Question
Required: i. Katanka Ltd is a VAT registered trader dealing in manufacturing and sale of canned fish. Below is an extract from the books
Required: i. Katanka Ltd is a VAT registered trader dealing in manufacturing and sale of canned fish. Below is an extract from the books of the company for the month of February 2022. Taxable supply (VAT exclusive) Relief Supply Exempt Supply Taxable Inputs (VAT Inclusive) ii. 650,000.00 200,000.00 120,000.00 696,937.50 Compute the total Value Added Tax and other related taxes payable or tax credit due to the company for the month of February 2022. (10 marks) If the company filed their VAT returns on 31st October 2022, state the penalty for late filing of VAT returns and calculate the penalty due.
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Financial Accounting and Reporting
Authors: Barry Elliott, Jamie Elliott
14th Edition
978-0273744535, 273744445, 273744534, 978-0273744443
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