(Marks: 25) (6) 2.3.1 Question 3 Explain what is meant by the term VAT and provide a short explanation on how the VAT system works. 2.3.2 Complete the following table by providing the missing information: Possible source document: (5) Transaction: Business sells goods or services for cash Duplicate tax invoice with payment terms The customer of the business sold to on credit, returns goods or requests a rebate after the sale Petty Cash voucher & original cash slip from supplier. Received money from a debtor for part or full payment on account -3 Explain when a full tax invoice and an abridged tax invoice is required? 4 If a customer buys good or services amounting to R3 000 from a business that uses only traditional cash registers, would a cash slip be appropriate as a source document? What would distinguish this document from a full tax invoice? 5 Complete the following table by filling in the missing amounts: Profit Mark-up on Cost Price Selling Price Cost (excluding VAT) (excluding VAT) (excluding VAT) 25% 1 000 100% 6 000 1 500 2 500