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provided Xiaolin with a mobile telephone that cost £200, private medical insurance at a
cost to Carlson Ltd of £3,000 per year and paid for Xiaolin’s son to attend a local public
school. The cost to Carlson Ltd for the school fees was £20,000.
Class 1A National Insurance contributions payable by Carlson Ltd on these employment
benefits during 2016/17 amounted to:
C. £0. Class 1A National Insurance contributions would not be payable by Carlson Ltd
incurred input tax of £136,000. Of this, £100,000 was attributable to taxable supplies,
£13,000 was attributable to exempt supplies and £23,000 was unattributable. The total
VAT exclusive value of supplies made by Shanahan Ltd for the year was £975,000.
£100,000 of the £975,000 was in respect of zero rated supplies. £80,000 of the £975,000
was from exempt supplies. How much of Shanahan Ltd’s input tax is recoverable?
March 1 Started business with N8,000 in the Bank
March 2 Bought goods on credit from the following persons: K. Hayford N760; Miller N270; Bukola N560
March .5 Cash Sales N870
March.6 Paid wages in Cash N140
March.7 Sold goods on credit to H. Elijah N 350;Leke N420; Jacob N720
March 9 Bought goods for Cash N460
March 10 Bought goods on credit from M. Miller N570, Bukola N980
March 12 Paid Wages in Cash N140
March 13 Sold goods on credit to Leke N320, Jacob N230
March 15 Bought goods by cheque from Betha Ltd N500
March 17 Paid M . Miller by cheque N840
March 18 Returned goos to Bukola N200
March 21 Paid Betha Ltd a cheque for N500
March 24 Jacob paid up his account by cheque N950
March 27 Returned goods to K. Hayford N240
March 30 J. Elesusu lent N600 by Cash
March 31 Bought a motor van by cheque N4,000