Exam (elaborations)
Tax3701 Assignment 1 semester 1 2024
- Institution
- University Of South Africa (Unisa)
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3/26/24, 2:57 PM Assessment 1 (page 1 of 50)TAX3701-24-S1 Assessment 1
QUIZ
Question 1
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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.
a. R20 211
b. R17 152
c. R19 102
d. R16 043
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=16421217&cmid=845477 1/1
,3/26/24, 2:58 PM Assessment 1 (page 2 of 50)
TAX3701-24-S1 Assessment 1
QUIZ
Question 2
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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.
a. R82 800
b. R31 304
c. R82 043
d. R32 061
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=16421217&cmid=845477&page=1 1/1
, 3/26/24, 2:59 PM Assessment 1 (page 3 of 50)
TAX3701-24-S1 Assessment 1
QUIZ
Question 3
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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:
Standard rated supplies R21 000 000
Zero-rated supplies R6 500 000
Exempt supplies R10 000 000
Total value of supplies R37 500 000
Required:
Which Value-Added Tax period is the South African Revenue Service likely to
categorise Rainy Day Ltd under?
a. Category A
b. Category D
c. Category C
d. Category E
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=16421217&cmid=845477&page=2 1/1
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