Consider the following account: (i) What does the balance on May 1 represent? (ii) Calculate the balance
Question:
Consider the following account:
(i) What does the balance on May 1 represent?
(ii) Calculate the balance for June 1.
(iii) Where will the balance for June 1 appear in the final accounts?
Transcribed Image Text:
2003 May 31 May 31 May 31 Balance c/d VAT on purchases VAT on returns inwards 289 12 ? 609 VAT 2003 May 1 May 31 May 31 June 1 Balance b/d VAT on sales VAT on returns outwards Balance b/d 56 546 7 609 ?
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Related Book For
Frank Woods Business Accounting Basics
ISBN: 9780273725008
1st Edition
Authors: Frank Wood, Mr David Horner
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