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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 160600196650174534
Payment received in advance from a local customer for goods delivered and
invoiced on only 6 October 2022
517518240
Cash sales from the depot in Zimbabwe to Zimbabwean customers. These
goods were forwarded to the depot on 15 July 2022 and were all sold by 31
October 2022.
154001650023100
Indemnity award received on an insurance claim for trading stock stolen in transit
to a local customer.
38874
Interest earned on a loan to a subsidiary company in South Africa. 12000
Expenditure
Salaries 462004180047300
Rates on the business property 495495495
Electricity and water 693695673
Telephone 352479331
Purchase of trading stock 880008208094620
Cost of entertaining important customers at various restaurants in Johannesburg 6600
Purchase of new delivery vehicle
. Cash cost.
. Finance chargers paid
205200
5500
Purchase of new motor car. Its use has been given to the sales manager as a
fringe benefit from 1 September 2022(all costs relating to this motor car will be
paid by Swift Traders Ltd).
239400
Petrol for delivery vehicles and the sales managers motor car 605660737
Maintenance of delivery vehicles and sales managers motor car 7151472570
YOU ARE REQUIRED to calculate the VAT payable by, or refundable to, Swift Traders Ltd for its latest VAT period
(August September 2022).

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