2.1.1 Kies die korrekte woord(e) uit dié wat tussen hakies gegee word - NSC Accounting - Question 2 - 2017 - Paper 1
Question 2
2.1.1 Kies die korrekte woord(e) uit dié wat tussen hakies gegee word. Skryf slegs die woord(e) langs die vraagnommer (a)–(d) in die ANTWOREDBOEK neer.
(a) BTW bet... show full transcript
Worked Solution & Example Answer:2.1.1 Kies die korrekte woord(e) uit dié wat tussen hakies gegee word - NSC Accounting - Question 2 - 2017 - Paper 1
Step 1
Choose the correct word(s) for (a)
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Answer
The correct word is 'Inset BTW'. This is because input VAT is the amount paid on purchases that can be deducted from the output VAT payable.
Step 2
Choose the correct word(s) for (b)
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Answer
The correct term is 'Krediet'. A debit balance indicates an amount owed, while a credit balance indicates receipts.
Step 3
Choose the correct word(s) for (c)
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Answer
The correct answer is 'vermeerder'. Withdrawals increase the amount owed to SAID for VAT.
Step 4
Choose the correct word(s) for (d)
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Answer
The correct word is 'salarisse'. Salaries are not subject to VAT as they are payments for services, not goods.
Step 5
Calculate the VAT amounts in 2.1.2
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Answer
For calculating VAT amounts, the applicable VAT basics should be followed.
For each item listed, determine if the amount is inclusive or exclusive of VAT.
Apply 14% to calculate VAT based on the criteria of each item.
The formula for VAT is given as:
extVAT=extAmountimes0.14
3. Fill in the respective columns X for increase or decrease against SAID based on calculations.
