- Enforcement of the Customs law of the community
- Training in customs related matters
- Administration of the common External Tariff
- Custom related negotiations
Wilfykil answered the question on February 15, 2019 at 08:12
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Date posted: February 15, 2019. Answers (1)
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Determine:
(i) Output tax.
(ii) Deductible input tax.
(iii) VAT...(Solved)
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Determine:
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(ii) Deductible input tax.
(iii) VAT payable
Date posted: February 15, 2019. Answers (1)
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Date posted: February 15, 2019. Answers (1)
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Determine:
i. The VAT...(Solved)
Kilifi Ltd. a company registered for value added tax (VAT) purposes, provided the following details in respect of the month of January 2012:
January 1: Purchased raw materials from South Africa for Sh.668.160 gross inclusive of import duty charged at 20% and VAT.
January 8: Paid for legal services amounting to Sh.52.200.
January 10: Purchased spare parts for motor vehicle repair for Sh. 18,560.
January 12: Exported goods to the Democratic Republic of Congo for Sh.600,000. January 15: Sold goods to Mwanzia, a businessman in Nairobi for Sh.52, 200.
January 18: Sold goods to the Ministry of Finance for Sh.232, 000.
January 20: Issued credit notes to a customer for defective goods for Sh.34.800. January 24: Purchased gas cylinders for Sh. 18,560.
January 26: A debtor of goods valued at Sh.69, 600 was declared bankrupt. January 28: Supplied non-taxable goods to a children's home costing Sh. 180,000. January 29: Purchased goods for Sh.278,400.
January 30: Paid for tax consultancy services of Sh. 61,480.
Note: 25% of purchases were sold at the standard rate of 16%, while the balances were either sold at zero rates or as exempt supplies. All transactions are inclusive of VAT at 16% where applicable
Determine:
i. The VAT payable or refundable.
ii. Comment on the tax computed in (i) above
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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Determine A value added tax (VAT) account...(Solved)
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
The above transactions are stated inclusive of VAT at the rate of 16% where applicable and unless otherwise stated
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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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Suggest six such changes...(Solved)
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Date posted: February 15, 2019. Answers (1)
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As a newly appointed Tax Manager of ABC audit firm, advise a client, Mr. Baraza on the following issues:
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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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(i) Calculate for Wings Traders, the VAT payable or refundable...(Solved)
The following is a cash book summary of Wings Traders for the month of December 2013:
(i) Calculate for Wings Traders, the VAT payable or refundable for the month of December 2013.
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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)