Question
Thomas Shilongo had the following expenses for the two month period ended 31 August 2018. It is a registered vendor for VAT and all amounts
Thomas Shilongo had the following expenses for the two month period ended 31 August 2018. It is a registered vendor for VAT and all amounts include VAT where applicable, all supplies are taxable supplies.
Income | N$ |
Sales Local cash Sales Local Credit Export Sales Payment received in advance from a customer for good on 6 September 2018. Interest received | 1573200 3933 000 850 000 161 000 3565 |
Purchases (all credit) Rent ( July , August , Sept 2018 Bank Charges Purchases of Mercedes Benz 230E + Vehicle for MD Entertainment Clients Fuel + oil Salaries and wages Auditors fees Income tax paid Telephone Bad debts Computers software | 818 800 103 500 1610 356 500 13 110 25 080 588 240 31 625 15 900 29 900 58 995 747 500 |
You are required:
a) Calculate the net VAT payable or Claimable for the period ended 31 August
2018. (15 Marks)
b) What will happen if you dont register as a vender when your turnover exceeds
N$200 000. (5 Marks)
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