A standard-rated supply is made in May 2017 at a price of 340, plus VAT. Calculate the

Question:

A standard-rated supply is made in May 2017 at a price of £340, plus VAT. Calculate the VAT chargeable and the consideration for the supply if:

(a) no discount is offered

(b) a 2% discount is offered for prompt payment and the customer takes advantage of this discount

(c) a 2% discount is offered for prompt payment but the customer decides not to take advantage of this discount.

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

Step by Step Answer:

Related Book For book-img-for-question

Taxation Finance Act 2017

ISBN: 9781292200804

23rd Edition

Authors: Alan Melville

See More Books

Question Posted: Feb 07, 2024 08:28 AM

See More Questions

A standard-rated supply is made in May 2021 at a price of 340, plus VAT. Calculate the VAT chargeable and the consideration for the supply if: (a) No discount is offered (b) A 2% discount is offered...
For each of the following brief scenarios, assume that you are reporting on a clients financial statements. Reply as to the type(s) of opinion (per below) possible for the scenario. In addition: ...
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
The adjusted trial balances of Rosa Corporation at August 31, 2014, and August 31, 2013, include these amounts (in millions): Rosa completed these transactions (in millions) during the year ended...
Does Multiple Sclerosis affect people of different races differently?
The financial statements of Apple Inc. are presented in Appendix A. The complete annual report, including the notes to the financial statements, is available at the companys website. Instructions...
We saw that life on Earth would be impossible without bacteria. Would life on Earth be impossible without eukaryotes?
The mayor of Cambridge, Colorado, wanting to be environmentally progressive, decides to implement a recycling plan. All residents of the city will receive a special three-part bin to separate their...
10. Find the multiplicative inverse of a) 34 mod 51 b) 8765 mod 9451 c) 44 in Z98 d) 7 in Z180
In June 2017 , a standard-rated supply is made at a price of 4,000, plus VAT. The customer is offered a 3% discount if payment is made within 30 days. Calculate the value of the supply and the VAT...
(a) On 1 August 2017, a standard -rated supply is made with a value of 180. Calculate the VAT charged and the consideration for the supply. (b) On 2 January 2018 , a standard -rated supply is made...
The Stevens Company uses a voucher system and records invoices at gross. Record the following transactions in the voucher register and/or check register as appropriate: 201X Aug. 1 Voucher no. 450...
3. a) What is multi-cloud brokering, and why is it becoming increasingly important in the era of connected and federated clouds? [4 marks] b) How do CMPS enable enterprises to scale infrastructure...
(a) What is the difference between object oriented programming language and object based programming language? (b) What is Bytecode and what are its benefits?
Evaluate e-4 et fr-et dt
Question #5 (5 points): What is the difference between concurrent processing and parallel processing?
Find the absolute extrema of f(x) = sin x + cos x on the interval [0,1].
In Figure, the magnetic flux through the loop increases according to the relation B = 6.0t 2 + 7.0t, where B is in milliwebers and t is in seconds. (a) What is the magnitude of the emf induced in...
X-1 Find the domain of the function f(x) : x 1 2 - O (-00, -1) U (-1, ) O (-00, 1) U (1, ) O -00, -1) U (-1, 1) U (1, 0) O (- 1, 1)
(a) Explain what is meant by a "compound" financial instrument. Also explain the required accounting treatment of such an instrument. (b) On 1 April 2022, a company issues a 500,000 4% convertible...
A company which makes only one type of product incurs fixed production overheads of 240,000 during the year to 31 March 2024. Normal production capacity is 80,000 units per annum. Calculate the...
(a) International standard IFRS9 classifies financial assets into three main categories. Identify and explain each of these categories. Also explain the way in which each category of financial asset...
Ethereum (one of the largest altcoins) had its Initial Coin Offering (ICO) on July 30, 2015. Ether tokens were sold during this ICO at 31 per token. On January 13, 2018, the price of one Ether token...
Calculate the following financial ratios and enter them into the table below. Return on Assets = Net Income / Total Assets Return on Equity = Net Income / Equity Debt-to-equity Ratio = Total...
You anticipate a portion of these investments will be financed with fixed-rate mortgage debt, where the effective interest rate (ka = &) is expected to be 5.5% per annum. Assume that the mean and...

A standard-rated supply is made in May 2017 at a price of 340, plus VAT. Calculate the

Question:

Step by Step Answer:

Taxation Finance Act 2017

Students also viewed these Business questions