Write journals to post the following transactions. (VAT is chargeable at 20 per cent.) 1. The purchase
Question:
Write journals to post the following transactions. (VAT is chargeable at 20 per cent.)
1. The purchase of a motor vehicle for £12,000 (gross) in cash.
2. The purchase of goods for £500 (net price quoted).
3. The sale of goods – net value £2,000 – for cash.
4. The sale of goods – net value £3,500 – on credit to S. Silver.
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1 The journal is as follows i 12000 Purchase of motor vehicle ...View the full answer
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Related Book For
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas
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