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Are the sales taxes part of a retailer's sales?

Accounting Auditing Financial Reporting Financial Management Finance
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Question added by Altaf Bhoon ACA , Assistant Finance Manager , Atlantic Maritime Group FZE
Date Posted: 2014/12/09
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Deleted user
by Deleted user

No, sales taxes (VAT) are not part of retailer`s sales. 

mohamed Hakim CMA CPA Candidate
by mohamed Hakim CMA CPA Candidate , Accounting Manager , Andersen saudi arabia

Sales taxes go to credit account directly to paid to taxes authority 

Collected amount of sales taxes not included in company sales

For example when you sell goods with taxes10% 

Debit

Accounts receivable by all amount.100000

Credit 

Sales.                                                    90000

Taxes on sales.                                    10000

mohammed elkheniny
by mohammed elkheniny , Financial Controller , DNM FOR SPINNING& WEAVING AND DYING

yes it is

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