i. Specific custom duty
This is a given amount of money per unit of goods imported e.g. paying shs. 50,000 for every car imported
ii. Ad valorem duty
This is a percentage of duty in the value of goods imported e.g. 50% of the value of car.
Wilfykil answered the question on February 15, 2019 at 07:35
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Date posted: February 15, 2019. Answers (1)
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Beta Supermarket Ltd. is registered for VAT. During the month of January 2013, the supermarket had the following transactions
January
1 Sold goods on credit to Mwamba Enterprises for Sh. 400,000.
2 Purchased goods on credit from Hekima Traders for Sh. 200,000
2 Paid for catering expenses Sh. 68,000 by cash
3 Mwamba Enterprises returned goods valued at Sh.60, 000, and received a credit note.
4 Exported goods to Uzalendo Ltd., a company based in Rwanda for Sh. 300,000
5 Purchased stationery for Sh. 84,000 on credit from Smart Books Bookshop.
9 Purchased goods for Shs 800,000 from Uchumi Enterprises on credit
12 Imported goods from Canada for Sh. 900,000 exclusive of import duty of 25% and value added tax at 16%.
16 Received a debit note of Sh. 48,000 from Uchumi Enterprises
17 Paid electricity bills amounting to Sh. 24,000 by cheque
20 Engaged an auditor and paid him Sh. 60,000 for auditing the supermarket‘s inventory.
21 Sold goods worth Sh. l,400,000 to the Ministry of Youth and Sports
24 Bought spare .parts for repair of motor vehicles for Sh. 120,000
25 Sold goods on credit to Jawabu Enterprises for Sh. 800,000
30 Made cash sales of Sh. 200,000 and banked the cash on the same day
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Date posted: February 15, 2019. Answers (1)
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Date posted: February 15, 2019. Answers (1)
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Date posted: February 15, 2019. Answers (1)
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Date posted: February 15, 2019. Answers (1)
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Date posted: February 15, 2019. Answers (1)
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Date posted: February 15, 2019. Answers (1)
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Date posted: February 14, 2019. Answers (1)