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Show the VAT position of ABC ltd for the month

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Reference no: EM132605165

Question - ABC ltd is registered for VAT the obligation and had the following transactions in the month of July 2020:

Kshs

Sales ................... 3,289,500

Purchases ................ 981,000

The above figures are VAT exclusive and the VAT rate is 16%, apart from purchases of Kshs 245,500 where the applicable rate is 8%.

One of the customers withheld VAT of Kshs 65,300

The firm had a credit position of Kshs 188,700 in the month of June

Required - Show the VAT position of ABC ltd for the month. If there is any amount payable, when should the company pay it?

Reference no: EM132605165

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