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问答题3.SmartLtdcommencedtradingon1September2014.Thecompany’ssalesforthefirstfourmonthsoftradingwereasfollows:On1November2014,thecompanysignedacontractvaluedat£86,000forcompletionduringNovember2014.Alloftheabovefiguresarestatedexclusiveofvalueaddedtax(VAT).SmartLtdonlysuppliesservicesandallofthecompany’ssuppliesarestandardrated.SmartLtdallowsitscustomers60dayscreditwhenpayingforservices,anditisconcernedthatsomecustomerswilldefaultonthepaymentoftheirdebts.Thecompanypaysitspurchaseinvoicesassoonastheyarereceived.SmartLtddoesnotuseeithertheVATcashaccountingschemeortheannualaccountingscheme.Required:
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