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Cain and Abel are connected persons. Cain, a registered vendor sells trading stock valued at $10 000 to Abel, who only paid an amount of
Cain and Abel are connected persons. Cain, a registered vendor sells trading stock valued at $10 000 to Abel, who only paid an amount of NSA 000 for this trading stock. Abel is also a registered vendor, but he is not entitled to a full input tax deduction (only 60%). All figures are inclusive of VAT Required: Show the output tax figure for Cain Answer: Cain and Abel are connected persons. Cain, a registered vendor sells trading stock valued at $10 000 to Abel, who only paid an amount of NSA 000 for this trading stock. Abel is also a registered vendor, but he is not entitled to a full input tax deduction (only 60%). All figures are inclusive of VAT Required: Show the output tax figure for Cain
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel
17th edition
1119503663, 1119571480, 1-119-50368-2, 111950368X, 978-1119503668
