I appreciate your effort and I understood the lecture but is there are any online classes like those through the Zoom for example?
No, because we would not be able to offer them free of charge. However you will find more free resources (including the ability to ask questions of our tutors) on our free website.
@@opentuition not free of charge, I'm ready to pay
@opentuition sir,suppose a company has purchase furniture for its own use then sales tax which it has pay would it be recorded separately or it will be added to purchase as capital expenditure???
Thanks @opentuition!
You are welcome :-)
very gladful to have a free lecture😁
What if the shop (retailer) buys by paying VAT but he fails to sell it? Will he get his VAT refund or will have to bear it on his own?
Each individual item is not tracked separately. We take the difference between the total tax collected on all their sales, and the total tax suffered on all purchases and expenses. If the total tax suffered is more than the total tax collected then the difference is refunded by the state.
@@opentuition Sir, in the above scenario even if there was no buyer the total tax suffered and total tax collected seem to be equal but I am not sure. Sir, would you mind giving me an example of the situation where the total tax suffered is more than the total tax collected?
@@imaghising8342 The tax collected on sales and the tax suffered on purchases and expenses will almost certainly not be the same. In most cases the tax collected on sales will be higher (because normally the company is selling at a higher price so as to make profits). In that case the difference is payable to the state.
The most obvious situation when the tax suffered will be higher is if the company makes a large purchase of a non-current asset. That will result in a large amount of tax suffered. I do explain all of this in the lectures - have you watched part (b) yet? This is part (a)! You can find all of the lectures indexed on our free website.
@@opentuition Yes, I do watch your videos and thank you so much for the answer.
thanks for the lecture!
Thank youuu!
Besttt
Hello... can someone use a percentage of the original expected profit e.g 20% of $10...
20% of $5
20% of $25
Much appreciated
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