VAT The information relates to Nomhle Traders - NSC Accounting - Question 2 - 2022 - Paper 2

To determine the VAT amount that must be paid to SARS:

1. Start with the amount initially calculated by Harry:

   $\text{SV} = R55 \text{785}$

2. Adjust for VAT on goods returned:

   $\text{Adjustment for goods returned} = R5 \text{070}$

   $\text{SV} = R55 \text{785} - R5 \text{070} = R50 \text{715}$

3. Adjust for VAT on expenses paid:

   $\text{Adjustment for expenses} = R6 \text{240}$

   $\text{SV} = R50 \text{715} - R6 \text{240} = R44 \text{475}$

4. Adjust for VAT on personal use:

   $\text{Adjustment for personal use} = R5 \text{400}$

   $\text{SV} = R44 \text{475} - R5 \text{400} = R39 \text{075}$

5. Add VAT on discount allowed:

   $\text{Discount} = R18 \text{860}$

   $\text{SV} = R39 \text{075} + R18 \text{860} = R57 \text{935}$

6. Consider VAT on sales that were incorrectly recorded as zero-rated:

   $\text{Incorrectly recorded VAT amount} = R31 \text{200} * 0.15 = R4 \text{680}$

   $\text{SV} = R57 \text{935} + R4 \text{680} = R62 \text{615}$

Therefore, the total VAT amount that must be paid to SARS for the VAT period ended 31 May 2022 is:

$\text{Final VAT due} = R62 \text{615}$