25. On January 19 2020, Fire enterprises recorded credit sales of N$5,000 (VAT inclusive), a cash payment for electricity of N$600 (VAT exclusive) on February 28th. How do these transactions affect the accounting equation? (2) Select one: Ca. Asset 4,400 Owners’ Equity=4,400 + Liabilities 0 b. Asset 4,310 Owners’ Equity=4,310 + Liabilities 0 Cc. Asset 4,347 Owners’ Equity=4,347 + Liabilities 0 Clear my choice Top of Form Bottom of Form Skip Quiz navigation 26. Malimina Mills Pty Ltd is a registered VAT vendor specialising in selling maize meal and related products. The following information was compiled for the month of May 2019: On 05 May 2019, sold maize meal to PicnPay for N$450,000 (including VAT) on credit. On 10 May 2019, purchased Corn from Corny Shop for N$300,000 excluding VAT and paid by EFT. On 15 May 2019, Pick n Pay returned maize meal to the value of N$50,000 including VAT. Which type of VAT would you record for sales returns? Select one: Ca. Input VAT b. Output VAT Cc. Zero-rated VAT Cd. Exempted 27. At which rate is VAT on salaries and wages charged? Select one: Ca. 15% C b. 14% Cc. 0% Cd. None of the above