The bookkeeper of Cooper Ltd. calculated the amount payable to SARS to be R112 539 The internal auditor found discrepancies in the calculation. REQUIRED: Calculate the correct amount payable to SARS, VAT is charged at 15% INFORMATION: () VAT on shop equipment purchased was not taken into account. The equipment amount of R15 525 was inclusive of VAT. (ii) VAT of R22 500 on a vehicle purchased by the company was recorded as output VAT. (iii) VAT of R7 500 was incorrectly added to a sale of R50 000. The sale of R50 000 was subject to a trade discount of 8%.
The bookkeeper of Cooper Ltd. calculated the amount payable to SARS to be R112 539 The internal auditor found discrepancies in the calculation. REQUIRED: Calculate the correct amount payable to SARS, VAT is charged at 15% INFORMATION: () VAT on shop equipment purchased was not taken into account. The equipment amount of R15 525 was inclusive of VAT. (ii) VAT of R22 500 on a vehicle purchased by the company was recorded as output VAT. (iii) VAT of R7 500 was incorrectly added to a sale of R50 000. The sale of R50 000 was subject to a trade discount of 8%.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
Transcribed Image Text:(iii)
VAT refundable by SARS is a / an (asset/ liability) to the business.
.2
The bookkeeper of Cooper Ltd. calculated the amount payable to SARS to be R112 539
The internal auditor found discrepancies in the calculation.
REQUIRED:
Calculate the correct amount payable to SARS, VAT is charged at 15%.
INFORMATION:
(i)
VAT on shop equipment purchased was not taken into account. The
equipment amount of R15 525 was inclusive of VAT.
(ii)
VAT of R22 500 on a vehicle purchased by the company was recorded as
output VAT.
(ii)
VAT of R7 500 was incorrectly added to a sale of R50 000. The sale of R50 000
was subject to a trade discount of 8%.
CTIVITY A2
2.1
(i)
(ii)
(ii)
Amount
Details
2.2
112 539
Incorrect amount payable
(i)
(ii)
(ii)
41414D
Correct amount payable
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