A VAT -exclusive price of 320 is charged for a mixed supply of goods. The goods concerned
Question:
A VAT -exclusive price of £320 is charged for a mixed supply of goods. The goods concerned consist of standard -rated goods which cost the supplier £141 (excluding VAT) and zero-rated goods which cost the supplier £19. Calculate the output tax due, assuming a standard rate of 20%.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (1 review)
From the information given the only way of apportioning the price of the mixed ...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
You have been assigned to develop a data warehouse for a credit card company.The data source for the data warehouse will be a relational database consisting of four tables as specified below: Account...
-
A joint-stock company has made the following transactions in a tax month: - Imported 3,000 motorcycles with capacity of 150 cm 3 from Thailand. The price at the border gate of Thailand stated in the...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
The Bay City Parks and Recreation Department is considering building several new facilities, including a gym, an athletic field, a tennis pavilion, and a pool. It will base its decision on which...
-
What are the symptoms of Multiple Sclerosis? Which symptoms are most common?
-
The balance sheets for Plasma Screens Corporation and additional information are provided below. Additional Information for 2021: 1. Net income is $184,000. 2. Sales on account are $1,890,000. 3....
-
Which of the following statements concerning the cash flows of finance best describes why the study of corporate finance is so difficult? a. Both the cash flows to the firm and from the firm are...
-
Aussie Travel uses the contribution margin income statement internally. Aussies second quarter results are as follows: Aussies relevant range is sales of between $ 115,000 and $ 680,000. Requirements...
-
What is the image of the point (0, -1) after a rotation of 180 counterclockwise about the origin?
-
(a) Jim is a sole trade r with a taxable turnover of 7 5,000 per annum. Is he required to register with HMRC? (b)Pearl and Dean are in partnership, operating a business with a taxable turnover of...
-
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...
-
What are the advantages of backwardness for economic growth?
-
Can someone pls assist me with this question Who, in addition to the board, should be given the dashboard and how frequently should the dashboard be updated and how can the dashboard be linked to the...
-
A day on Jupiter is 3.543 x 104 seconds long. How many earthdays are equal to one day on Jupiter?
-
Select all of the following that are elements on the MSN. Multiple select question. Medicare requirements for provider renewals Beneficiary dashboard Helpful tips on how to receive an MSN and...
-
in a computer model of the atmosphere, 20kJ of energy wastransferred as heat to a parcel of air of initial volume 1 m^3 at 1atm. what is the change in enthalpy of the parcel of air.
-
Shadee Corporation expects to sell 620 sun shades in May and 300 in June. Each shade sells for $143. Shadee's beginning and ending finished goods inventories for May are 70 and 55 shades,...
-
Shaquille Corporation has income before tax of $1.6 million and income tax expense of $480,000 for the year ended December 31, 2015, before considering the following items: (1) A $125,000 loss, after...
-
Orange juice producers are dismayed and puzzled. An economist told them that the reason the demand for orange juice fell is that a new technology allow tomato producers to pick ripe tomatoes more...
-
Turquoise Realty Company owns an apartment house that has an adjusted basis of $760,000 but is subject to a mortgage of $192,000. Turquoise transfers the apartment house to Dove, Inc., and receives...
-
Howard's roadside vegetable stand (adjusted basis of $275,000) is destroyed by a tractor-trailer accident. He receives insurance proceeds of $240,000 ($300,000 fair market value less $60,000...
-
For each of the following involuntary conversions, indicate whether the property acquired qualifies as replacement property, the recognized gain, and the basis for the property acquired. a. A...
-
31 BT E R ole]1i 1o 2111Trial balancev For the Quarter Ended May 31, 2022For the Year Ended May 31, 2022May 31, 2022 Totals $ $ Current Attempt in Progress Julia Dumars is a licensed CPA. During the...
-
Chief Customer Officer Jayden Hayden has asked sales analyst Paige Sage to analyze the company's Western Kentucky district. Paige intends to calculate ROAM for the district. She has compiled the...
-
Which of the following statements is correct?If the demand curve for a firm's stock is relatively flat, the firm will have a more difficult time raising alarge amount of new equity funds for...
Study smarter with the SolutionInn App