Thomas Shilongo had the following expenses for the two-month period ended 31 August 2018. It is a registered vendor for VAT and all amounts include VAT where applicable, all supplies are taxable supplies.

Income	N$
Sales Local cash Sales Local Credit Export Sales Payment was received in advance from a customer for goods on 6 September 2018. Interest received	1573200 3933 000 850 000 161 000 3565
Purchases (all credit) Rent ( July , August , Sept 2018 Bank Charges Purchases of Mercedes Benz 230E + Vehicle for MD Entertainment Clients Fuel + oil Salaries and wages Auditors fees Income tax paid Telephone Bad debts Computers software	818 800 103 500 1610 356 500 13 110 25 080 588 240 31 625 15 900 29 900 58 995 747 500

You are required:

a) Calculate the net VAT payable or Claimable for the period ended 31 August 2018.

b) What will happen if you don’t register as a vendor when your turnover exceeds N$200 000.

Answer rating: 100% (QA)

a Net VAT payable or claimable Output VAT Input VAT Output VA... View the full answer