Answered step by step
Verified Expert Solution
Question
1 Approved Answer
2.2 (o malks INFORMATION: Krishna (Pty) Ltd (a registered VAT vendor) purchased a second-hand machine on 31 July which was brought into use on that
2.2 (o malks INFORMATION: Krishna (Pty) Ltd (a registered VAT vendor) purchased a second-hand machine on 31 July which was brought into use on that date in a process of manufacture. The purchase price of the machine was made up as follows: Cost price Finance charges (R2 000 per month for 30 months) Foundations (including VAT at 15%) Installation costs R 147 600 R 60 000 R 13 500 R 14 000 The machine was purchased from a person who is not registered as a vendor for VAT purposes. However, the cost of the foundation was incurred from a person registered for VAT purposes. Required: Calculate the cost of the machine
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started