Transcribed Image Text: Assume the Value Added Tax (VAT) rate is 5% in Oman. Nizwa Electronics Showroom purchased goods worth RO24,000 from the supplier of Muscat Electronics and makes the

Transcribed Image Text: Assume the Value Added Tax (VAT) rate is 5% in Oman. Nizwa
Electronics Showroom purchased goods worth RO24,000 from
the supplier of Muscat Electronics and makes the payment along
with VAT. The input tax credit is available in Muscat Electronics
account is RO 5,000.
from the sale of goods and also charged VAT from the
Nizwa electronics realized RO32,000
customers.
Requirement:
(a) Calculate VAT that will be forwarded by Muscat Electronics
to the government.
(b) Calculate VAT that will be forwarded by Nizwa Electronics
Showroom to the government.