EAL vere ‘Question 2 (WAR: 25; WRITING TIME: 45 MINUTE) Value-a tax ("VAT") rate of 15% is applicable. ‘Mr Raymond Dube, a motor mechanic, has worked for a large motor company forthe last seven years, During the past few years, he has been doing private work during his spare time. This has grown o such ‘an extent that he decided to go ino his own business on a fulltime basis. On August 2021 he resigned from the motor company and formed his own vehicle repair and car spares business called Raymond's Car Services Raymond's Car Services is a business entiy that is registered for value-added tax (VAT). The entty ‘makes use ofthe periodic inventory system and has a 31 December yearend. The erty had a favourable ‘bank balance and the VAT control account hada credit balance of RO 800, “The following transactions took place during August 2021: [Date | Transaction 1 "The oamer, Mr Raymond, deposited RSO 000 into the current acount ofthe ently. On the same day he also arranged for an overdraft facilty at NEB bank. Receipt O01 was issued to Me Raymond. 2 | The owner made an offer to Relax Estate of RAZ0 O00 to buy a commercial propery close to his prospective cients to run his business actvties, The offer was accepted, and Raymond's Car Services paid 30% ofthe purchase price by cash, The oustanding balance | wil be financed by means of a mortgage bond from Invested Bank. [10 "New tyres were purchased on credt from Tyre and Wheels marked at RO344 (VAT | inclusive) 18 A pail of the business premises is rented to Maps Autos and Raymond's Car Services | received notification of payment from the bank for RS 450 (VAT inclusive). ‘Serviced two minibusses for Ringer Rollers Ltd on credit, R21 870, Paid the water and electricity account of R596 (excluding VAT) forthe month to the Southern Municipality 21 __| Mr Dube withdrew R1 780 cash from the business's Curent account to spend on his wife's birthday present. 30 Received terest on rv tment amounting to RZ 650. REQUIRED-QUESTION2 = [waRKs)VRAAG 2 (PUNTE: 25; SKRVETYD : 45 MINUTE) ear + BTW Belasting op toegevoegde waarde (BTW) teen 15% Is van toopassing. Mor, Raymond Dube, motonwerktuigkundige, het aie afgelope sewe jaar by h groot motormaatskappy _gewerk, Gedurende die afgelope paar jaar het hy in sy ye fs privaat werk gedoen. Dit het so gegroei {dat hy beslit het om op hvollyase basis sy ie bosigheid gaan begin. Op 1 Augustus 2021 het hy by ‘ie motormaatskappy bedank en sy eie motorherstel- en motoronderdele-ondememing genaamd Raymond's Car Services stig Raymond's Car Services is i besigheldsentitet wat vir belasting op toegevoegde waarde (BTW) ‘goregisteer is. Die entiet maak gebruk van cle perodioke voorrasdstelsl en het h 31 Desember jaaeinde, Die entitet het h gunstige banksaldo gehad en die BTW-kontrolerekening het kredietsaldo vvan R9 800. Die volgende transaksies het gedurende Augustus 2021 plaasgevin: (Datum | Transaksie — —] 1] Die etenaar nr. Dube, het R650 000 n die lopende rekering van die enttet gedeponeer Op diesede dag het hy ook gered vr oortrokke fasiltt by NFB bank. Kwttanie O01 __| aan'mnr Dube utgerak, - Ye elenaar het i aanbod aan Relax Estate van R20 000 gomaak om h Kommersie elendom naby sy voornemende Kents te koop om sy besigheidaktivtete te bed. Die | ‘aanbod is aanvaar, en Raymond's Car Services het 30% van die Koopprys kontant beta | Die uitstaande sao sal deur mide van'nverband van Invested Bank gefinansier word. 10" | Nawe bande is op krediet aangekoop by Tyre end Wheels een RO G44 (BTWingestu. | [1S |W Gedeatt van die besigheideperseal word aan Maps Autos verhuur en Raymond's Car | Services het kennisgewing van betaling van die bank ontvang vir RS 480 (BTW ingestut) 18 | Twee minbbusse vir Ringer Rollers Bpk. op kredil gediens, R27 870 (BTW ingestu), 8 | Betaal die water en elekrstetsrokering vir die maend van R596 (BTW uitgesit) aan dle Southern Munisipalte. 721 __| Mir. Dube het Ri 780 Konkan ui dle Besigheid we Topende rekening onirek om op sy vrou se verjaardaggeskenk te spandeer. | Rente op belegging enivang fen bedrae van R260. [4Teken bogenoemdetransaksies van Raymond's Car Services vir Augustus 2021 aan eur ce volgende formaat te gebruik Toon ALLE borekenings. Rond af tot die naaste Rand Datum | Naam van Naam van Ekwitet [Bates | Laste rokoning rekening gedebiteer & dul | gekrediteer & dul goattekteerde | geatfektoorde staat aan staat aan 25 TOTALE PUNTE