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Exam (elaborations)
Accounting P2 May-June 2025
Preview 2 out of 15 pages
Accounting P2 May-June 2025 QUESTION 1: VAT AND CREDITORS' RECONCILIATION 1.1 VALUE-ADDED TAX (VAT) REQUIRED: (30 marks, 25 minutes) The information relates to Comfort Traders for the VAT period ended 31 January 2025. The VAT rate is 15%. The business is owned by Karen Botha. The sales of the business average R150 000 per month. REQUIRED: 1.1.1 Сalculate the VAT amounts in the table provided in the ANSWER BOOK. Indicate the effect of EACH item on the amount payable to SARS. Show an increase with a '+' and a decrease with a '-'. An example has been completed.
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