Sunshine Hardware Ltd is a VAT registered business filing its VAT returns monthly. You are provided...
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Sunshine Hardware Ltd is a VAT registered business filing its VAT returns monthly. You are provided with the following information: 1. The purchases for the hardware shop, reported inclusive of VAT at the standard rate, are as follows for the month of July 2020 and August 2020: Items 2. 3. 4. a) Paints Planks Gardening equipment b) Hand tools Sundry Articles July Items Paints Planks Gardening equipment Hand tools Sundry Articles Required: Rs 475,600 350,900 150,400 Sunshine Hardware Ltd also purchased Rs 490,000 and Rs 320,000 of exempt supplies for the months of July and August 2020 respectively. August Rs 103,000 150,000 258,800 432,000 The sales policy of the business is such that the hardware shop applies the following profit mark-up: Mark-up 507,800 220,400 197,500 8% 5% 6% 8% 12% The sales relating to the exempt supplies amounted to Rs 312,000 and Rs 280,000 for the months of July and August 2020 respectively. Critically advise the director of Sunshine Hardware Ltd his obligations as a VAT registered person? Calculate the amount of VAT to be remitted by Sunshine Hardware Ltd to the MRA for July and August 2020, showing clearly the input and output tax? Sunshine Hardware Ltd is a VAT registered business filing its VAT returns monthly. You are provided with the following information: 1. The purchases for the hardware shop, reported inclusive of VAT at the standard rate, are as follows for the month of July 2020 and August 2020: Items 2. 3. 4. a) Paints Planks Gardening equipment b) Hand tools Sundry Articles July Items Paints Planks Gardening equipment Hand tools Sundry Articles Required: Rs 475,600 350,900 150,400 Sunshine Hardware Ltd also purchased Rs 490,000 and Rs 320,000 of exempt supplies for the months of July and August 2020 respectively. August Rs 103,000 150,000 258,800 432,000 The sales policy of the business is such that the hardware shop applies the following profit mark-up: Mark-up 507,800 220,400 197,500 8% 5% 6% 8% 12% The sales relating to the exempt supplies amounted to Rs 312,000 and Rs 280,000 for the months of July and August 2020 respectively. Critically advise the director of Sunshine Hardware Ltd his obligations as a VAT registered person? Calculate the amount of VAT to be remitted by Sunshine Hardware Ltd to the MRA for July and August 2020, showing clearly the input and output tax?
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We should work out the Tank to be transmitted for July and August 2020 July 2020 1 Output Expense on ... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Posted Date:
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