Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 3 [10] You are provided with the following information relating to Hardhat (Pty) Ltd for the VAT period ending April 2022. The standard VAT
Question 3 [10]
You are provided with the following information relating to Hardhat (Pty) Ltd for the VAT period ending April 2022. The standard VAT rate is 15%. All parties involved are VAT vendors.
No. | Transaction for the two-months period | Excluding VAT | VAT amount | Including VAT |
Example | Services Rendered | 1 000 | 150 | 1 150 |
1. | Water and electricity | (a) | 120 | (b) |
2. | Petrol | 1 150 | (c) | (d) |
3. | Interest received | (e) | (f) | 350 |
4. | Trading inventory | 7 900 | (g) | (h) |
Required:
Calculate the relevant amounts (a) to (h) in the table above. Part of the marks will be given for calculations. Round off to two decimals where necessary.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started