Namibia

16:04 elearning.nust.na 11 Question 27 Not yet answered Marked out of 1 p Flag question At which rate is VAT on salaries and wages charged? Select one: a. 15% b. 14% c. 0% d. None of the above Q Search... 16:04 elearning.nust.na 11 Malimina Mills Pty Ltd is a registered VAT vendor specialising in selling maize meal and related products. The following information was compiled for the month of May 2019: On 05 May 2019, sold maize meal to PicnPay for N$450,000 (including VAT) on credit On 10 May 2019, purchased Corn from Corny Shop for N$300,000 excluding VAT and paid by EFT. On 15 May 2019, Pick n Pay returned maize meal to the value of N$50,000 including VAT. Q Search... 16:04 elearning.nust.na 11 N$300,00 excluding VAT and paid by EFT. On 15 May 2019, Pick n Pay returned maize meal to the value of N$50,000 including VAT. Which type of VAT would you record for sales returns? Select one: a. Input VAT b. Output VAT c. Zero-rated VAT d. Exempted DDCVIOUC.DAT a Search... 16:03 elearning.nust.na 11 On January 1st 2020, Fire enterprises recorded credit sales of N$5,000 (VAT inclusive), a cash payment for electricity of N$600 (VAT exclusive) on February 28th. How do these transactions affect the accounting equation? (2) Select one: a. Asset 4,400 Owners' Equity= 4,400 + Liabilities o b. Asset 4,310 Owners' Equity= 4,310 + Liabilities o c. Asset 4,347 Owners' Equity= 4,347 + Liabilities o Q Search... 16:02 elearning.nust.na 11 Which of the following affects the relevance of financial information? Select one: a. Complete recording of information b. Fairness and freedom from bias c. Material omission or misstatement of influential information d. Reporting of financial information that can be compared to previous year information Q Search... 16:02 elearning.nust.na 11 On 06 May 2019, paid N$50,000 of the amount owed to Masima Transporters. On 10 May 2019, purchased Corn from Corny Shop for N$300,000 excluding VAT and paid by EFT. On 15 May 2019, PicnPay returned maize meal to the value of N$50,000 including VAT Given the information above, calculate the total amount to be credited to the bank account for the month of May (3) a Search... 1 16:01 elearning.nust.na 11 On 01 May 2019, the company purchased a delivery vehicle costing N$150,000 including VAT from Masima Transporters on credit On 05 May 2019, sold maize meal to PicnPay for N$450,000 (including VAT) on credit On 06 May 2019, paid N$50,000 of the amount owed to Masima Transporters. On 10 May 2019, purchased Corn from Corny Shop for N$300,000 excluding VAT and paid by EFT. Q Search... 16:02 elearning.nust.na 11 VAT Given the information above, calculate the total amount to be credited to the bank account for the month of May (3) Select one: a. 395,000 b. 350,000 c. N$500,000 d. 495,000 PREVIOUS PAGE a Search... 16:00 elearning.nust.na 11 Malimina Mills Pty Ltd is a registered VAT vendor specialising in selling maize meal and related products. Malimina Mills Pty Ltd makes use of the perpetual inventory system to account for inventory. On 01 May 2019, the company purchased a delivery vehicle costing N$150,000 (including VAT) from Masima Transporters on credit Using the above information, at what amount should the vehicle be recognised on May 1st 2019? (2) Q Search... 16:01 elearning.nust.na 11 Not yet answered Marked out of 3 p Flag question Malimina Mills Pty Ltd is a registered VAT vendor specialising in selling maize meal and related products. The company makes use of the perpetual inventory system to account for inventory. During the month of May 2019, the following transactions took place. Assume a standard VAT rate of 15% is used. a Search... 16:00 elearning.nust.na 11 voor the company purchased a delivery vehicle costing N$150,000 (including VAT) from Masima Transporters on credit Using the above information, at what amount should the vehicle be recognised on May 1st 2019? (2) Select one: a. 150,000 b. 127,500 c. 130,435 d. 169,565 Q Search... 15:59 elearning.nust.na 11 Using the above information, calculate the amount of VAT due to/from the Receiver for the period. (6) Select one: a. 7,174 VAT Payable to Receiver b. 12,391 VAT Receivable from Receiver c. 5,869 VAT Receivable from Receiver d. 15,000 VAT Payable to Receiver DREVIOUS DAGE a Search... 15:58 elearning.nust.na 11 Marked out of 1 p Flag question Select the appropriate journal entry for closing off other income from gain on sale of vehicle. Select one: a. Dr Gains Cr Trading Account b. Dr Trading Account Cr Gains c. Dr Gains Cr Profit or Loss d. Dr Profit or Loss Cr Gains Q Search... 15:57 elearning.nust.na 11 9,000 Gain on disposal of vehicle 300 Using the given data, what is the value of gross profit (2) Select one: a. 12 000 b. 9 000 c. 11 700 d. 9 300 PREVIOUS PAGE Q Search... 15:59 elearning.nust.na 11 on credit. On 05 May 2019, sold maize meal to PicnPay for N$450,000 including VAT on credit On 06 May 2019, paid N$50,000 of the amount owed to Masima Transporters. On 10 May 2019, purchased Corn from Corny Shop for N$300,000 excluding VAT and paid by Electronic Fund Transfers (EFT). On 15 May 2019, PicnPay returned maize meal to the value of N$50,000 including VAT. a Search... 15:59 elearning.nust.na 11 Using the above information, calculate the amount of VAT due to/from the Receiver for the period. (6) Select one: a. 7,174 VAT Payable to Receiver b. 12,391 VAT Receivable from Receiver c. 5,869 VAT Receivable from Receiver d. 15,000 VAT Payable to Receiver DREVIOUS DAGE a Search... 15:58 elearning.nust.na 11 Malimina Mills Pty Ltd is a registered VAT vendor specialising in selling maize meal and related products to the general public. Malimina Mills Pty Ltd makes use of the perpetual inventory system to account for inventory. During the month of May 2019, the following transactions took place. Assume a standard VAT rate of 15% is used. On 01 May 2019, the company purchased a delivery vehicle costing N$150,000 including VAT from Masima Transporters on credit Q Search... 16:01 elearning.nust.na 11 Not yet answered Marked out of 3 p Flag question Malimina Mills Pty Ltd is a registered VAT vendor specialising in selling maize meal and related products. The company makes use of the perpetual inventory system to account for inventory. During the month of May 2019, the following transactions took place. Assume a standard VAT rate of 15% is used. a Search... 16:04 elearning.nust.na 11 Question 27 Not yet answered Marked out of 1 p Flag question At which rate is VAT on salaries and wages charged? Select one: a. 15% b. 14% c. 0% d. None of the above Q Search... 16:04 elearning.nust.na 11 Malimina Mills Pty Ltd is a registered VAT vendor specialising in selling maize meal and related products. The following information was compiled for the month of May 2019: On 05 May 2019, sold maize meal to PicnPay for N$450,000 (including VAT) on credit On 10 May 2019, purchased Corn from Corny Shop for N$300,000 excluding VAT and paid by EFT. On 15 May 2019, Pick n Pay returned maize meal to the value of N$50,000 including VAT. Q Search... 16:04 elearning.nust.na 11 N$300,00 excluding VAT and paid by EFT. On 15 May 2019, Pick n Pay returned maize meal to the value of N$50,000 including VAT. Which type of VAT would you record for sales returns? Select one: a. Input VAT b. Output VAT c. Zero-rated VAT d. Exempted DDCVIOUC.DAT a Search... 16:03 elearning.nust.na 11 On January 1st 2020, Fire enterprises recorded credit sales of N$5,000 (VAT inclusive), a cash payment for electricity of N$600 (VAT exclusive) on February 28th. How do these transactions affect the accounting equation? (2) Select one: a. Asset 4,400 Owners' Equity= 4,400 + Liabilities o b. Asset 4,310 Owners' Equity= 4,310 + Liabilities o c. Asset 4,347 Owners' Equity= 4,347 + Liabilities o Q Search... 16:02 elearning.nust.na 11 Which of the following affects the relevance of financial information? Select one: a. Complete recording of information b. Fairness and freedom from bias c. Material omission or misstatement of influential information d. Reporting of financial information that can be compared to previous year information Q Search... 16:02 elearning.nust.na 11 On 06 May 2019, paid N$50,000 of the amount owed to Masima Transporters. On 10 May 2019, purchased Corn from Corny Shop for N$300,000 excluding VAT and paid by EFT. On 15 May 2019, PicnPay returned maize meal to the value of N$50,000 including VAT Given the information above, calculate the total amount to be credited to the bank account for the month of May (3) a Search... 1 16:01 elearning.nust.na 11 On 01 May 2019, the company purchased a delivery vehicle costing N$150,000 including VAT from Masima Transporters on credit On 05 May 2019, sold maize meal to PicnPay for N$450,000 (including VAT) on credit On 06 May 2019, paid N$50,000 of the amount owed to Masima Transporters. On 10 May 2019, purchased Corn from Corny Shop for N$300,000 excluding VAT and paid by EFT. Q Search... 16:02 elearning.nust.na 11 VAT Given the information above, calculate the total amount to be credited to the bank account for the month of May (3) Select one: a. 395,000 b. 350,000 c. N$500,000 d. 495,000 PREVIOUS PAGE a Search... 16:00 elearning.nust.na 11 Malimina Mills Pty Ltd is a registered VAT vendor specialising in selling maize meal and related products. Malimina Mills Pty Ltd makes use of the perpetual inventory system to account for inventory. On 01 May 2019, the company purchased a delivery vehicle costing N$150,000 (including VAT) from Masima Transporters on credit Using the above information, at what amount should the vehicle be recognised on May 1st 2019? (2) Q Search... 16:01 elearning.nust.na 11 Not yet answered Marked out of 3 p Flag question Malimina Mills Pty Ltd is a registered VAT vendor specialising in selling maize meal and related products. The company makes use of the perpetual inventory system to account for inventory. During the month of May 2019, the following transactions took place. Assume a standard VAT rate of 15% is used. a Search... 16:00 elearning.nust.na 11 voor the company purchased a delivery vehicle costing N$150,000 (including VAT) from Masima Transporters on credit Using the above information, at what amount should the vehicle be recognised on May 1st 2019? (2) Select one: a. 150,000 b. 127,500 c. 130,435 d. 169,565 Q Search... 15:59 elearning.nust.na 11 Using the above information, calculate the amount of VAT due to/from the Receiver for the period. (6) Select one: a. 7,174 VAT Payable to Receiver b. 12,391 VAT Receivable from Receiver c. 5,869 VAT Receivable from Receiver d. 15,000 VAT Payable to Receiver DREVIOUS DAGE a Search... 15:58 elearning.nust.na 11 Marked out of 1 p Flag question Select the appropriate journal entry for closing off other income from gain on sale of vehicle. Select one: a. Dr Gains Cr Trading Account b. Dr Trading Account Cr Gains c. Dr Gains Cr Profit or Loss d. Dr Profit or Loss Cr Gains Q Search... 15:57 elearning.nust.na 11 9,000 Gain on disposal of vehicle 300 Using the given data, what is the value of gross profit (2) Select one: a. 12 000 b. 9 000 c. 11 700 d. 9 300 PREVIOUS PAGE Q Search... 15:59 elearning.nust.na 11 on credit. On 05 May 2019, sold maize meal to PicnPay for N$450,000 including VAT on credit On 06 May 2019, paid N$50,000 of the amount owed to Masima Transporters. On 10 May 2019, purchased Corn from Corny Shop for N$300,000 excluding VAT and paid by Electronic Fund Transfers (EFT). On 15 May 2019, PicnPay returned maize meal to the value of N$50,000 including VAT. a Search... 15:59 elearning.nust.na 11 Using the above information, calculate the amount of VAT due to/from the Receiver for the period. (6) Select one: a. 7,174 VAT Payable to Receiver b. 12,391 VAT Receivable from Receiver c. 5,869 VAT Receivable from Receiver d. 15,000 VAT Payable to Receiver DREVIOUS DAGE a Search... 15:58 elearning.nust.na 11 Malimina Mills Pty Ltd is a registered VAT vendor specialising in selling maize meal and related products to the general public. Malimina Mills Pty Ltd makes use of the perpetual inventory system to account for inventory. During the month of May 2019, the following transactions took place. Assume a standard VAT rate of 15% is used. On 01 May 2019, the company purchased a delivery vehicle costing N$150,000 including VAT from Masima Transporters on credit Q Search... 16:01 elearning.nust.na 11 Not yet answered Marked out of 3 p Flag question Malimina Mills Pty Ltd is a registered VAT vendor specialising in selling maize meal and related products. The company makes use of the perpetual inventory system to account for inventory. During the month of May 2019, the following transactions took place. Assume a standard VAT rate of 15% is used. a Search