Answered step by step
Verified Expert Solution
Link Copied!

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

image text in transcribed

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Accounting

Authors: David Flynn, Carolina Koornhof, Ronald Arendse, Anna C. E. Coetzee, Edwardo Muriro, Louise Christel Posthumus, Louise Mancy Smit

7th Edition

1485112117, 9781485112112

More Books

Students also viewed these Finance questions

Question

=+For a different audience? In another tone of voice?

Answered: 1 week ago

Question

=+Can it illicit audience participation?

Answered: 1 week ago

Question

=+Create an open dialogue among users?

Answered: 1 week ago