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Calculate the VAT-inclusive price of a camera that costs R11,499 excluding VAT, given a standard VAT rate of 15%.

Accounting

ScanSolve AI Answer

Answer

R13 223.85\text{R}13\,223.85

Step-by-step solution

3 steps

  1. Identify the given price and the standard VAT rate.

    The cost of the camera excluding VAT is R11 499.
    The standard VAT rate in South Africa is 15%15\%.

  2. Calculate the VAT amount.

    To find the VAT amount, multiply the price excluding VAT by the VAT rate.

    VAT amount=R11 499×15%\text{VAT amount} = \text{R}11\,499 \times 15\% VAT amount=R11 499×15100\text{VAT amount} = \text{R}11\,499 \times \frac{15}{100} VAT amount=R11 499×0.15\text{VAT amount} = \text{R}11\,499 \times 0.15 VAT amount=R1 724.85\text{VAT amount} = \text{R}1\,724.85

  3. Calculate the VAT-inclusive price.

    Add the VAT amount to the price excluding VAT.

    VAT-inclusive price=Price excluding VAT+VAT amount\text{VAT-inclusive price} = \text{Price excluding VAT} + \text{VAT amount} VAT-inclusive price=R11 499+R1 724.85\text{VAT-inclusive price} = \text{R}11\,499 + \text{R}1\,724.85 VAT-inclusive price=R13 223.85\text{VAT-inclusive price} = \text{R}13\,223.85

    The VAT-inclusive price of the camera is R13 223.85.

    R13 223.85\text{R}13\,223.85
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