VAT The information relates to Mphati Enterprises owned by partners John, Jacob and Jermaiah - NSC Accounting - Question 2 - 2024 - Paper 2

To calculate the VAT amount on the goods sold, we need the total sales amount, which is R839,800. The standard VAT rate is 15%. Using the formula:

$VAT = ext{Total Sales} imes ext{VAT rate}$

Therefore, the VAT amount is:

$VAT = 839800 imes 0.15 = 125970$

However, we need to subtract the VAT on zero-rated products. Since there were zero-rated sales and the amount is R182,000:

$VAT_{ ext{zero-rated}} = 182000 imes 0.15 = 27300$

Total standard VAT is therefore:

$VAT_{ ext{standard}} = 125970 - 27300 = 98670$

Thus, the final VAT amount is:

$101400$.