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TAX – Nov 2021 – L2 – Q3a – Value Added Tax (VAT)

Calculation of total VAT payable by Adegboyega Enterprises to the Federal Inland Revenue Service (FIRS) for product sales.

Question

Adegboyega Enterprise is a manufacturing outfit based in Jankara, Lagos State. In 2020, the company sold its vatable product to a wholesaler, Ikeja Venture, for N3,500,000. The wholesaler sold the products to a retailer, Mrs. Adeosun, for N4,900,000, who finally sold it to consumers for N6,300,000 (VAT inclusive). Assume there was no closing inventory at each stage of the transaction.

Required:
a. Compute the total VAT payable to the Federal Inland Revenue Service by Adegboyega Enterprises on the transactions stated above.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Manufacturing, Sales, Taxable Goods, VAT, VAT Computation
Level: Level 2

Topic: Value-Added Tax (VAT)
Series: NOV 2021

PT – Mar 2024 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties

State five conditions under which goods supplied on "sale or return" basis become taxable.

Question

State FIVE (5) conditions under which goods supplied on “sales or return” basis become taxable.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana Revenue Authority, sale-or-return, Taxable Goods, VAT
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: MAR 2024

TAX – Nov 2021 – L2 – Q3a – Value Added Tax (VAT)

Calculation of total VAT payable by Adegboyega Enterprises to the Federal Inland Revenue Service (FIRS) for product sales.

Question

Required:
a. Compute the total VAT payable to the Federal Inland Revenue Service by Adegboyega Enterprises on the transactions stated above.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Manufacturing, Sales, Taxable Goods, VAT, VAT Computation
Level: Level 2

Topic: Value-Added Tax (VAT)
Series: NOV 2021

PT – Mar 2024 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties

State five conditions under which goods supplied on "sale or return" basis become taxable.

Question

State FIVE (5) conditions under which goods supplied on “sales or return” basis become taxable.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana Revenue Authority, sale-or-return, Taxable Goods, VAT
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: MAR 2024

Question Tag: Taxable Goods

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TAX – Nov 2021 – L2 – Q3a – Value Added Tax (VAT)

Calculation of total VAT payable by Adegboyega Enterprises to the Federal Inland Revenue Service (FIRS) for product sales.

PT – Mar 2024 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties

State five conditions under which goods supplied on "sale or return" basis become taxable.

TAX – Nov 2021 – L2 – Q3a – Value Added Tax (VAT)

Calculation of total VAT payable by Adegboyega Enterprises to the Federal Inland Revenue Service (FIRS) for product sales.

PT – Mar 2024 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties

State five conditions under which goods supplied on "sale or return" basis become taxable.

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TAX – Nov 2021 – L2 – Q3a – Value Added Tax (VAT)

Calculation of total VAT payable by Adegboyega Enterprises to the Federal Inland Revenue Service (FIRS) for product sales.

You're reporting an error for "TAX – Nov 2021 – L2 – Q3a – Value Added Tax (VAT)"

PT – Mar 2024 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties

State five conditions under which goods supplied on "sale or return" basis become taxable.

You're reporting an error for "PT – Mar 2024 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties"

TAX – Nov 2021 – L2 – Q3a – Value Added Tax (VAT)

Calculation of total VAT payable by Adegboyega Enterprises to the Federal Inland Revenue Service (FIRS) for product sales.

You're reporting an error for "TAX – Nov 2021 – L2 – Q3a – Value Added Tax (VAT)"

PT – Mar 2024 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties

State five conditions under which goods supplied on "sale or return" basis become taxable.

You're reporting an error for "PT – Mar 2024 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties"

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