The Sales Day Book for X limited listing the sales made on credit for the month of January 20X1 was as follows:-
SALES DAY BOOK
DATE CUSTOMER Invoice Total Sales VAT
$ $ $
3/1 A Ltd 1,100 1,000 100
5/1 B Ltd 3,300 3000 300
7/1 C Ltd 2,200 2000 200
14/1 D Ltd 3,300 3,000 300
What numbers would be posted to the ledger accounts at the end of January 20X1?
ANSWER ACCORDING TO Kaplan
total invoice total=$14,300 would be posted to Accounts receivable.
Total sales=$13,000 would be posted to the Sales Account.
Total VAT on sales=$1,300 would be posted to the VAT account.
ok so i do understand where each transaction goes to, but I don’t understand where they arrived at these total figures,
someone please explain?
Looks like a misprint:
I would suggest:
DR accounts receivable 9,900
CR VAT 900
CR Sales 9000
(by the way, I think you should have posted this to the F3 forum)
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