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Swift Traders Ltd is a resident of the Republic. It carries on business as a retailer from its head office in South Africa. It also
Swift Traders Ltd is a resident of the Republic. It carries on business as a retailer from its head office in South Africa. It
also operates a deport in Harare, Zimbabwe, from where sales are made to customers living in Zimbabwe. This deport in
Zimbabwe is not regarded as an independent branch. Swift Traders Ltd is registered as a Category A vendor.
The following amounts include VAT, when applicable:
Receipts and accruals July August September
R R R
Cash sales of merchandise to local customers from South Africa head office
Payment received in advance from a local customer for goods delivered and
invoiced on only October
Cash sales from the depot in Zimbabwe to Zimbabwean customers. These
goods were forwarded to the depot on July and were all sold by
October
Indemnity award received on an insurance claim for trading stock stolen in transit
to a local customer.
Interest earned on a loan to a subsidiary company in South Africa.
Expenditure
Salaries
Rates on the business property
Electricity and water
Telephone
Purchase of trading stock
Cost of entertaining important customers at various restaurants in Johannesburg
Purchase of new delivery vehicle
Cash cost.
Finance chargers paid
Purchase of new motor car. Its use has been given to the sales manager as a
fringe benefit from September all costs relating to this motor car will be
paid by Swift Traders Ltd
Petrol for delivery vehicles and the sales managers motor car
Maintenance of delivery vehicles and sales managers motor car
YOU ARE REQUIRED to calculate the VAT payable by or refundable to Swift Traders Ltd for its latest VAT period
August September
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