JAT
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:XYZ (Pty) Ltd carries on a manufacturing business and asks that you calculate the VAT payable
or refundable to it, during the VAT period, based on the following information. All amounts are
inclusive where applicable:
Sales of inventory
Sale of fixed assets
Rental received from letting residential house
Consulting fee
Interest received
Purchase of materials
Rent paid
Wages paid
Bad debts
Required:
3.1
228 000
57 000
4 000
114 000
33 600
102 600
10 260
55 000
42 000
Calculate the VAT payable to or refundable from SARS assuming a VAT rate of 14%
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