ACCA F6 一日一练

   (a)   During   the   month   of   February   2009,   Company   C,   a   motor   vehicle   manufacturing   company,   carried   out   the
           following transactions:


           (1)  Imported   engines   for   production   purposes   for   the   equivalent   of   RMB   2,000,000   (including   freight   and
                insurance to the Chinese port). Company C paid a further RMB 10,000 (including value added tax (VAT))
                to transport the engines from the port to its warehouse.


           (2)  Purchased raw materials for RMB 800,000 (excluding VAT) and received a discount of 2% from the supplier
                for early payment. Company C paid transportation costs of RMB 8,000 (excluding VAT) and an insurance
                fee of RMB 5,000 in relation to the delivery of the raw materials to its warehouse.


           (3)  Sold 200 of Model A motor vehicles at RMB 150,000 each (including VAT).


           (4)  Sold ten Model A motor vehicles to its own staff at their cost of RMB95,000 (excluding VAT) each.


           (5)  Company C is testing the performance of a new design of motor vehicle (Model B). Five Model B motor
                vehicles were taken for self-use. The cost per unit of Model B motor vehicles is RMB 130,000 (excluding
                VAT); no market price has yet been set for these vehicles.


           Required:


           Calculate   the   consumption   tax   (CT)   and   value   added   tax   (VAT)   payable   by   Company   C   for   each   of   the
           transactions (1) to (5) in the month of February 2009, clearly identifying where no tax is payable.


           Note: you should assume that:
           (1)  The tariff for all kinds of imported goods is 25%.
           (2)  Consumption tax (CT) is 10% for all types of motor vehicle.
           (3)  The deemed profit rate for the Model B motor vehicles is 8%.                                                 (11 marks)


     (b)   (i)   State the value added tax (VAT) treatment of the disposal of self-used fixed assets. Your answer should
                deal with assets which were bought both before and after 1 January 2009;                                       (2 marks)


           (ii) State the value added tax (VAT) treatment of the disposal of used articles (other than those used as fixed
                assets) and used cars;                                                                                         (2 marks)


           (iii)  The following transactions all occurred in the month of August 2009. All figures are stated including value
                added tax (VAT).


                (1)   Company D sold a used machine for RMB 250,000, which had been bought in January 2008 for
                      RMB 200,000.


                (2)   Company E (a small-scale VAT taxpayer) sold a used machine for RMB 180,000, which had been
                      bought in October 2005 for RMB 200,000.


                (3)   Company F sold a used machine for RMB 150,000, which had been bought in January 2009 for
                      RMB 120,000.


                (4)   Company G (a small-scale VAT taxpayer) sold a used machine for RMB 150,000, which had been
                      bought in January 2009 for RMB 120,000.


                (5)   Company   H   sold   a   used   car   for   RMB   150,000,   which   had   been   bought   in   January   2009   for
                      RMB 120,000.


                Required:


                In the case of each of the sales (1) to (5), calculate the value added tax (VAT) payable.


                Note: unless otherwise stated all the companies are general VAT taxpayers.                                     (5 marks)


                                                                                                                             (20 marks)