1- James owns a grocery store in north Westley, UK. He purchased £50,000 worth of goods from his suppliers and sold for £100,000 worth of goods to his customers in the month of September 2019 excluding VAT. The rate of VAT is 10%. Calculate the input VAT? a. £5,000 b. £10,000 c. £4,000 d. None of the options

1- James owns a grocery store in north Westley, UK. He purchased £50,000 worth of goods from his suppliers and sold for £100,000 worth of goods to his customers in the month of September 2019 excluding VAT. The rate of VAT is 10%. Calculate the input VAT? a. £5,000 b. £10,000 c. £4,000 d. None of the options

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. What are the advantages and disadvantages of offering credit? 2. What precautions should she take before offering credit to people like John? 3. If Kate grants credit to John, the terms will be 2/10, n/30. Assuming the payment is made during the 10-day discount period, what would be the journal entry to record the sale and then subsequent payment? 4. If instead of playing early John pays in 25 days, what would the journal entry to record the payment? 5. Rather than providing the financing directly, assume that Kate decides to allow the use of credit cards. Further, assume that during the month there is 15,000 worth of credit cards sales. Provide the journal entry to record the sales, along with the associated credit card fee. The cost of goods sold total is 13,500.
no. 2 and no. 3 please
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25-James owns a grocery store in north Westley, UK. He purchased £50,000 worth of goods from his suppliers and sold £100,000 worth of goods to his customers in the month of September 2019 excluding VAT. The rate of VAT is 10%. Calculate the output VAT? a. £10,000 b. £4,000 c. None of the options d. £5,000
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Question 1