Determine the amount of VAT to be paid by TREVISE for the month of September N (VAT
Question:
Determine the amount of VAT to be paid by TREVISE for the month of September N (VAT collected and payable on sales - deductible VAT on purchases), justifying your answers.
TREVISE", a company based in Paris, manufactures machines.
It carried out the following transactions in September N:
1 - conclusion in September N of a sale of goods to a French company for 7,000 euros, physically delivered in September N and paid in October N, 2 - conclusion in September N of a sale of goods to a Colombian company for 10,000 euros, physically delivered in September N and settled in September N.
3 - purchase of raw materials in September N from an Italian supplier for 60,000 euros, physically received in September N and paid for in September N.
All figures are given exclusive of VAT and the applicable VAT rate for the year is 20%.
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon