Question
VAT Exercise Pacific Brown Ltd is a listed company on the Suva Stock Exchange. The company manufactures coconut furniture and is based in Sigatoka. The
VAT Exercise Pacific Brown Ltd is a listed company on the Suva Stock Exchange. The company manufactures coconut furniture and is based in Sigatoka. The company exports furniture to overseas customers and also sells locally. During the month of April, the company made $56,731 (VEP) worth of sales which included $23,231 export sales. The company also incurred the following expenses during the period: Expense Amount (VEP) Glue $150 Varnish $260 Leather cushions $3,258 Wages $12,000 Raw Materials Purchases (Coconut Timber) $5,600 Required: Assuming a 9% VAT rate, calculate the VAT refund/payable for Pacific Brown Ltd for the month of April. (Show all working)
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