Fac1501 Assignment 5 Semester
2 2023-2024
Name the two types of accounting basis used by a vendor to determine the tax
payable: - ANS-The Invoice
... [Show More] 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 [Show Less]