Remaining Time: 1 hour, 27 minutes, 13 seconds Question Completion Status: 1 3 QUESTION 2 ABC Limited is registered for VAT, and its sales and purchases are all standard rated The company provides you following information related to VAT return for the quarter ended 30 April 2019 fall of the figures are exclusive of VAT, unless stated otherwise. The company does not operate cash accounting scheme) (1) Standard-rated sales amounted to 160,000. ABC Ltd offers its customers a 5% discount for prompt payment, and this discount is taken by half of the customers. The discount is detalled on the sales invoices (2) Standard-rated purchases and expenses amounted to 35,660. This figure includes E490 for entertaining uk customers. (3) On 15 April 2019 the company wrote off impairment losses (bad debts of 2,300 and 890 in respect of invoices due for payment on 8 August 2018 and 15 December 2018 respectively (4) Supplied goods amounting to E2.500 to a customer in Belgium who is VAT registered there, (5) On 30 April 2019 the company purchased a motor car at a cost of E18,450 for the use of a sales person, and machinery at a cost of 23,400. Both these figures are inclusive of VAT. The motor car is used for both business and private mileage (6) Restaurant bills: 5,000 (only half is for entertaining non-UK customers) Required: For the quarter ended 30 April 2019, compute the followings for ABC Limited: (a) Determine the amount of VAT for each of (1) to (6) above, (b) The amount of VAF payable/refundable). TTT Ariel 3 (120 QUESTION 2 ABC Limited is registered for VAT and its sales and purchases are all standard rated, The company provides you following information related to VAT return for the quarter ended 30 April 2019 (all of the figures are exclusive of VAT, unless stated otherwise. The company does not operate cash accounting scheme): (1) Standard-rated sales amounted to 160,000. ABC Ltd offers its customers a 5% discount for prompt payment and this discount is taken by half of the customers. The discount is detailed on the sales invoices (2) Standard rated purchases and expenses amounted to 35,660. This figure includes E490 for entertaining UK customers. (3) On 15 April 2019 the company wrote off impairment losses (bad debts) of 2,300 and 890 in respect of invoices due for payment on August 2018 and 15 December 2018 respectively. (4) Supplied goods amounting to 2,500 to a customer in Belgium who is VAT registered there. (5) On 30 April 2019 the company purchased a motor car at a cost of 18,450 for the use of a sales person, and machinery at a cost of 23,400, Both these figures are inclusive of VAT. The motor car is used for both business and private mileage (6) Restaurant bills: 5,000 (only half is for entertaining non-UK customers) Required: For the quarter ended 30 April 2019, compute the followings for ABC Limited: (a) Determine the amount of VAT for each of (1) to (6) above. (b) The amount of VAT payable/refundable). For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). TTT Arial 3 (126) T Remaining Time: 1 hour, 27 minutes, 13 seconds Question Completion Status: 1 3 QUESTION 2 ABC Limited is registered for VAT, and its sales and purchases are all standard rated The company provides you following information related to VAT return for the quarter ended 30 April 2019 fall of the figures are exclusive of VAT, unless stated otherwise. The company does not operate cash accounting scheme) (1) Standard-rated sales amounted to 160,000. ABC Ltd offers its customers a 5% discount for prompt payment, and this discount is taken by half of the customers. The discount is detalled on the sales invoices (2) Standard-rated purchases and expenses amounted to 35,660. This figure includes E490 for entertaining uk customers. (3) On 15 April 2019 the company wrote off impairment losses (bad debts of 2,300 and 890 in respect of invoices due for payment on 8 August 2018 and 15 December 2018 respectively (4) Supplied goods amounting to E2.500 to a customer in Belgium who is VAT registered there, (5) On 30 April 2019 the company purchased a motor car at a cost of E18,450 for the use of a sales person, and machinery at a cost of 23,400. Both these figures are inclusive of VAT. The motor car is used for both business and private mileage (6) Restaurant bills: 5,000 (only half is for entertaining non-UK customers) Required: For the quarter ended 30 April 2019, compute the followings for ABC Limited: (a) Determine the amount of VAT for each of (1) to (6) above, (b) The amount of VAF payable/refundable). TTT Ariel 3 (120 QUESTION 2 ABC Limited is registered for VAT and its sales and purchases are all standard rated, The company provides you following information related to VAT return for the quarter ended 30 April 2019 (all of the figures are exclusive of VAT, unless stated otherwise. The company does not operate cash accounting scheme): (1) Standard-rated sales amounted to 160,000. ABC Ltd offers its customers a 5% discount for prompt payment and this discount is taken by half of the customers. The discount is detailed on the sales invoices (2) Standard rated purchases and expenses amounted to 35,660. This figure includes E490 for entertaining UK customers. (3) On 15 April 2019 the company wrote off impairment losses (bad debts) of 2,300 and 890 in respect of invoices due for payment on August 2018 and 15 December 2018 respectively. (4) Supplied goods amounting to 2,500 to a customer in Belgium who is VAT registered there. (5) On 30 April 2019 the company purchased a motor car at a cost of 18,450 for the use of a sales person, and machinery at a cost of 23,400, Both these figures are inclusive of VAT. The motor car is used for both business and private mileage (6) Restaurant bills: 5,000 (only half is for entertaining non-UK customers) Required: For the quarter ended 30 April 2019, compute the followings for ABC Limited: (a) Determine the amount of VAT for each of (1) to (6) above. (b) The amount of VAT payable/refundable). For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). TTT Arial 3 (126) T
