Calculate the Value Added Tax (VAT) payable to
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Calculate the Value Added Tax (VAT) payable to / refundable by the South African Revenue Services (SARS) using the following information
|
Sales |
R 10 000 |
|
Cost of sales |
R 4 000 |
|
Machine purchased |
R 30 000 |
|
Salaries and wages |
R2 500 |
Round off to the nearest rand and assume a VAT rate of 15% where applicable
For every transaction clearly indicate whether VAT is applicable or not.
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