From the following day book extracts, construct a VAT account for the month of June 2007. Additional

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From the following day book extracts, construct a VAT account for the month of June 2007. image text in transcribed

Additional information:
(i) Cash sales inclusive of VAT for June totalled £985.
(ii) Fixed assets were purchased for £2,350 during June which includes VAT of £350 which could be reclaimed.

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Frank Woods Business Accounting Basics

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Authors: Frank Wood, Mr David Horner

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Question Posted: Mar 08, 2024 07:01 AM

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From the following day book extracts, construct a VAT account for the month of June 2007. Additional

Question:

Net figures (before addition of VAT) for June 2007 Sales for month Purchases for month Returns inwards for month Returns outwards for month 7,450 5,780 874 1,010

Step by Step Answer:

2007 Jun 30 VAT on purchases Jun 30 VAT on returns in...View the full answer

Frank Woods Business Accounting Basics

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