Question
QUESTION TWO (a) Elikem (Pty) Ltd manufactured inventories at a cost of R10 000 (VAT included). The inventories were sold for R15 000 (VAT included).
QUESTION TWO
(a) Elikem (Pty) Ltd manufactured inventories at a cost of R10 000 (VAT included). The inventories were sold for R15 000 (VAT included). If all inventory sales qualify as standard-rated supplies, determine the net VAT due to/ (refundable by) SARS.
(b) Elikem (Pty) Ltd manufactured inventories at a cost of R15 000 (VAT included). The inventories were sold for R25 000 (VAT included). If all inventory sales qualify as zero-rated supplies determine the net VAT due to/ (refundable by) SARS. (
c) Elikem (Pty) Ltd manufactured inventories at a cost of R12 000 (VAT included). The inventories were sold for R13 000. If all inventory sales are exempt supplies for VAT purposes, determine the net VAT due to/ (refundable by) SARS.
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