Fac1501 Assignment 5 Semester

Fac1501 Assignment 5 Semester Name the two types of accounting basis used by a vendor to determine the tax payable: - ANS-The Invoice Basis The Payment Basis Original Cash Purchases Invoices (Internal/External Source Document) - ANSExternal Source Documents Original Slips (Internal/External Source Document) - ANS-External Source Documents Output Tax - ANS-VAT charged on the supply of goods and or services. Amount paid to SARS Output Tax is larger than Input Tax - - ANS-the difference is payable to SARS. Payment Basis - when a vendor acquires goods and services on credit, when can you claims input tax deductions according to VAT. - ANS-When payment to the creditor is made. Payment Basis when is Input Tax accounted for: - ANS-when payments are made. Payment Basis when is Output Tax accounted for: - ANS-when payments are received. Petty Cash Vouchers (Internal/External Source Document) - ANS-Internal Source Document Previous VAT amount of South Africa - ANS-14% Purpose of the VAT Control Account - ANS-to determine the amount refundable/payable to SARS Signed Credit Card Slip (Internal/External Source Document) - ANS-Internal Source Document Source Document - ANS-Proof that a transaction occurred (Internal Source Document) ... is given to the clients and ... is kept by the entity. - ANS-Original - Diplicate A _________ is issued by a _________ vendor when delivering supplies to the clients, - ANS-Tax Invoice Registered Abridged Tax Invoice contains: - ANS-- the word Tax Invoice - Name, Address & VAT Registration no. - Serial No. - Date of issue - Description of goods & services. - Value of Supplies - Amount of Tax charged - Tax charged amount & percentage / rate At the end of the month the VAT Input and Vat Output account is closed of to the - ANS-VAT Control Account Bought a toolbox for company use: (What is credited & debited) - ANS-Tool & Equiptment (an asset) increases - Debited Bank (an asset) decreases - Credited Business Document Details - ANS-Date, amount, type of transaction and with whom Business Transaction - ANS-a record of a large number of transactions an entity is engaged in . Can *Input Tax / Output Tax* be claims on Zero-Rated Supplies - ANS-Input Tax Cash Register Roll (Internal/External Source Document) - ANS-Internal Source Document Cash Slips (Internal/External Source Document) - ANS-External Source Documents Cash Transactions effect? - ANS-Bank Account, Petty Cash and or Cash Float Category A - Vendor Period - ANS-Periods of 2 months beginning with January Category A - Vendor Taxable Supplies (Farmers) Exceed... - ANS-R 1.5 Million Category A - Vendor Taxable Supplies must not exceed - ANS-R 30 Million Category B - Vendor Tax Period - ANS-2 Months beginning with February Category B - Vendor Taxable Supplies (Farmer) exceeding - ANS-R 1.5 Million Category B - Vendor Taxable Supplies not exceeding - ANS-R 30 Million Category C - Vendors Tax Period - ANS-One month Category C - Vendors Taxable Supplies exceed - ANS-R 30 millio