A VAT-registered traders credit purchases and sales, without including VAT, were 380,000 and 420,000 respectively. VAT rate
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A VAT-registered trader’s credit purchases and sales, without including VAT, were £380,000 and £420,000 respectively. VAT rate applicable is 17.5%. £4,800 was paid as VAT. Set out
(a) How these transactions will appear on a Trial Balance and
(b) The HM Revenue and Customs account.
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Related Book For
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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