INTERVIEW QUESTIONS ACCOUNTING PROCESS SUBSIDIARY BOOKS DETAILS

Question: What are group assets?

Answer: (b) Rs. 10,000
Description: Sales tax is collected by the seller, from the customer to be deposited in Government Treasury. It is not to be treated as sale of the seller. Hence, sales account will be credited with Rs. 10,000. Only journal entry will be:
Customer A/c Dr 11,000
To Sales A/c 10,000
To Sales Tax Payable A/c 1,000

(b) Rs. 10,000
Description: Sales tax is collected by the seller, from the customer to be deposited in Government Treasury. It is not to be treated as sale of the seller. Hence, sales account will be credited with Rs. 10,000. Only journal entry will be:
Customer A/c Dr 11,000
To Sales A/c 10,000
To Sales Tax Payable A/c 1,000 Source: CoolInterview.com

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