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

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

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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