VAT Computation – Knowsia

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

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

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

PT – Mar 2024 – L2 – Q2a -Value-Added Tax (VAT), Customs, and Excise Duties

Compute VAT and Levies payable by Pioneer Products Ltd for the year 2023.

Question

Pioneer Products Ltd (PPL) is a manufacturer of plastic products which are supplied into both domestic and foreign markets.

The following transactions took place in the year 2023:

Transaction	Amount (GH¢)
Turnover for the year	2,350,000
Export sales	570,000
Supplies to the presidency of Ghana for maintenance	205,200
Import duties paid	12,900
Import VAT Paid	43,100
Cost of local purchases (Excluding VAT)	17,100
Cost of electricity bills paid (Including VAT)	63,200
VAT paid to Ghana Revenue Authority during the year	15,900
Levies paid to Ghana Revenue Authority during the year	3,200

Required:
Compute VAT and Levies payable at the end of the year 2023. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana Revenue Authority, Levies, Taxable Supplies, VAT, VAT Computation
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 – Q2a -Value-Added Tax (VAT), Customs, and Excise Duties

Compute VAT and Levies payable by Pioneer Products Ltd for the year 2023.

Question

Pioneer Products Ltd (PPL) is a manufacturer of plastic products which are supplied into both domestic and foreign markets.

The following transactions took place in the year 2023:

Transaction	Amount (GH¢)
Turnover for the year	2,350,000
Export sales	570,000
Supplies to the presidency of Ghana for maintenance	205,200
Import duties paid	12,900
Import VAT Paid	43,100
Cost of local purchases (Excluding VAT)	17,100
Cost of electricity bills paid (Including VAT)	63,200
VAT paid to Ghana Revenue Authority during the year	15,900
Levies paid to Ghana Revenue Authority during the year	3,200

Required:
Compute VAT and Levies payable at the end of the year 2023. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ghana Revenue Authority, Levies, Taxable Supplies, VAT, VAT Computation
Level: Level 2

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

Question Tag: VAT Computation

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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 – Q2a -Value-Added Tax (VAT), Customs, and Excise Duties

Compute VAT and Levies payable by Pioneer Products Ltd for the year 2023.

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 – Q2a -Value-Added Tax (VAT), Customs, and Excise Duties

Compute VAT and Levies payable by Pioneer Products Ltd for the year 2023.

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Question Tag: VAT Computation

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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 – Q2a -Value-Added Tax (VAT), Customs, and Excise Duties

Compute VAT and Levies payable by Pioneer Products Ltd for the year 2023.

You're reporting an error for "PT – Mar 2024 – L2 – Q2a -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 – Q2a -Value-Added Tax (VAT), Customs, and Excise Duties

Compute VAT and Levies payable by Pioneer Products Ltd for the year 2023.

You're reporting an error for "PT – Mar 2024 – L2 – Q2a -Value-Added Tax (VAT), Customs, and Excise Duties"

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