VAT assignment
IAB LEVEL 3 DIPLOMA IN SMALL BUSINESS FINANCIAL MANAGEMENT
VALUE ADDED TAX ASSIGNMENT
TASK 1
ITEM
NET £
VAT £
TOTAL £
Sales Day Book
June
11875.45
2375.09
14250.54
July
10885.25
2177.05
13062.30
August
7215.28
1443.06
8658.34
TOTALS
29975.98
5995.20
35971.18
Sales Returns Day Book
June
147.5
29.5
177
July
0
0
0
August
100
20
120
TOTALS
247.50
49.50
297
Purchase Day Book
June
6870.26
1002.93
7873.19
July
5885.31
780.39
6665.70
August
5012.55
551.26
5563.81
TOTALS
17768.12
2334.58
20102.70
Purchase Returns Day Book
June
0
0
0
July
96.37
19.27
115.64
August
15.82
3.16
18.98
TOTALS
112.19
22.43
134.62
Petty Cash Book
June
261.47
29.85
291.32
July
258.69
26.84
285.53
August
197.46
19.55
217.01
TOTALS
717.62
76.24
793.86
a) AUGUST 2011: NET: 8658.34 / 6 = £7215.28 VAT: 8658.34 / 1.2 = £1443.06
b) VAT 100 FORM
BOX
AMOUNT £
VAT due in this period on sales and other outputs
1
5945.70
VAT due in this period on acquisitions from other EC Member States
2
0.00
Total VAT due (the sum of boxes 1 & 2)
3
5945.70
VAT reclaimed in this period on purchases and other inputs (including acquisitions from the EC)
4
2388.39
Net VAT to be paid to Customs or reclaimed by you (Difference between boxes 3 & 4)
5
3557.31
Total value of sales and all other outputs excluding any VAT (Round £’s)
6
29728
Total value of purchases and all other inputs excluding any VAT. (Round £’s)
7
18374
BOX 1: SDB vat total – SRBD vat total £5995.20 – £49.50 = £5945.70
BOX 2: = £0.00
BOX 3: Total Output Vat = £5945.70
BOX 4: PDB vat total + Petty Cash vat total – PRDB vat total £2334.58 + £76.24 = £2410.82 £2410.82 – £22.43 = £2388.39
BOX 5: Difference between total output and input vat £5945.70 - £2388.39 = £3557.31
BOX 6: SDB net total – SRDB net total £29975.98 - £247.50 = £29728.48 (Round down to £29728)
BOX 7: PDB net total + Petty Cash total – PRDB net total £17768.12 + £717.62 = £18485.74 £18485.74 - £112.19 =
VALUE ADDED TAX ASSIGNMENT
TASK 1
ITEM
NET £
VAT £
TOTAL £
Sales Day Book
June
11875.45
2375.09
14250.54
July
10885.25
2177.05
13062.30
August
7215.28
1443.06
8658.34
TOTALS
29975.98
5995.20
35971.18
Sales Returns Day Book
June
147.5
29.5
177
July
0
0
0
August
100
20
120
TOTALS
247.50
49.50
297
Purchase Day Book
June
6870.26
1002.93
7873.19
July
5885.31
780.39
6665.70
August
5012.55
551.26
5563.81
TOTALS
17768.12
2334.58
20102.70
Purchase Returns Day Book
June
0
0
0
July
96.37
19.27
115.64
August
15.82
3.16
18.98
TOTALS
112.19
22.43
134.62
Petty Cash Book
June
261.47
29.85
291.32
July
258.69
26.84
285.53
August
197.46
19.55
217.01
TOTALS
717.62
76.24
793.86
a) AUGUST 2011: NET: 8658.34 / 6 = £7215.28 VAT: 8658.34 / 1.2 = £1443.06
b) VAT 100 FORM
BOX
AMOUNT £
VAT due in this period on sales and other outputs
1
5945.70
VAT due in this period on acquisitions from other EC Member States
2
0.00
Total VAT due (the sum of boxes 1 & 2)
3
5945.70
VAT reclaimed in this period on purchases and other inputs (including acquisitions from the EC)
4
2388.39
Net VAT to be paid to Customs or reclaimed by you (Difference between boxes 3 & 4)
5
3557.31
Total value of sales and all other outputs excluding any VAT (Round £’s)
6
29728
Total value of purchases and all other inputs excluding any VAT. (Round £’s)
7
18374
BOX 1: SDB vat total – SRBD vat total £5995.20 – £49.50 = £5945.70
BOX 2: = £0.00
BOX 3: Total Output Vat = £5945.70
BOX 4: PDB vat total + Petty Cash vat total – PRDB vat total £2334.58 + £76.24 = £2410.82 £2410.82 – £22.43 = £2388.39
BOX 5: Difference between total output and input vat £5945.70 - £2388.39 = £3557.31
BOX 6: SDB net total – SRDB net total £29975.98 - £247.50 = £29728.48 (Round down to £29728)
BOX 7: PDB net total + Petty Cash total – PRDB net total £17768.12 + £717.62 = £18485.74 £18485.74 - £112.19 =