Question 2. Petty cash is controlled under an imprest system. The imprest amount is £100. During a period, payments totaling £53 have been made. How much needs to be reimbursed at the end of the period to restore petty cash to the imprest account?

Question 3. Lira sells goods worth £18700 and buys goods for £14500. Both transactions include Sales tax at 17.5% on the listed price. Calculate how much does Lira has to pay the tax authorities in respect of these two transactions?

Question 4. Invoice has been issued for......

Question 5. Which of the following is a source document for petty cash?

Question 6. A business in its first period of trading charges £4,000 of sales tax on its sales and suffers £3,500 of sales tax on its purchases which include £250 sales tax on business entertaining. What is the amount owed to tax authorities?

Question 7. W is registered for sales tax. The managing director has asked four staff in the accounts department why the output tax for the last quarter does not equal 17.5% of sales (17.5% is the rate of tax). Which one of the following four replies she received was not correct?

Question 8. With respect to sales tax which of the following statements is correct?

Question 9. Anwar makes sales in the quarter of £34,075 including sales tax at 17.5%. His total purchases net of sales tax are £11,010, of which £2,500 is for zero rated goods.

How much should he pay to the government?

Question 10. The following information relates to Eva Co's sales tax for the month of March 20X9:

Sales (including sales tax) 109,250

Purchases (net of sales tax) 64,000

Sales tax is charged at a flat rate of 15%. Eva Co's sales tax account showed an opening credit balance of £4,540 at the beginning of the month and a closing debit balance of £2,720 at the end of the month.

What was the total sales tax paid to regulatory authorities during the month of March 20X9?

Question 11. A sales tax registered trader has recorded the following transactions during the accounting period.

(1) Standard rated sales 200,000

(2) Purchases 150,000

Included in purchases are the purchases of a motor car for £20,000, a photocopier for £8,000 and entertaining expenses of £5,000. Sales tax is not recoverable on the motor car or entertainment expenses.

All figures are given inclusive of sales tax at 17.5%.

How much input tax can be reclaimed by the trader?

Question 12. Mandy sells goods worth £25,500 inclusive of sales tax and buys goods for £18,100 excluding sales tax. Relevant rate of Sales tax is 17.5% on the listed price. Calculate how much does Mandy has to pay the tax authorities in respect of these two transactions?

A Quotation has been made ………… the sales order placed.

Sale orders are source documents that are recorded in the sales daybook. True or false?

Input VAT cannot be reclaimed if the expenditure has been made via petty cash. True or false?

Which of the following is not a book of original entry?

When an entity returns goods to a supplier it will expect to receive from the supplier…

The contribution of employees in NI is ...

The cash book is the book of original entry for…

Sales tax is due on all sales. Is this statement correct?

Sales tax is determined ...(1)... and ...(2)...