Buy Your Car purchased one of its fleet vehicles from a company in Kenya in the month of March. The customs value of the car amounted to R362539 and surcharges of R 3685 per fleet vehicle. YOU ARE REQUIRED TO calculate VAT levied on the importation of the fleet vehicles from Kenya.
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- Shannon imports one of the components for the pet mats he manufactures and sells in his Warm and Frosty Pet Mats business. On 1 March 2021 Shannon imported components costing $20,000. Freight and insurance to ship the goods to Australia cost an additional $1,500. No customs duty was payable on the imported goods. Assume Shannon, trading as Warm and Frosty Pet Mats, is registered for GST on the cash basis and reports quarterly, and all amounts include GST where applicable. REQUIRED: Advise Shannon of the GST consequences, if any, of importing the components for the pet mats.Phumlani of South Africa consigns 10 cases of goods costing $200 per case to Christian in Ghana on the 1 st July 2019. Phumlani ends his account on 31 st December of every financial year. a. Phumlani pays $250 for carriage and insurance for the whole consignment on 1 st July 2019. Phumlani receives an interim account sales with a bank draft from Christian on 28 th December 2019. It shows the following and all currencies converted into US dollars ($): b. Christian has sold 8 cases of goods for $400 each. c. Christian has paid a total of $150 for landing charges and import duties on receipt of the whole consignment. d. He paid selling costs in respect of the 8 cases sold amounting to $160. e. He has deducted his commission of 10% in respect of the 8 cases sold. f. Christian encloses a bank draft of $2,570 to the account sales. Phumlani now wishes to balance off his consignment account at his financial year end 31 st December 2019 and transfer the profit to date to his profit…Phumlani of South Africa consigns 10 cases of goods costing $200 per case to Christian in Ghana onthe 1st July 2019. Phumlani ends his account on 31st December of every financial year.a. Phumlani pays $250 for carriage and insurance for the whole consignment on 1st July 2019.Phumlani receives an interim account sales with a bank draft from Christian on 28th December 2019.It shows the following and all currencies converted into US dollars ($):b. Christian has sold 8 cases of goods for $400 each.c. Christian has paid a total of $150 for landing charges and import duties on receipt of thewhole consignment.d. He paid selling costs in respect of the 8 cases sold amounting to $160.e. He has deducted his commission of 10% in respect of the 8 cases sold.f. Christian encloses a bank draft of $2,570 to the account sales.Phumlani now wishes to balance off his consignment account at his financial year end 31st December2019 and transfer the profit to date to his profit and loss account Prepare the…
- Phumlani of South Africa consigns 10 cases of goods costing $200 per case to Christian in Ghana onthe 1st July 2019. Phumlani ends his account on 31st December of every financial year.a. Phumlani pays $250 for carriage and insurance for the whole consignment on 1st July 2019.Phumlani receives an interim account sales with a bank draft from Christian on 28th December 2019.It shows the following and all currencies converted into US dollars ($):b. Christian has sold 8 cases of goods for $400 each.c. Christian has paid a total of $150 for landing charges and import duties on receipt of thewhole consignment.d. He paid selling costs in respect of the 8 cases sold amounting to $160.e. He has deducted his commission of 10% in respect of the 8 cases sold.f. Christian encloses a bank draft of $2,570 to the account sales.Phumlani now wishes to balance off his consignment account at his financial year end 31st December2019 and transfer the profit to date to his profit and loss account. a. Prepare…Phumlani of South Africa consigns 10 cases of goods costing $200 per case to Christian in Ghana on the 1st July 2019. Phumlani ends his account on 31st December of every financial year.a. Phumlani pays $250 for carriage and insurance for the whole consignment on 1st July 2019. Phumlani receives an interim account sales with a bank draft from Christian on 28th December 2019. It shows the following and all currencies converted into US dollars ($):b. Christian has sold 8 cases of goods for $400 each.c. Christian has paid a total of $150 for landing charges and import duties on receipt of thewhole consignment.d. He paid selling costs in respect of the 8 cases sold amounting to $160.e. He has deducted his commission of 10% in respect of the 8 cases sold.f. Christian encloses a bank draft of $2,570 to the account sales.Phumlani now wishes to balance off his consignment account at his financial year end 31st December 2019 and transfer the profit to date to his profit and loss…An invoice of $3168 from Scottish Importers has cash terms of 4/20 EOM and is dated June 5. Find (a) the final date on which the cash discount may be taken and (b) the amount necessary to pay the invoice in full if the cash discount is earned.
- The Department of Foreign Affairs (DFA) collected P10,000,000 revenue from passport and visa applications for March 20X2. The said amount was then deposited in an authorized servicing bank. Moreover, in the same month, the DFA received a P5,000,000 cash disbursement ceiling (CDC) and paid its rental of P600,000.Required: Give the necessary entries to be made by DFA from the above scenario.Ben Marino, a seaman, opened a joint bank account, under the expanded foreign currency deposit system, with his wife. A month after, the bank deposit earned interest in the amount of USD1,000 (foreign exchange rate is P50 for every USD1). The final tax due on the interest income is.Jady imported a brand new luxury car from the USA for personal use of Paula. Total landed costs was P15,000,000 exclusive of customs duties of P3,000,000, excise tax of P2,000,000, and facilitation cost of P1,000,000. The VAT payable should be: a. 240,000 b. 360,000 c. 1,800,000 d. 2,400,000
- On September 22, Year 2, Yumi Corp. purchased merchandise from an unaffiliated foreign company for 10,000 units of the foreign company’s local currency. On that date, the spot rate was $.55. Yumi paid the bill in full on March 20, Year 3, when the spot rate was $.65. The spot rate was $.70 on December 31, Year 2. What amount should Yumi report as a foreign currency transaction loss in its income statement for the year ended December 31, Year 2?Lei Mai Enterprises aids Singaporian students upon arrival in the United State. Paid by the United State Government. Lei Ma collects some service revenue in advance. In order cases he receives cash after performing relocation services. At the end of Augusts - a particularly busy period- Lei Ma's book showw the following: July 31 August 31 Accounts receivable $1900 $2200 Unearned Service revenue $1200 $300 During August Lei Ma Enterprises received cash of $6100 from the Singaporian government. How much service revenue did the business earn during August? Show working.ABC Juice Limited manufactures and sells juice locally in St. Lucia and in the Caribbean. The business is VAT registered with tax authorities in St. Lucia. The company has recorded the following transactions in January 2020: - Sales to local customers - $1,300,000 (VAT inclusive) - Sales to local customers - $1,000,000 (VAT exclusive) - Sales to customers located abroad - $700,000 - Purchases $750,000 (VAT inclusive) - Purchases $500,000 (VAT exclusive) - Imports of $75,000 inclusive of $15,000 VAT Calculate the VAT payable/refundable for January 2020?