ABBA COMPANY LIMITED is the company registered in Thailand and is VAT registrant. The company is...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
ABBA COMPANY LIMITED is the company registered in Thailand and is VAT registrant. The company is the manufacturer and trader of travelling bag. In November 2018, there has the following business transaction:- 1. Buy the leather for manufacturing of travelling bag from L Co.,Ltd. 2. Pay the payroll for 10 staffs (equally) in the production line 3. Pay for electricity usage in the plant and office to MEA (State Enterprise) 4. Pay for consult fee of the month to Company C (Thai co.) 5. Pay for royalty fee for the month to Company D. (Japanese) 6. Receive the cash sale of travelling for the month from all customer 7. Received the interest income from the saving account of the company 8. Pay the interest on loan from bank at the principal of loan at 1,000,000 Baht with According to the loan agreement, monthly payment is required. 9. Machine depreciation calculation charged to manufacturing cost of the month 10. Receive the monthly franchise fee from the franchisee for the month as follow. Franchisee XX YY Sale of the month (VAT INCLUSIVE) $42,000 Baht $56,000 Baht Vat Calculation for Tax month Income amount Less: 0% sale Taxable income Output tax amount 100,000 Baht. 330,000 Baht. ||| 120,000 Baht. 30,000 Baht. 50,000 Baht. % of sale (not include VAT) (under the franchise agreement) 2 Assumption: All amount is excluded VAT (if VAT applied) unless it is noted as others. Interest receive or payment is not VAT Business. Calculate the VAT Liability for the month. Purchase amount Input tax amount Tax to be paid /(over paid) Less Input tax carry fwd from previous month Net tax payable/(over paid) 700,000 Baht. 10,000 Baht. the interest rate 7.5% per annum 39,000 Baht 0000 ABBA COMPANY LIMITED is the company registered in Thailand and is VAT registrant. The company is the manufacturer and trader of travelling bag. In November 2018, there has the following business transaction:- 1. Buy the leather for manufacturing of travelling bag from L Co.,Ltd. 2. Pay the payroll for 10 staffs (equally) in the production line 3. Pay for electricity usage in the plant and office to MEA (State Enterprise) 4. Pay for consult fee of the month to Company C (Thai co.) 5. Pay for royalty fee for the month to Company D. (Japanese) 6. Receive the cash sale of travelling for the month from all customer 7. Received the interest income from the saving account of the company 8. Pay the interest on loan from bank at the principal of loan at 1,000,000 Baht with According to the loan agreement, monthly payment is required. 9. Machine depreciation calculation charged to manufacturing cost of the month 10. Receive the monthly franchise fee from the franchisee for the month as follow. Franchisee XX YY Sale of the month (VAT INCLUSIVE) $42,000 Baht $56,000 Baht Vat Calculation for Tax month Income amount Less: 0% sale Taxable income Output tax amount 100,000 Baht. 330,000 Baht. ||| 120,000 Baht. 30,000 Baht. 50,000 Baht. % of sale (not include VAT) (under the franchise agreement) 2 Assumption: All amount is excluded VAT (if VAT applied) unless it is noted as others. Interest receive or payment is not VAT Business. Calculate the VAT Liability for the month. Purchase amount Input tax amount Tax to be paid /(over paid) Less Input tax carry fwd from previous month Net tax payable/(over paid) 700,000 Baht. 10,000 Baht. the interest rate 7.5% per annum 39,000 Baht 0000
Expert Answer:
Answer rating: 100% (QA)
VAT Calculation for the month of November 2018 Particulars Baht Baht Income Amount 2286916 Less 0 Sa... View the full answer
Related Book For
Managing Operations Across the Supply Chain
ISBN: 978-0078024030
2nd edition
Authors: Morgan Swink, Steven Melnyk, Bixby Cooper, Janet Hartley
Posted Date:
Students also viewed these accounting questions
-
Exhibit 1.16 presents common-size income statements and balance sheets for six firms that operate at various stages in the value chain for the pharmaceutical industry. These common-size statements...
-
1.) On January 1, 2014, Jack Company issues $3,744,000, 6%, 10-year bonds for cash of $3,013,464 when the market rate of interest is 9%. The bonds pay interest semi-annually on June 30 and December...
-
Depreciation calculation methods. Millco, Inc., acquired a machine that cost $400,000 early in 2013. The machine is expected to last for eight years, and its estimated salvage value at the end of its...
-
Landry State University, a public university located in Louisiana, has a June 30 fiscal year. On July 20 of the current year, Landry State University receives $2,125,000 in payments from the U.S....
-
How do cardinality constraints and participation constraints relate to the notions of total and partial participation?
-
Juarez Inc. had the following inventories on March 1: Finished Goods ........................... $15,000 Work in Process ........................... 19,070 Materials...
-
What are the three types of employees who work in MNEs? Explain how an HCN could change to become a TCN in an MNE.
-
Consider the following forecast results. Calculate MFE, MAD, and MAPE, using the data for the months January through June. Does the forecast model under- or over-forecast? MONTH ACTUAL DEMAND...
-
Calculate the loan risk associated with a $3 million, five-year loan to a BBB-rated corporation in the computer parts industry that has a duration of 3.5 years. The cost of funds for the bank is 8...
-
The following table lists the actual per-gallon prices for unleaded regular gasoline for June of each year between 1978 and 1986, together with the values of the CPIs for those years. For each year...
-
Consider the wheel-axel assembly subjected to a force, F =174 Newtons as shown in the link below. The mass of the wheel axel assembly is m =10 kg and the radius of gyration is k G =0.1m, The radius...
-
What strategy/tactic might marketers use to see which competitors' items are competing against their own items and to identify market segments so they can gauge how well their items are positioned to...
-
1. Determine the term "culture." Describe one analytical framework that may be used to measure and analyze the culture of a society. 2. Religion is an element of culture. How does the religion of...
-
Choose a recent television commercial and identify the objectives each appears to attempt to accomplish. Inquiry: If you were a marketer working for this company, what procedure would you use to...
-
Do you think organizations that promote professional ethics are effective? Why or why not? 2. What should employees do when one of their colleagues or a company executive is being investi-gated for...
-
When do you use your mental shortcut (system 1) to make purchase decisions?When do you use deliberate and rational thinking (system 2) to make purchase decisions? What are the pros and cons of...
-
Use synthetic division to find the quotient and the remainder. 3r3+24r2+32r-33 r+6
-
The packaging division of a company having considered several alternative package designs for the company's new product has finally brought down their choices to two designs of which only one has to...
-
Conduct an FMEA for a simple service or tangible product with which you are familiar. Identify a few failure modes, estimate the RPNs, and recommend possible improvements.
-
Can you think of an organization that has benefited by extending social responsibility to its supply chain? What about one whose supply chain practices have hurt its reputation?
-
What arguments would you use in order to justify tightening the limits used on a tracking signal control chart? How about for loosening the limits?
-
You are an options dealer who deals in non-publicly traded options. One of your clients wants to purchase a one-year European call option on HAL Computer Systems stock with a strike price of \($20.\)...
-
\(50 \mathrm{~m}^{3}\) of air at \(18^{\circ} \mathrm{C}\) DBT and \(12^{\circ} \mathrm{C}\) WBT are mixed with \(20 \mathrm{~m}^{3}\) of dry air at \(32^{\circ} \mathrm{C}\) DBT and \(24^{\circ}...
-
Which production process would use an assembly line? a. Continuous production b. Intermittent process c. Mass customization d. Lean production
Study smarter with the SolutionInn App