UK VAT on sales/purchase returns

Joined
Mar 31, 2015
Messages
4
Reaction score
0
Country
United Kingdom
Hello everyone!

I am quite new to accounting and I am not sure about everything yet. This question might be very obvious to you, however, its a nightmare for me. o_O

I was provided with a list of Sales and Purchases with dates of transactions, company names, invoice numbers and net amounts.All companies are registered for VAT so I worked out gross amounts for the transactions and transferred them to T-accounts.

However, what happens with returns? I have got a list of Sales Returns and a list of Purchase Returns also with the net amounts only. Should I work out the gross amount (i.e. amount with VAT included) again and then transfer them to T-accounts?

Thanks in advance for any ideas
Have a great day! :)
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Members online

No members online now.

Forum statistics

Threads
11,790
Messages
27,864
Members
21,814
Latest member
RickyglicE

Latest Threads

Top