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b) Joey Ltd is a VAT registered company involved in retail trading. During the month of August, 2019 the business had summarized their business transactions
b) Joey Ltd is a VAT registered company involved in retail trading. During the month of August, 2019 the business had summarized their business transactions as follows: Sales K Sales of standard rated supplies (VAT Inclusive) 60.000 Sale of zero-rated supplies 40,000 Inputs Purchase of standard rated items on which VAT is claimable (VAT Exclusive) 15.000 Diesel Expenses (VAT Inclusive) 5.800 Petrol expenses (VAT exclusive) 10.000 Entertainment expenses (VAT inclusive) 3,000 Telephone services 4.000 24,000 Required Compute the VAT payable/repayable by the company for the given month
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