24 Q.3.1 Joe Smith is a VAT-registered vendor running a homemade pie shop, retailing to the public. Joe Smith bought a microwave oven for R4 000 from his local Game store, also a registered VAT vendor. He paid the R4 000 using his business debit card and received a cash till slip from the Game store's cash register. Required: (1) Q.3.1.1 Would the cash till slip be sufficient to be considered a valid source document thereby allowing Joe Smith to claim VAT back from SARS? Q.3.1.2 Into which VAT category would the purchase of the microwave oven fall? (1) Q.3.1.3 What would distinguish this till slip from a full tax invoice? (2) The Independent Institute of Education (Pty) Ltd 2024 Page 5 of 11 Q.3.2 Complete the following table by calculating and filling in the missing amounts Fb listed as A to F below: You are not required to redraft the table in your answer. Just write down the letter and the correct answer. Mark-up on cost Cost price Profit (VAT exclusive) (VAT exclusive) 1. 200 % A B Selling Price (6) (VAT exclusive) R6 000 Mark-up on selling price (gross margin) Cost price Profit Selling Price (VAT exclusive) (VAT exclusive) (VAT exclusive) 2. 25% C R100 D 3. E R2 500 R500 F 2024