TAX3701 - Taxation Of Business Activities (TAX3701)
All documents for this subject (106)
3
reviews
By: glacianana • 4 months ago
By: nontembekotubela7 • 8 months ago
By: jacqueshofsta • 8 months ago
Seller
Follow
ExpertAcademy
Reviews received
Content preview
3/26/24, 2:57 PM Assessment 1 (page 1 of 50)
TAX3701-24-S1 Assessment 1
QUIZ
Question 1
Answer saved
Marked out of 1.00
Tshesane (Pty) Ltd is a registered Value-Added Tax (VAT) vendor that makes only
taxable supplies. Below is a summary of income received during the two-months
period ended 31 December 2023:
Interest income R23 450
Revenue from sales of goods R123 000
Insurance receipt (in respect of damaged microwave used by staff) R8 500
All amounts include VAT unless otherwise stated.
Required:
Calculate the total output tax arising from the above transactions.
Sanders Ltd, is a registered Value-Added Tax (VAT) vendor that makes only taxable
supplies. Below is a summary of expenditure incurred during the two-months period
ended 31 December 2023.
Fuel for delivery vehicle R5 800
Acquisition of a ve-seater company car R389 000
Trading stock purchases R240 000
All amounts include VAT unless otherwise stated.
Required:
Calculate the total input tax arising from the above transactions.
Rainy Day Ltd is a South African resident company that distributes rain and storm
protective wear. The South African Revenue Service is satis ed that the company
will make the following supplies during the next twelve-months period:
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ExpertAcademy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $4.70. You're not tied to anything after your purchase.