36ZZZ is engaged in a VAT-business and a non-VAT business. Her records show the following data, no tax included, for the taxable year: Sales From VAT businessP6,000,000 From non-VAT business 4,000,000Purchases of goods For VAT business from VAT suppliers 3,000,000 For non-VAT business 2,000,000Purchases from VAT suppliers of supplies used for VAT and non-VAT Business 30,000Expenses incurred for both VAT and non-VAT business (70% of these expenses were paid to VAT-registered enterprises) 100,000 The VAT payable is:

Value Added Tax Value added Tax is the tax system which was imposed by the government authority to…

Answered: ged in a VAT-business and a non-VAT…

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter15: Exempt Entities

Section: Chapter Questions

Problem 22P

See similar textbooks

Related questions

Question

ZZZ is engaged in a VAT-business and a non-VAT business. Her records show the following data, no tax included, for the taxable year:

Sales
	From VAT business	P	6,000,000
	From non-VAT business		4,000,000
Purchases of goods
	For VAT business from VAT suppliers		3,000,000
	For non-VAT business		2,000,000
Purchases from VAT suppliers of supplies used for VAT and non-VAT Business		30,000
Expenses incurred for both VAT and non-VAT business (70% of these expenses were paid to VAT-registered enterprises)		100,000

The VAT payable is:

Expert Solution

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions