The business accounts for VAT on a two-monthly basis. REQUIRED: Calculate the final amount payable to...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The business accounts for VAT on a two-monthly basis. REQUIRED: Calculate the final amount payable to SARS on 31 July 2023. (You may prepare a VAT Control Account to assist in your calculations). INFORMATION: The following information is for July 2023 (i.e the transactions happened in July 2023). Balance owed by SARS on (01/07/2023) Cash and credit sales invoices Purchases of trading stock Defective stock returned to suppliers Discount allowed to debtors for prompt payment New office equipment bought on credit INCLUDING VAT 1026000,00 627000,00 2223,00 ? 10830,00 EXCLUDING VAT 892,173.91 545,217.39 1,933.04 47,800.00 ? VAT AMOUNT 11200,00 133,826.09 81,782.61 289.96 ? ? The business accounts for VAT on a two-monthly basis. REQUIRED: Calculate the final amount payable to SARS on 31 July 2023. (You may prepare a VAT Control Account to assist in your calculations). INFORMATION: The following information is for July 2023 (i.e the transactions happened in July 2023). Balance owed by SARS on (01/07/2023) Cash and credit sales invoices Purchases of trading stock Defective stock returned to suppliers Discount allowed to debtors for prompt payment New office equipment bought on credit INCLUDING VAT 1026000,00 627000,00 2223,00 ? 10830,00 EXCLUDING VAT 892,173.91 545,217.39 1,933.04 47,800.00 ? VAT AMOUNT 11200,00 133,826.09 81,782.61 289.96 ? ?
Expert Answer:
Related Book For
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
Posted Date:
Students also viewed these finance questions
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
You measure 30 textbooks' weights, and find they have a mean weight of 72 ounces. Assume the population standard deviation is 4 ounces. Based on this, construct a 90% confidence interval for the true...
-
Bow and arrow Figure 6.38 shows how the force exerted by the string of a compound bow on an arrow varies as a function of how far back the arrow is polled (the draw length). Assume that the same...
-
Find the volume obtained by rotating the region bounded by the given curves about the specified axis. a. y = sin x, y = 0 , /2 x about the x-axis. b. y = sinx, y = cos x, 0 x about the x-axis
-
Alternatives 1, 2, and 3 have lives of 3, 4, and 6 years, respectively. Their net cash flow (NCF) and salvage value (SV) profiles are as follows: Additional explanation is necessary: The NCF profile...
-
Blueline Tours, Inc., operates tours throughout the United States. A study has indicated that some of the tours are not profitable, and consideration is being given to dropping these tours to improve...
-
Thompson's Hardware spent $46,370 this year on business insurance alone. If total sales were $765,500, what percent of total sales was spent on business insurance? Round to the nearest tenth.
-
APC, Inc is a venture capital firm that invests in new businesses to help them grow. Wyatt Newark owns and serves as a chef at Earp's, a restaurant with a Western design that he operates as a sole...
-
Examining Sellman Origin of Shang and Zhou Law Origin of Shang and Zhou Law, what does he argue about for and what does he argue against?
-
According to the Adams v. Krueger case in our textbook, the doctor's nurse practitioner (NP) diagnosed plaintiff with genital herpes when, in fact, she had a yeast infection. The doctor failed to...
-
Darla has an annual income of $120 that she spends on movies, at $10 per show, and All Other Goods. Suppose a movie theatre offers to sell her a pass that will allow her to see any amount of movies...
-
Writ the C++ code of queue which is performed multiple task which are given below and performed all task by using Arrays. I.En-queue values 10, 20, 5 , 50, 40, 60, 45 II.De-queue values 45, 60, and...
-
Fire Roasted primarily used a specialty blend, Saint Drogo, for its classic drip coffee. Saint Drogo was made with 40 per cent Brazilian beans, 30 per cent Peruvian beans, and 30 per cent Costa Rican...
-
You have just graduated from college. In school, you and your classmates planned to put up an anti-aging cosmetic business, to put into actual practice what you have learned in the business school. ...
-
As used by the internal auditing profession, the standards refers to all of the following except: a. Criteria by which the operations of an internal audit department are evaluated and measured. b....
-
In a certain school district, 3% of the faculty use none of their sick days in a school year. Find the probability that 5 faculty members selected at random used no sick days in a given year.
-
You receive this information from a client for employees who work at an hourly rate: Overtime is paid at one-and-a-half times the hourly rate, and on Sundays overtime is twice the normal rate....
-
You have been given these financial statement extracts of Speed Merchants (Pty) Ltd: Notes relating to statement of profit or loss & other comprehensive income: 1. Gross profit % = 15%. 2. Tax rate =...
-
Here is a list of balances and totals extracted from the general ledger of Rowells Replacements Ltd at 31 December 20x3, other than share capital, reserves and dividends paid: The post-closing trial...
-
A radar has the following parameters: peak power \(P_{t}=50 \mathrm{~kW}\); total losses \(L=5 \mathrm{~dB}\); operating frequency \(f_{0}=5.6 \mathrm{GHz}\); noise figure \(F=10 \mathrm{~dB}\) pulse...
-
A radar generates \(100 \mathrm{~kW}\) of power and has \(1 \mathrm{~dB}\) of loss between the power tube and the antenna. The radar is monostatic with a single antenna that has a gain of \(38...
-
Starting with Eq. (3.94), derive Eq. (3.95), assume \(u_{0}=2 \mathrm{~cm}^{-1}\). In your analysis you may assume that \(\left(4 \pm \frac{1}{\lambda^{2}}ight) \approx 4\). Equation (3.94) Equation...
Study smarter with the SolutionInn App