Podcast
Questions and Answers
What details must a till slip include according to the shop's VAT number?
What details must a till slip include according to the shop's VAT number?
- The words 'Tax Invoice' and the shop's address
- The date and time of the sale and a description of items bought
- The shop name and address, VAT number, and invoice number
- All of the above (correct)
What is the VAT percentage charged on items in South Africa?
What is the VAT percentage charged on items in South Africa?
- 14% (correct)
- 15%
- 16%
- 12%
Which of the following items is exempt from VAT in South Africa?
Which of the following items is exempt from VAT in South Africa?
- Chocolate muffins
- Tinned sardines
- Vegetable oil
- Brown bread (correct)
How did Boiketlo pay for her shopping at Sunshine Superette?
How did Boiketlo pay for her shopping at Sunshine Superette?
What is the total amount Boiketlo paid for her shopping?
What is the total amount Boiketlo paid for her shopping?
What is the cost of 1 liter of vegetable oil at Sunshine Superette?
What is the cost of 1 liter of vegetable oil at Sunshine Superette?
What is the change Boiketlo received after paying R150,00?
What is the change Boiketlo received after paying R150,00?
Which item is not exempt from VAT in South Africa?
Which item is not exempt from VAT in South Africa?
What is the description of the 'Tax Invoice' on a till slip?
What is the description of the 'Tax Invoice' on a till slip?
How many muffins did Boiketlo buy at Sunshine Superette?
How many muffins did Boiketlo buy at Sunshine Superette?
What is the cost of each muffin in Boiketlo's pack of chocolate muffins?
What is the cost of each muffin in Boiketlo's pack of chocolate muffins?
What is the last date for a refund for Boiketlo's purchase?
What is the last date for a refund for Boiketlo's purchase?
How much did Boiketlo pay for her shopping?
How much did Boiketlo pay for her shopping?
Why do three items have stars next to them on the till slip?
Why do three items have stars next to them on the till slip?
What is the VAT percentage on the total value of the items subject to VAT?
What is the VAT percentage on the total value of the items subject to VAT?
What is the corresponding letter on the till slip for the total value of the items subject to VAT?
What is the corresponding letter on the till slip for the total value of the items subject to VAT?
At which six stores can Bulelwa use her store card?
At which six stores can Bulelwa use her store card?
How much must Bulelwa pay on her account and when is it due?
How much must Bulelwa pay on her account and when is it due?
How much credit does Bulelwa still have available?
How much credit does Bulelwa still have available?
What is the balance brought forward from the previous statement for Bulelwa's account?
What is the balance brought forward from the previous statement for Bulelwa's account?
Where can Mrs. Gwayi pay for her electricity and refuse?
Where can Mrs. Gwayi pay for her electricity and refuse?
What is the minimum payment Mrs. Gwayi needs to make immediately?
What is the minimum payment Mrs. Gwayi needs to make immediately?
What is the total amount Mrs. Gwayi owes?
What is the total amount Mrs. Gwayi owes?
What is Mr. Finlay's cell phone number?
What is Mr. Finlay's cell phone number?
What type of cell phone does Mr. Finlay own?
What type of cell phone does Mr. Finlay own?
What is the most expensive item in Mr. Finlay's bill?
What is the most expensive item in Mr. Finlay's bill?
How many days does Mr. Finlay have to query his invoice?
How many days does Mr. Finlay have to query his invoice?
What is the VAT percentage added to Mr. Finlay's total excluding VAT?
What is the VAT percentage added to Mr. Finlay's total excluding VAT?
How much is the VAT added to Mr. Finlay's total excluding VAT?
How much is the VAT added to Mr. Finlay's total excluding VAT?
How much is the average spent per month by Mr. Finlay?
How much is the average spent per month by Mr. Finlay?
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Study Notes
Financial Documents
- A till slip must include the shop name and address, VAT number, the words "Tax Invoice", invoice number, date and time of sale, description of items or services bought, amount of VAT charged (14%), and total amount payable.
VAT Exemptions
- Some essential groceries in South Africa are exempt from VAT, including paraffin, brown bread, maize meal, samp, mealie rice, dried mealies, dried beans, lentils, tinned sardines, milk powder, milk, rice, vegetables, fruit, vegetable oil, and eggs.
Worked Example 1: Till Slip
- Boiketlo bought groceries at Sunshine Superette and paid with cash.
- The total amount payable was R130,25.
- Itemized costs included vegetable oil (R16,99), chocolate muffins (R13,95), brown bread (exempt from VAT), and milk (exempt from VAT).
- VAT is 14% of the total cost of items that are not exempt from VAT.
Worked Example 2: Account Statements
- Bulelwa has an Edgars store account and can use her store card at six stores: Edgars, Boardmans, Prato, Temptations, CNA, and Red Square.
- Her account statement shows the amount due (R240,00), late payment charge (22,10% per annum), payment on 25/04/2012 (R240,00), credit available (R3 307,00), and credit limit (R4 049).
- The statement also shows the balance brought forward (R692,42), amount spent at Edgars in April 2012 (R289,95), and closing balance (R742,37).
Worked Example 3: Bills
- Mrs. Gwayi received a municipal bill for electricity and refuse.
- The bill shows payment outlets (Absa, Checkers, Shoprite, Post Office), query number (086 010 3089), last payment (29/07/2013, R349,63), minimum payment (R1 683,00), and additional amount before 19/09 (R393,72).
- The total amount due is R2 076,72.
Worked Example 4: Cell Phone Bills
- Mr. Rael Finlay received a cell phone bill for his Blackberry phone.
- The bill shows refund information (R51,75), discounts (CLI Monthly Discount, R7,02), most expensive item (MTN 200 TopUp Subscription, R175,44), client since (November 2011), international calls (allowed), query period (30 days), and average spent per month (R315,50).
- VAT is 14% of the total cost, which is R36,72.
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