Q1A Your client, Weekend Tax Class Limited is a registered VAT trader engaged in mixed supplies. For the month of May,2020 the company's sales, purchases and expenses were as detailed below: 2 7 8 S/N DESCRIPTION OF TRANSACTIONS GHC Sales on taxable supply (inclusive of VAT) 20,000 Sales on taxable supplies to the Togo Embassy 1,000 Sales relating to exempt supply 4,000 4 Amount paid to A-A&A as audit fees (VAT inclusive 2,500 5 Purchases of Motor Vehicle (Saloon type) (VAT inclusive) 25,000 6 Purchases relating solely to relief supply (VAT exclusive) 6,500 Sales for export (VAT inclusive) 15,000 Purchases of taxable supplies (VAT inclusive) 9,500 9 Purchases relating solely to exempt supply from a VAT 3,000 registered trader (VAT inclusive) Payment of internet expenses (VAT inclusive) 2,500 11 Payment of electricity expenses (VAT exclusive) 3,000 Import purchases for the entire business (VAT exclusive) 12,000 You are required to calculate the following: (1) Output VAT for the month of May 2020 5 marks (ii) Deductible Input VAT for the month of May 2020 12 marks (iii)Net tax payable/refund for the month of May 2020 3 marks (iv)Use the solution to the above to complete the VAT monthly returns forms (Standard & the Levies, make any assumption where appropriate) 20 marks 10 12 Q1A Your client, Weekend Tax Class Limited is a registered VAT trader engaged in mixed supplies. For the month of May,2020 the company's sales, purchases and expenses were as detailed below: 2 7 8 S/N DESCRIPTION OF TRANSACTIONS GHC Sales on taxable supply (inclusive of VAT) 20,000 Sales on taxable supplies to the Togo Embassy 1,000 Sales relating to exempt supply 4,000 4 Amount paid to A-A&A as audit fees (VAT inclusive 2,500 5 Purchases of Motor Vehicle (Saloon type) (VAT inclusive) 25,000 6 Purchases relating solely to relief supply (VAT exclusive) 6,500 Sales for export (VAT inclusive) 15,000 Purchases of taxable supplies (VAT inclusive) 9,500 9 Purchases relating solely to exempt supply from a VAT 3,000 registered trader (VAT inclusive) Payment of internet expenses (VAT inclusive) 2,500 11 Payment of electricity expenses (VAT exclusive) 3,000 Import purchases for the entire business (VAT exclusive) 12,000 You are required to calculate the following: (1) Output VAT for the month of May 2020 5 marks (ii) Deductible Input VAT for the month of May 2020 12 marks (iii)Net tax payable/refund for the month of May 2020 3 marks (iv)Use the solution to the above to complete the VAT monthly returns forms (Standard & the Levies, make any assumption where appropriate) 20 marks 10 12