Your organization owed VAT of $22,700 at the beginning of the month.
During the month, it sold standard-rated goods with a net value of $600,000. Its purchases and expenses during the same month amounted to $188,000 including VAT. It paid VAT to the Revenue and Customs, of $33,400. The VAT rate is 17.5%
At the end of the month, the balance on the VAT account was:
Goodwill should be shown on the statement of financial position under the following heading:
Refer to the exhibit.
A company has the following current assets and liabilities at its most recent year end:
When measured against standard acceptable levels for liquidity, the company can be said to have:
Refer to the Exhibit.
A company that is VAT-registered has the following transaction for the month of March. All purchases were in respect of goods for resale and all items were subject to VAT at 17.5%.
Opening inventory was $16,200 and closing inventory was $18,400.
The gross profit for the period was
