Account for Waska and Associates
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Account for Waska and Associates
Mrs. Carol Waska is a practicing accountant working under the style and name of Waska and Associates. Her firm is registered for Value Added Tax (VAT). During the month of September 2018, she undertook and completed the following assignments:
2 September – Tax consultancy work for ABC Ltd. her fees were sh.240,000 inclusive of VAT. 4 September – Audit for Rwanda cell, a company based in Rwanda. Her fees amounted to Sh.840,000 exclusive of VAT. 10 September – Management consultancy services for Kikwete Ltd. she billed them for sh.360,000 inclusive of VAT. 15 September – Her firm was appointed by XYZ Ltd. to undertake a review of the internal control systems of the company. Her fees were Sh.1,200,000 exclusive of VAT. 17 September – The firm conducted the audit of Kikwete Ltd. for the year ended 31 December 2000. Charges were Sh.480,000 inclusive of VAT. 18 September – The firm was appointed by Stoma Ltd to conduct a survey on power consumption at a fee of Sh.2,400,000 (exclusive of VAT). 19 September – Her firm audited the accounts of Miracle Ministries, a church where she serves as a volunteer auditor. She estimated that her fees would have been Sh.720,000 exclusive of VAT. 21 September – The firm bill Kikwete Limited Sh.136,000 (inclusive of VAT) for debt collection services. 22 September – The firm undertook a financial consultancy assignment for World net South Africa, a company based in South Africa. The fees were Sh.420,000 exclusive of VAT. 24 September – Conducted audit of Lingo Ltd. at a fee of Sh.180,000 inclusive of VAT. 26 September – Provided accountancy services to Rhema Children’s Home on a volunteer basis. The estimated value of the services was Sh.90,000 inclusive of VAT. 30 September – Performed audit services for Ujamaa County Council. The fees earned were Sh.860,000 exclusive of VAT. During the month of September 2018, the firm paid for the following services:
Electricity Sh.42,500
Water Sh.2,400
Rent Sh.120,000
Garbage collection Sh.36,000
Stationery Sh.960,000
Computer repairs and maintenance Sh.240,000
Telephone Sh.330,000
(where applicable, the above payments were VAT inclusive)
Required:
(a) Prepare a VAT Account for Waska and Associates for the month of September 2018.
(b) The VAT you have computed in (a) above, was paid on 22 October 2018 since 20 October was on a Saturday. The VAT return was also submitted on the same day. How much additional tax would be payable, if any?
(c) Kikwete Limited was the subject of a creditor’s voluntary winding up and the appropriate resolution was passed on 1 April 2019. By that time the company paid Waska and Associates only Sh.240,000 for services rendered. Assuming that all the conditions for the refund of bad debt relief are met, calculate the amount of VAT bad debt relief.
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. 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The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
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