VAT_Revision

Output VAT is calculated at 15%.

• True

• False

If the Input VAT is more than the Output VAT, the business will have to pay VAT to SARS.

• True

• False

When purchasing stationery the business will pay

• Input VAT

• Output VAT

• No VAT

We purchased trading stock of R996.67, VAT inclusive, calculate the VAT paid.

• R866.37

• R120

• R130

• R30

SARS

• South African Reserve Service

• South Africa's Revenue Services

• South African Receipts Services

• South African Revenue Services

You have been provided with the VAT amount and you have to calculate the price inclusive of VAT; the calculation to use is:

• Amount x 100/15

• Amount x 15/100

• Amount x 115/15

• Amount x 15/115

The selling price exclusive of VAT is R250. Calculate the amount inclusive VAT

• R278,50

• R78,50

• R87,50

• R287,50

Total VAT input = R2 000

Total VAT output = R1 750

• VAT payable = R250

• VAT payable= R1 750

• VAT payable= R2 000

• VAT receivable= R250