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R&R construction Limited supplies for April 2024 was:   Construction Services $500,000 ( exempt VAT activity) Electrical Services $2,000,000 Surveying Services $300,000 Export Services $700,000 The VAT Rate is 15% Input Tax were as follows:  Material for Construction Work -  $15,000 Materials for electrical services - $52,500 Material for surveying services -$22,500 Purchase of  staff uniform $4,950   The Net VAT Payable    Question 8Answer a. 325,050 b. 430,050 c. 270,000 d. 250,050

R&R construction Limited supplies for April 2024 was:   Construction Services $500,000 ( exempt VAT activity) Electrical Services $2,000,000 Surveying Services $300,000 Export Services $700,000 The VAT Rate is 15% Input Tax were as follows:  Material for Construction Work -  $15,000 Materials for electrical services - $52,500 Material for surveying services -$22,500 Purchase of  staff uniform $4,950   The Net VAT Payable    Question 8Answer a. 325,050 b. 430,050 c. 270,000 d. 250,050

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

R&R construction Limited supplies for April 2024 was:

 

  • Construction Services $500,000 ( exempt VAT activity)
  • Electrical Services $2,000,000
  • Surveying Services $300,000
  • Export Services $700,000

The VAT Rate is 15%

Input Tax were as follows: 

Material for Construction Work -  $15,000

Materials for electrical services - $52,500

Material for surveying services -$22,500

Purchase of  staff uniform $4,950

 

The Net VAT Payable 


 

Question 8Answer

a.

325,050

b.

430,050

c.

270,000

d.

250,050

 

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