[A] Instructions: Compute the VAT Payable (refer to the photo) for the third quarter. (Show solution) A. A VAT registered person had the following transactions during the thirdquarter 2018:467,500112,00055,000330,000506,00093,500a. Cash Purchasesb. Purchases on Accountc. Purchase Returnsd. Cash Salese. Sales on Accountf. Sales Return and AllowancesRequired: Compute the VAT Payable for the third quarter.

Name: [A] Instructions: Compute the VAT Payable (refer to the photo) for the
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Description: [A] Instructions: Compute the VAT Payable (refer to the photo) for the third quarter. (Show solution) A. A VAT registered person had the following transactions during the thirdquarter 2018:467,500112,00055,000330,000506,00093,500a. Cash Purchasesb. P

The current VAT rate in Botswana is 14%. Therefore, the VAT liability will be computed with respect…

Business

Accounting

A. A VAT registered person had the following transactions during the third quarter 2018: a. Cash Purchases b. Purchases on Account c. Purchase Returns d. Cash Sales e. Sales on Account f. Sales Return and Allowances P 467,500 112,000 55,000 330,000 506,000 93,500 Required: Compute the VAT Payable for the third quarter.

A. A VAT registered person had the following transactions during the third quarter 2018: a. Cash Purchases b. Purchases on Account c. Purchase Returns d. Cash Sales e. Sales on Account f. Sales Return and Allowances P 467,500 112,000 55,000 330,000 506,000 93,500 Required: Compute the VAT Payable for the third quarter.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

[A] Instructions: Compute the VAT Payable (refer to the photo) for the third quarter. (Show solution)

A. A VAT registered person had the following transactions during the third
quarter 2018:
467,500
112,000
55,000
330,000
506,000
93,500
a. Cash Purchases
b. Purchases on Account
c. Purchase Returns
d. Cash Sales
e. Sales on Account
f. Sales Return and Allowances
Required: Compute the VAT Payable for the third quarter.

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