From the following day book extracts, construct a VAT account for the month of June 2007. Additional

Question:

From the following day book extracts, construct a VAT account for the month of June 2007. image text in transcribed

Additional information:
(i) Cash sales inclusive of VAT for June totalled £985.
(ii) Fixed assets were purchased for £2,350 during June which includes VAT of £350 which could be reclaimed.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Frank Woods Business Accounting Basics

ISBN: 9780273725008

1st Edition

Authors: Frank Wood, Mr David Horner

See More Books

Question Posted: Mar 08, 2024 07:01 AM

See More Questions

From the following day book extracts, construct a VAT account for the month of April 2006. Additional information: (i) VAT owing as at 1 April 2006 was 220.73. (ii) Cash sales inclusive of VAT for...
From the following day book extracts, construct a VAT account for the month of March 2005. Additional information: (i) VAT owing as at 1 March 2005 was 320. (ii) Cash sales inclusive of VAT for March...
The following transactions need to be completed for the month of July 2022: 1 Invoiced R1002 Black Bean Espresso for a sale on credit of 10 x AS330 Coffee cup lids and 10 x KEL685 12Oz...
Match the cooking or preparation method to the relevant equipment. EQUIPMENT METHOD Food processor with a grater attachment or box grater Baking Range, pot or deep fryer, spatula or tongs Boiling...
How do the monetary and the asset market or portfolio balance approaches explain the overshooting in exchange rates that is often observed in foreign exchange markets today?
Explain how the PI is calculated. What does it measure?
Consider the following cash flow profile and assume MARR is 10 percent/year and the finance rate is 4 percent/year. a. Determine the MIRR for this project. b. Is this project economically attractive?...
Paige Company has completed all of its operating budgets. The sales budget for the year shows 50,000 units and total sales of $2,000,000. The total unit cost of making one unit of sales is $22....
Path for Ampere's law Plane surface Bulging surface A parallel-plate capacitor with plates of radius R is being charged by the current ic. Recall Ampere's Law B.d-po Although there is no current...
The following extracts are taken from the day books of David Conlon for the three months ended 30 June 2004. Additional information: (i) As at 1 April 2004 there was a debit balance in the VAT...
From the following day book extracts, construct a VAT account for the month of May 2019. Additional information: Cash sales inclusive of VAT for May totalled 484.10. Net figures (before addition of...
What are four modern sentencing options? Under what circumstances might each be appropriate?
Engulf and Devour, Inc., ("Engulf") has just announced an offer to acquire all of the shares of Generic Industries, Inc., ("Generic"). Engulf will pay 2 shares of Engulf stock for every share of...
Carney Co has three CGUs -X, Y and Z. On 1 December, Carney Co acquired a competitor, Wine Co with identifiable assets of $120 000, giving rise to $90 000 goodwill. Prior to the acquisition, the...
Determine the missing amount for each of the following: Assets Liabilities Owners' Equity $38,000 $45,000 $30,000 $22,000 $53,000 $32,000
High-employment deficit or surplus is: a. an extreme economic situation requiring emergency measures. b. the amount of deficit or surplus available when employment is at its approximately full...
Microsoft Corporation develops, produces, and markets a wide range of computer software including the Windows operating system. Microsoft reported the following information about Net Sales Revenue...
An 80-lb uniform cylinder is acted upon by a 50-lb force as shown. Knowing that the cylinder rolls without slipping, determine (a) The acceleration of its center G, (b) The minimum value of the...
The manager of a local convenience store is expanding his line of small toy items. To price these new items, the manager is looking at the prices being charged by competing retailers in his area. For...
If opening inventory is 3,000, closing inventory 5,000, sales 40,000 and margin 20 per cent, then inventory turnover is (A) 8 times (B) 71/2 times (C) 5 times (D) 6 times
For simplicity and convenience, this chapter discusses accountants as working in practice, in industry or in the public sector. However, some organisations might not fall neatly into one of these...
There is now growing disapproval from some sections of the public of the elaborate tax planning arrangements that tax advisers at some accounting firms have recommended to their clients. These...
When choosing to follow someone, what do you look for in that person? Does ones position define him or her as a leader? Why or why not? Support your definition through evidence and example.
A certain wire has a resistance of 9 7 Q . What is the resistance of a second wire, made of the same material, that is 1 / 4 as long and has 1 / 4 the diameter? A certain wire has a resistance of \ (...
Two forces P and Q act on an object of mass 1 3 . 0 kg with Q being the larger of the two forces. When both forces are directed to the left, the magnitude of the acceleration of the object is 1 . 4 0...

From the following day book extracts, construct a VAT account for the month of June 2007. Additional

Question:

Net figures (before addition of VAT) for June 2007 Sales for month Purchases for month Returns inwards for month Returns outwards for month 7,450 5,780 874 1,010

Step by Step Answer:

2007 Jun 30 VAT on purchases Jun 30 VAT on returns in...View the full answer

Frank Woods Business Accounting Basics

Students also viewed these Business questions