In the month of September 2016, Akonfem Fabricating Ltd a registered trader for VAT made the following transactions:
Sales: GH¢
Local Supplies 425,000
Relief Supplies 215,000
Exports 550,000
Purchases/ Expenses (Input Invoices):
Stationery – 2,030
Hotel Bill for the MD – 3,450
Raw Material (imported) – 545,000
MTN Phone Bills for MD 1,020
Electricity (Factory) 5,000
Note: Sales and purchases are all Value Added Tax/National Health Insurance Levy exclusive
Required:
i) Compute the output and input taxes. (4 marks)
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ii) Determine the tax payable, if any. (2 marks)
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Credit due from Commissioner – General is 22,230.25