Homework Answers
Let us assume that the VAT rate is 5%. We can use any VAT rate, the methodology for calculation will remain the same.
Cheque to vendor on purchase = R28000 + 5% VAT = R28000 * 1.05 = R29400. VAT paid on purchase = R1400
VAT payable to sales = R51072 - R51072 / 1.05 = R2432
VAT payable to SARS = R2432 - R1400 = R1032
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