Vat -Accounting

Vat received by the trader for the sale of merchandise ?

• school fees

• output vat

• input vat

• vat vendor

school fees

• is an example of a vat exempt item

• is an example of a zero rated item

• vat is included in the price of school fees at 15%

VAT vendor

• A business with a annual turnover of R30000

• A business with an annual turnover of more than a R 1000 000

• A business with an annual turnover of R20000

• vat received by the trader for the sale of merchandise

Output vat is collected by a business when goods are sold ?

• true

• false

The calculation of salaries does not take vat into account ?

• true

• false

calculate a

Mathematical Equivalence

ON

Answer explanation

calculate b

Mathematical Equivalence

ON

Answer explanation

calculate c

Mathematical Equivalence

ON

Answer explanation

calculate d

Tip : look at the information written below the table

Mathematical Equivalence

ON

Answer explanation

Which of the following is an example of an exempt supply ?

• sale of basic food items

• sale of luxury items

• sale of zero rated items

• medical aid services