G. Browns sales including VAT were 130,000 in November 2020, then 150,000 in December 2020, and 110,000

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G. Brown’s sales including VAT were £130,000 in November 2020, then £150,000 in December 2020, and £110,000 during January 2021.

Suppose that the rate of VAT was 20% until 31 December 2020 and 22.5% from 1 January 2021.

Exactly three-fifths of Brown’s net sales are subject to VAT, the rest being zero-rated.

What is the correct total credit to Output VAT in Brown’s general ledger for the quarter to 31 January 2021?

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Frank Woods Business Accounting An Introduction To Financial Accounting

ISBN: 9781292365435

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Authors: Alan Sangster, Lewis Gordon, Frank Wood

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Question Posted: Feb 29, 2024 09:01 AM

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G. Browns sales including VAT were 130,000 in November 2020, then 150,000 in December 2020, and 110,000

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Frank Woods Business Accounting An Introduction To Financial Accounting

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