Tax return :
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Item |
L.E |
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Net income as in the income statement (ANP) |
40,000 |
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+ |
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1- Sales related to the new period but recorded during the current year decrease in revenues → \ decrease in ANP |
(3000) |
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2- Goods sent to commission-agent and are not sold |
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Sales revenue |
Ending Inventory |
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not sold goods, so Sales revenue should be decreased by its selling price decrease in revenues→ \ decrease in ANP by 7,000 |
should be included in the inventory with its cost increase in revenues → \ Increase in ANP by 5,500 |
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Or the profit only could be deducted from ANP (7000-5500) |
(1,500) |
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