VAT Nominal Account Codes Quiz

Which VAT nominal account code is used for VAT on Purchases?

Which account code is used for VAT Liability?

Which VAT nominal account code is associated with VAT Liability?

In the example provided, what is the total amount of the purchase invoice including VAT?

What is the amount debited to the 'VAT on Purchases' account?

What happens to the VAT amount when you enter a VAT-applicable sales invoice?

In the example provided, what is the debit amount for Trade Debtors?

In the example provided, what is the credit amount for Other Income?

What is the credit amount for VAT on Sales – Holding Account in the example?

What happens when you run a VAT return?