The following summary of transactions were obtained from the books of Zawadi Ltd., a company registered...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following summary of transactions were obtained from the books of Zawadi Ltd., a company registered for value added tax (VAT) for the month of October 2020: Sh. Sales at standard rate 1,480,000 364,000 Exports to a foreign country Audit fees 78,300 Electricity bills 36,400 Imported raw materials 320,000 Purchases at standard rate 624,500 700,000 Exempt supplies Catering services 94,000 120,000 Entertainment services Telephone bills 28,000 Car parking services 50,000 64,000 Bottled drinking water for staff Zero rated supplies (exports) Repairs of motor vehicles 240,000 76,200 Additional information: 1. 2. Sales at standard rate include goods valued at Sh.280,000 purchased at standard rate and sold at the same state. Imported raw materials was exclusive of freight charges of Sh.80,000 and insurance premium of Sh.40,000. Import duty rate was at 20%. 3. A debtor was issued with a credit note for goods valued at Sh.48,000 and this had not been passed through the relevant daybook. 4. The company issued debit notes valued at Sh.164,000 in respect to under invoicing of some customers. 5. Repairs of motor vehicles include Sh.20,000 for fuels and oils supplied to the company. Transactions are exclusive of VAT at the rate of 14% where applicable. Required: The VAT payable by or refundable to Zawadi Ltd. for the month of October 2020. (10 marks) (Total: 20 marks) The following summary of transactions were obtained from the books of Zawadi Ltd., a company registered for value added tax (VAT) for the month of October 2020: Sh. Sales at standard rate 1,480,000 364,000 Exports to a foreign country Audit fees 78,300 Electricity bills 36,400 Imported raw materials 320,000 Purchases at standard rate 624,500 700,000 Exempt supplies Catering services 94,000 120,000 Entertainment services Telephone bills 28,000 Car parking services 50,000 64,000 Bottled drinking water for staff Zero rated supplies (exports) Repairs of motor vehicles 240,000 76,200 Additional information: 1. 2. Sales at standard rate include goods valued at Sh.280,000 purchased at standard rate and sold at the same state. Imported raw materials was exclusive of freight charges of Sh.80,000 and insurance premium of Sh.40,000. Import duty rate was at 20%. 3. A debtor was issued with a credit note for goods valued at Sh.48,000 and this had not been passed through the relevant daybook. 4. The company issued debit notes valued at Sh.164,000 in respect to under invoicing of some customers. 5. Repairs of motor vehicles include Sh.20,000 for fuels and oils supplied to the company. Transactions are exclusive of VAT at the rate of 14% where applicable. Required: The VAT payable by or refundable to Zawadi Ltd. for the month of October 2020. (10 marks) (Total: 20 marks)
Expert Answer:
Answer rating: 100% (QA)
Zawadi Ltd Calculation of VAT payable or refundable Taxable Particulars Amount VAT VAT Amount Taxabi... View the full answer
Related Book For
Advanced Accounting
ISBN: 978-0134472140
13th edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
Posted Date:
Students also viewed these accounting questions
-
Sunny-day Ltd is a company registered for Value Added Tax (VAT) in the United Kingdom. The following information is available in respect of Sunny-day Ltds VAT for the quarter ended 31 March 2021:...
-
The following summary of the earnings per share (in U.S. $), price-earnings (P-E), payout, and dividend yield ratios is available for five years ended December 31 for Barrick Gold Corporation:...
-
The following summary of the earnings per share, price-earnings (P-E), payout, and dividend yield ratios is available for five years ended December 31 for TransAlta Corporation: Instructions (a) What...
-
1. The standard price per unit of materials is used in the calculation of which of the following variances? Materials price variance Materials quantity variance a NO NO b NO YES c YES NO d YES YES 2...
-
Your client needs a new car and is trying to decide whether to (1) buy and pay cash, (2) buy fully financed, or (3) lease. The following terms are available: If the car is purchased for cash: - Cost...
-
The voltage and current through an element are, respectively, V(t) = 30 cos(t + 25) + 10 cos(2t + 35) + 4 cos(3t - 10) V I(t) = 2 cos t + cos (2t + 10) A (a) Find the average power delivered to the...
-
For each description of a cost change in items a through \(g\), indicate whether the cause is due to (1) underlying cost behavior, (2) inflation or deflation, (3) supply or supplier cost adjustments,...
-
Be Sands purchased the business Regional Supply Co. for $285,000 cash and assumed all liabilities at the date of purchase. Regional's books showed assets of $280,000, liabilities of $40,000, and...
-
YEAR 0 YEAR 1 YEAR 2 YEAR 3 YEAR 4 54 PROFORMA 55 56 PGI 57 -VCL 58 EGI 59-OE 60 -CAPX 61 NOI 62-DS 63 BTCF 64 -TAXES (given) 65 ATCF 66 67 PURCHASE PRICE 68 69 SP 70-SELLING EXPENSES (6%). 71 NSP 72...
-
? ?? Journalize the closing entries. Include Posting References, using the account numbers in your spreadsheet. Refer to your answers from Chapter 4, Part 1 to complete this part. If an amount box...
-
ABC Company gained significant influence over Y Company by purchasing 30 percent of the common stock of the Y Company for SR100, 000, Y earned income of SR 60,000 and pays dividends of SR 20,000....
-
What is the best evidence of the collectibility of an account?
-
As organizations have become more dependent on reliability of information systems, they have become more aware of the need to maintain quality of systems and the data/information derived from them....
-
How does the auditor perform a sales cutoff test?
-
Audit staff have to be skilled and experienced enough to understand the complexities of modern control systems. Discuss how this might be achieved.
-
For an aged trial balance prepared by the client, explain (a) the auditor's responsibilities and (b) the specific types of data he may obtain therefrom.
-
1. Considering the Gronroos model of value cocreation how could you as a client have positively changed the experienced service?
-
(a) With not more than 300 words, examine why Malaysia missed its 2020 targets to divert 40% of waste from landfills and increase recycling rates to 22%. (10 marks) b) Why arent Malaysian recycling?...
-
Controlling share of consolidated net income is a measurement of income to the stockholders of the parent, but does a change in cash as reflected in a statement of cash flows also relate to other...
-
Unrealized profit in the ending inventory is eliminated in consolidation workpapers by increasing cost of sales and decreasing the inventory account. How is unrealized profit in the beginning...
-
What are the major revenue groupings of hospitals? Give an example of a revenue item that would be included in each grouping.
-
Something may be rare, but if it is not _________ it is not scarce.
-
Capital includes human capital, the _________ people receive from _________.
-
_________ goods include fairness, friendship, knowledge, security, and health.
Study smarter with the SolutionInn App