Output vat - Study guides, Study notes & Summaries

FIN2112 Application based assignment for the October Exam Cycle (DETAILED ANSWERS) 2023 100% TRUSTED workings, explanations and solutions. For assistance call or us on +/ 2/ 5/ 4 /7 /7 /9 /5 /4 /0 /1 /3 /2 . Question 1 (20 Marks) The partnership agreement of Madi-Maxi Traders provided for the following: Balances on 1 March 20.19: Capital: Madi R 125 000 Maxi R 85 000 Current Account: Madi R 24 000 Maxi R 8 000 (debit) Net profit for the period: R 366 000 Transactions during the...

8/10/23, 8:26 PM Assessment 1: Attempt review Time taken 34 mins 45 secs Marks 88.00/100.00 Grade 80.00 out of 100.00 UNISA 2023 FAC1502-23-S2Welcome MessageAssessment 1 QUIZ Time left 0:43:45 Question 1 An entity has the following income and expenditure for the nancial year: Sales: R33 000; Salaries: R11 000; Interest income: R1 000; Insurance Not yet expense: R1 500. answered Marked out of The net pro t or loss of the entity using the basic accounting...

TAX3701 EXAM PACK 2023 EXAM WITH NGN QUESTIONS AND OMPLETE WELL EXPLAINED ANSWERS WITH RATIONALE 100% CORRECT VERIFIED BY EXPERTS AND GRADED A+ LATEST UPDATE 2024[ALREADY PASSED] Question 1: Transaction number Transaction details/Description Input Tax / Output Tax Reasons Calculation Amount 1. Sales Comission to Employees Input Vat Part of PAYE Calculation - Exempt Supply Nil Nil 2a) New Ford Rangers - Purchase Input Vat Company Vehicles - * 15% 5 400 000 2b) New Ford ...

Macro economics The study of the performance and behaviour of an economy as a whole. mixed economy An economic system that allows both the government and the private sector to allocate resources, e.g. the UK has a mixed economy. Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brainpower Read More Business Cycle A measure of the regular fluctuations in the level of economic activity. It is made up of the following elements...

BTEC Unit 5: Data Modelling - Assignment 2 & 3 Learning Aim B & C 2023. Functions the model must perform: For the section, there are many functions that the model must perform. Generally, these functions require complex calculation that is built in the project named “Microsoft Excel”. The functions that currently exist in this project are: SUM – This function will be used to calculate the total cost between number1 and number2 by adding up these together. An example could be adding al...

CHAPTER 2 1. The Vat on importation is a business tax. 2. The final withholding VAT is a business tax. 3. The VAT on importation is 12% of the value added on importation. 4. The VAT on importation is 12% of the receipts from the sale of services abroad. 5. Importation is subject to either VAT or percentage tax. 6. The final withholding VAT is 12% of the contract price of purchased services from within the Philippines. 7. The sale of services abroad is subject to 12% final withhol...

What is vat charged on - Answer The sale of taxable supplies by a taxable person What is a taxable person - Answer a sole trader, partnership, limited company, club or association making taxable supplies What is a taxable supply - Answer One one which output vat is chargeable and input vat can be recovered and will be zero rated, reduced rated or standard rated. When will the vat rates differ from normal - Answer Before 2011. This is particularly applicable when looking at purch...

VERSION 1 1.The inexperienced accounting clerk wrongfully entered the manager's salary of R11 000 into the insurance account. The correcting double-entry would be ... Select one: A. dr salaries, R11 000 and cr bank, R11 000. B. dr salaries, R22 000 and cr insurance, R22 000. C. dr capital, R11 000 and cr salaries, R11 000. D. dr insurance, R11 000 and cr salaries R11 000. E. dr salaries, R11 000 and cr insurance, R11 000. Clear my choice Question 2 Answer saved Marked ...

Fac1501 Assignment 3 Semester 2 2023 Input Tax - ANS-VAT on purchases of goods and services. Claimed back from SARS Output Tax - ANS-VAT charged on the supply of goods and or services. Amount paid to SARS Input Tax is larger than Output Tax - - ANS-Claims the amount of the difference from SARS. (Refundable) Output Tax is larger than Input Tax - - ANS-the difference is payable to SARS. Ledger Accounts of VAT (3) - ANS-VAT Input Account VAT Output Account VAT Control Account Purp...

CHAPTER 2 1. Resident foreigners are not subject to the VAT on importation. 2. All agricultural or aquaculture inputs are VAT exempt. 3. The sale of processed agricultural products is vatable. 4. The importation of books and newspapers is VAT-exempt. 5. The importation of life-saving equipment is VAT-exempt. 6. The lease of aircrafts or vessels from non-residents is exempt from final withholding VAT. 7. The purchase of services from foreign consultants is exempt from f...