North South University

ACT 370 Vat and Income from business.docx

Mannan Traders, an importer, imported 200 of AC at CIF price @Tk.100,000 per piece. The clearing and
other incidental charges amounted to Tk.100,000 for the total consignment. He sold 80 pieces of AC to a
whole seller at a markup of 10% (exclusive of VAT). The whole seller charged 10% markup to sell it to
retailers. The retailers incurred a cost @Tk.2,000 for maintenance and other expenses and added 10%
markup to the price. Required: Compute VAT assuming that the retailers sold 60 pieces of AC in a trade
fair among various customers in the month of June, 2015. -
. -
2. What are the goods and services chargeable under the VAT act, 1991 in Bangladesh? Mention at least 5 of each goods
and services..-
3. The income statement with selective notes thereon of XYZ ltd for the year ended.
The trading and profit and loss account of Mr. X & Associates for the year ended 31.12.15 is: