Question
The average price of a litre of unleaded petrol on 29 August 2009 is 104.5p. The price of a litre of petrol is made up
The average price of a litre of unleaded petrol on 29 August 2009 is 104.5p. The price of a litre of petrol is made up of Value Added Tax at 17.5%, Fuel Duty at 53.65 pence per litre and the amount paid to the retailer.
(a) Calculate the pre-VAT price of petrol and the amount of VAT paid.
(b) At the current price of a litre of petrol what percentage is going to Government?(c) At the current price of a litre of petrol how much is going to the retailer?
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a Let the price paid to the retailer be x The prevat price of petrol the pr...
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Financial Accounting and Reporting
Authors: Barry Elliott, Jamie Elliott
14th Edition
978-0273744535, 273744445, 273744534, 978-0273744443
