(iii) VAT refundable by SARS is a / an (asset/ liability) to the business. .2 The bookkeeper of Cooper Ltd. calculated the amount payable to SARS to be R112 539 The internal auditor found...

Extracted text: (iii) VAT refundable by SARS is a / an (asset/ liability) to the business. .2 The bookkeeper of Cooper Ltd. calculated the amount payable to SARS to be R112 539 The internal auditor found discrepancies in the calculation. REQUIRED: Calculate the correct amount payable to SARS, VAT is charged at 15%. INFORMATION: (i) VAT on shop equipment purchased was not taken into account. The equipment amount of R15 525 was inclusive of VAT. (ii) VAT of R22 500 on a vehicle purchased by the company was recorded as output VAT. (ii) VAT of R7 500 was incorrectly added to a sale of R50 000. The sale of R50 000 was subject to a trade discount of 8%. CTIVITY A2 2.1 (i) (ii) (ii) Amount Details 2.2 112 539 Incorrect amount payable (i) (ii) (ii) 41414D Correct amount payable