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Accounting

Assume that a wholesaler purchased goods from a manufacturer for £34.50 (gross price), the VAT is 15% and the VAT paid by the manufacturer was £4.50. The markup on the merchandise is £10. What is the net amount of VAT paid by the wholesaler to Customs and Excise?

a. £1.50

b. £5

c. £46

d. £6

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M942290

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