VAT (Philippines) - Presentations similar to real business transactions will be appreciated. 1. Make a diagram...
VAT (Philippines) - Presentations similar to real business transactions will be appreciated.
1. Make a diagram or flowchart (fictitious case)
2. Start from a Value Added Tax-Exempt person transacting to a Value Added Tax-registered person. From the Value Added Tax registered, two transactions happen 1) Export sale and 2)Local sale.
3. Compute the Input Value Added Tax, Output Value Added Tax and Value Added Tax payable in each transaction, if applicable
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VAT (Philippines) - Presentations similar to real business
transactions will be appreciated.
1. Make a diagram...
VAT PHILIPPINES (Presentations similar to real business transactions will be appreciated) 1. Make a diagram or...
VAT PHILIPPINES (Presentations similar to real business transactions will be appreciated) 1. Make a diagram or flowchart 1. 2. Start with a VAT-registered person selling to another VAT-registered person and last to the ultimate consumer. 3. Compute the Input Vat, Output Vat and Vat payable in each transaction.
Calculate the VAT payable by, or refundable to Toys4All (pty) ltd for its tax period 1 Jan 2020 to 29 Feb 2020. Where there are no VAT consequences, provide a brief reason why. A VAT rate of 15% applied throughout the applicable tax period on standard-rat
Question 4 Toys4All (Pty) ltd (“Toys4All or the company”) is a registered Value –Added Tax (VAT) vendor and has a two-month tax period. Toys4All operates as a wholesaler of toys that are supplied both local and foreign retailers.The following income and expenditure amounts, inclusive of vat where applicable, have been generated for the tax period 1 Jan 2020 to 29 Feb 2020:RINCOMELocal sales 1,524,900 Export sales 250,000 Interest on loan to a resident subsidiary company 3,450 Bad debts recovered...
Calculate the VAT payable by, or refundable to Toys4All (pty) ltd for its tax period 1 Jan 2020 to 29 Feb 2020. Where there are no VAT consequences, provide a brief reason why. A VAT rate of 15% applied throughout the applicable tax period on standard-rat
Question 4 Toys4All (Pty) ltd (“Toys4All or the company”) is a registered Value –Added Tax (VAT) vendor and has a two-month tax period. Toys4All operates as a wholesaler of toys that are supplied both local and foreign retailers.The following income and expenditure amounts, inclusive of vat where applicable, have been generated for the tax period 1 Jan 2020 to 29 Feb 2020:RINCOMELocal sales 1,524,900 Export sales 250,000 Interest on loan to a resident subsidiary company 3,450 Bad debts recovered...
. . Journal Entries (Set 1 of 3): Please make journal entries for the following transactions....
. . Journal Entries (Set 1 of 3): Please make journal entries for the following transactions. Here are several important reminders (applicable to all three sets of entries): Consider this set of events to be a stand-alone set of transactions. That is, this set of events and company are unrelated to the other two transaction sets you will complete Indicate the date by each individual transaction. If an adjusting entry is needed, please use the date December 31 (or 12/31)....
Bcom Taxation 301
Question 1During the 2020 year of assessment Harley Davidson (married out of community of property), a resident of the Republic, made the following donations ( assume that all legal formalities were complied with at the date of each donation): 1. On 1 March 2019 he gave his wife, Pearl, a pair of diamond earrings valued at R 25 000.2. On 25 April 2019, he gave his youngest son, Carl, the lifetime usufruct on this date was R 1 356 000.3. On...
Year 1 Transactions for Adomain Transaction # Date Event 1 January 1 Purchased a patent for...
Year 1 Transactions for Adomain
Transaction #
Date
Event
1
January
1
Purchased a patent for $32,000 in cash
2
March
15
Paid $18,500 in cash for long-term assets
3
April
1
Prepaid
$36,000 for rent for the next 12 months and recorded the
transaction as an asset.
4
April
1
Issued
1000 common shares to investors for $60,000
5
April
1
Sold inventory
on account for $120,000 (a). The cost of the inventory was $16,000
(b). Also, paid a...
Ravi is an experienced mechanic who has worked for many years at major automotive dealerships and...
Ravi is an experienced mechanic who has worked for many years at major automotive dealerships and garages servicing a wide range of vehicles and has been certified by multiple automotive brands in the servicing of their respective vehicle ranges. He has now saved enough money to start a business of his own, which has been his dream for several years. Rather than start a business from the ground up, Ravi found a reputable garage that was put up for sale...
Strategic Marketing- W3-A2 ( USE WALMART AS THE ORGANIZATION) Presume that the organization you selected Walmart....
Strategic Marketing- W3-A2 ( USE WALMART AS THE ORGANIZATION) Presume that the organization you selected Walmart. (USE Walmart as the Organization). 1. Summarize the key product/service offered by your organization, including the role of the customer service department or direct service required to make a sale to the customer. 2. Create and defend a diagram or flowchart detailing the service delivery process. The chart should clearly identify each contact point (e.g. frontline employee, supervisor, delivery, etc.) before, during, and after...
SECTION A [40 MARKS] Answer ALL questions in this section. QUESTION 1 (20 Marks) Choose the...
SECTION A [40 MARKS] Answer ALL questions in this section. QUESTION 1 (20 Marks) Choose the most appropriate answer. Write down numbers 1.1 to 1.10 in your answer book and next to each number write the letter that represents the correct answer. E.g. 1.11 a 1.1 Which one of the following statements is incorrect? a) b) c) The three major flows in the economy are total production, total income and total spending There are two sets of markets in a...
23. What is the total net amount of capital gain reported on Form 1040? OA. $308...
23. What is the total net amount of capital gain reported on
Form 1040? OA. $308 OB. $2,411 C. $2,719 OD. $2,900
Advanced Scenario 7: Mark and Barbara Matthews Directions Using the tax software, complete the tax return, including Form 1040 and all appropri- ate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNs) or Employer Identification Numbers (EINS), replace the Xs as directed, or with any four digits of your choice....
. . Journal Entries (Set 1 of 3): Please make journal entries for the following transactions. Here are several important reminders (applicable to all three sets of entries): Consider this set of events to be a stand-alone set of transactions. That is, this set of events and company are unrelated to the other two transaction sets you will complete Indicate the date by each individual transaction. If an adjusting entry is needed, please use the date December 31 (or 12/31)....
Year 1 Transactions for Adomain
Transaction #
Date
Event
1
January
1
Purchased a patent for $32,000 in cash
2
March
15
Paid $18,500 in cash for long-term assets
3
April
1
Prepaid
$36,000 for rent for the next 12 months and recorded the
transaction as an asset.
4
April
1
Issued
1000 common shares to investors for $60,000
5
April
1
Sold inventory
on account for $120,000 (a). The cost of the inventory was $16,000
(b). Also, paid a...
SECTION A [40 MARKS] Answer ALL questions in this section. QUESTION 1 (20 Marks) Choose the most appropriate answer. Write down numbers 1.1 to 1.10 in your answer book and next to each number write the letter that represents the correct answer. E.g. 1.11 a 1.1 Which one of the following statements is incorrect? a) b) c) The three major flows in the economy are total production, total income and total spending There are two sets of markets in a...
23. What is the total net amount of capital gain reported on
Form 1040? OA. $308 OB. $2,411 C. $2,719 OD. $2,900
Advanced Scenario 7: Mark and Barbara Matthews Directions Using the tax software, complete the tax return, including Form 1040 and all appropri- ate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNs) or Employer Identification Numbers (EINS), replace the Xs as directed, or with any four digits of your choice....
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