pathfinder - The Institute of Chartered Accountants of Nigeria
pathfinder - The Institute of Chartered Accountants of Nigeria
pathfinder - The Institute of Chartered Accountants of Nigeria
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PATHFINDERQUESTION 6SOULINE Company Limited engaged you as its tax Consultant with the mandate <strong>of</strong>ensuring computation <strong>of</strong> its tax liabilities and prompt remittance <strong>of</strong> same.<strong>The</strong> company needed your advice on payment <strong>of</strong> VAT. <strong>The</strong> following are the figuresrelating to transactions for the month <strong>of</strong> February 2010NPurchase <strong>of</strong> Plant 700,000Purchase <strong>of</strong> Trucks 400,000Purchase <strong>of</strong> Excavator 1,500,000Bought chipping materials 60,000Bought loads <strong>of</strong> cement 80,000Bought loads <strong>of</strong> sand 50,000Part payment received 2,900,000Additional payment received 1,600,000You were informed that the company paid VAT on its purchases or bought items.Required:(a) Compute the VAT payable for the month <strong>of</strong> February 2010. (10 Marks)(b) When must the VAT due be paid to the tax <strong>of</strong>fice? (10 Marks)(Total 15 Marks)INTERMEDIATE EXAMINATION - NOVEMBER 201064
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