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ABC ltd is registered for VAT the obligation and had the following transactions in the month of July 2019: Kshs Sales ..........................3,289,500 Purchases ......................981,000 The
ABC ltd is registered for VAT the obligation and had the following transactions in the month of July 2019:
Kshs
Sales ..........................3,289,500
Purchases ......................981,000
The above figures are VAT exclusive and the VAT rate is 16%, apart from purchases of Kshs 245,500 where the applicable rate is 8%.
One of the customers withheld VAT of Kshs 65,300
The firm had a credit position of Kshs 188,700 in the month of June
Required
Show the VAT position of ABC ltd for the month. If there is any amount payable, when should the company pay it?
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