In each case, calculate the answer if VAT is payable on all items at 14%. 1. A

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In each case, calculate the answer if VAT is payable on all items at 14%.

1. A cash slip for R171 is issued and the mark-up is 25%. Find the cost price.

2. Goods cost R296.40. Transport of R11.40 and additional packaging of R17.10 were spent on these goods.

– The goods are sold at a gross profit of 30% on cost.

– What does the customer pay at the till?

3. A retailer wishes to achieve a gross margin of 25%. If goods cost R1 125 (VAT excl.), what will the customer pay at the till?

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Related Book For  answer-question

Fundamental Accounting

ISBN: 9781485112112

7th Edition

Authors: David Flynn, Carolina Koornhof, Ronald Arendse, Anna C. E. Coetzee, Edwardo Muriro, Louise Christel Posthumus, Louise Mancy Smit

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