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Chirag Suresh SankheChirag Suresh Sankhe asked 11 months ago

Kindly can you solve this mcq it is regarding T/O for tax audit 

1 Answers
RaviRavi Staff answered 11 months ago

gross to 1.25 – goods returned 0.08 – dont adjust cash discount – goods returned 0.11 – discount on sales invoice 0.03 – dont adjust commission = 1.03 crore is turnover for tax audit
gross TO = price x quantity
all discounts given at the time of sales are deducted irrespective of name, discount given after that are not deducted they are expense 
all sales returned are deducted, irrespective of when sales were made  

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