The cost of an item is GHs415971 Taxes include: 2.5% NHIL, 2.5% GETFUND, and 15% VAT, which is calculated on the sum of the costs of item plus NHIL plus GETFUND. Question: What figure should be added to the cost of the item to arrive at a total of GHs500591.42

Accounting

ScanSolve AI Answer

Step-by-step solution

2 steps
  1. Identify the given initial cost and the target total amount.

    Initial cost of the item = GHs415971
    Target total amount = GHs500591.42

  2. Calculate the difference between the target total and the initial cost to find the figure that should be added.

    Figure to be added = Target total amount - Initial cost
    Figure to be added = GHs500591.42 - GHs415971
    Figure to be added = GHs84620.42

    The tax information provided (NHIL, GETFUND, VAT) is extra information not needed to answer this specific question, as the final total is already given.

    The figure that should be added to the cost of the item to arrive at a total of GHs500591.42 is GHs84620.42.

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