QUESTION TWO (15 Marks) (a) Elikem (Pty) Ltd manufactured inventories at a cost of R10...
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QUESTION TWO (15 Marks) (a) Elikem (Pty) Ltd manufactured inventories at a cost of R10 000 (VAT included). The inventories were sold for R15 000 (VAT included). If all inventory sales qualify as standard-rated supplies, determine the net VAT due to/ (refundable by) SARS. (b) Elikem (Pty) Ltd manufactured inventories at a cost of R15 000 (VAT included). The inventories were sold for R25 000 (VAT included). If all inventory sales qualify as zero-rated supplies determine the net VAT due to/ (refundable by) SARS. (c) Elikem (Pty) Ltd manufactured inventories at a cost of R12 000 (VAT included). The inventories were sold for R13 000. If all inventory sales are exempt supplies for VAT purposes, determine the net VAT due to (refundable by) SARS.
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