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Read the following information carefully: - A company is a registered VAT vendor. The company is registered on the invoice basis for VAT purposes. -
Read the following information carefully: - A company is a registered VAT vendor. The company is registered on the invoice basis for VAT purposes. - All tax invoices were issued to customers correctly and all tax invoices received from suppliers complied with the requirements of Section 20 of the VAT Act. - All amounts include VAT at a rate of 15% unless otherwise stated. - The company supplied the following information for the period May to June 2023: Income - output tax: a Cash sale (VAT included), R242 000 b Credit sales (excluding VAT), R100 000 c Interest received from a South African bank, R23 800 Expenses - input tax: a Bank charges, R2 500 b Interest on bank overdraft (business account only), R3 500 c Fuel expenses (business purposes only), R27 500 d Entertainment expenses (business purposes only), R16 500 e Stock purchases - motor vehicle spares, R340 500 Required: Show all calculations/transactions and round off all amounts to the nearest rand. 5.1. List eight (8) distinct kinds of information that must be included on a tax invoice for VAT purposes. (8) 5.2 Calculate the output tax that must be shown on the 06/2023 VAT return using the following format: (4) 3 Calculate the input tax that must be shown on the 06/2023 VAT return using the following format for this purpose: (8) 4 Calculate the VAT payable by or refundable to the company on the 06/2023 VAT return. (3)
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