An amount of R620 was paid for inventory bought from a supplier (also a VAT vendor)....
An amount of R620 was paid for inventory bought from a supplier (also a VAT vendor). Calculate the amount of VAT that is included in the purchase price. Assume the standard rate of 15% for VAT
Homework Answers
| Purchase price including VAT | R620 |
| VAT % | 15% |
| VAT amount (R620/115%*15%) | R 80.87 |
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An amount of R620 was paid for inventory bought from a supplier
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