CAT FFA 2 week revision course D1. Accounting for Sales Tax ^{1 / 3}

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