VAT Flashcards
1
Q
how can VAT be calculated?
A
by taking the gross amount, and dividing it by 6.
2
Q
gross amount = ?
A
VAT included
3
Q
Net amount = ?
A
no VAT included
4
Q
how can you work out gross amount from VAT?
A
£24/20x120=£144
5
Q
what does the sales day book conta9in?
A
general info:
the net amount
the gross amount
Vatw
6
Q
where si the gross amount sent?
A
to the receivables acc
7
Q
where is the net amount sent?
A
to the sales acc
8
Q
what si the VAT amount sent?
A
VAT ACC
9
Q
what can a recieveables ledger acc be used for?
A
detailing the individual customers accounts and balances?
10
Q
A
