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29 September, London; 4 November, Bristol; 10 November, London; 18 November, Birmingham;

…the total of the sales day book has been posted incorrectly as £51,010 instead of the correct amount of £50,101 ( ignore VAT)?

There is no advantage whatsoever as vat is accounted for at the point of purchase and, as a result, stock is dealt with net of VAT.

Both vans cost £12,000 plus VAT but the payments are being made via a finance company over a period of three years. Can I offset the input vat for the total amounts through the purchase ledger in the month that the vans were delivered, or do I have to remember to offset the proportion of VAT on the

payments over the next 36 months?

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