Alim Traders reported the following transactions in the books for the month of February 2021:...
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Accounting
Alim Traders reported the following transactions in the books for the month of February 2021:
|
| Shillings |
| Supply of goods to Mowlem Limited | 1,800,000 |
| Telephone and Electricity | 100,000 |
| Water Bill | 45,000 |
| Sales at zero rated | 90,000 |
| Exempt Sales | 140,000 |
| Purchases at standard rates | 500,000 |
| Returns inwards from Mowlem Limited | 130,000 |
| Bad debts written off | 20,000 |
| Legal fees | 60,000 |
| Transport costs | 18,000 |
| Purchase of office furniture | 36,000 |
| Imported goods inclusive of duty | 116,000 |
Required:
VAT Payable by (or refundable to) Juan Traders for the month of February 2021 (ignore the restriction of deductible input tax) (10 marks)
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