The following balances were extracted from the subsidiary journals of General Spaza Shop as at 28 February 20.2.
R
Cash receipts journal
VAT input
2 760
Sales column
299 920
Cash payments journal
Purchases column
430 560
VAT output
3 160
Purchases journal
Purchases column
280 000
Sales journal
Sales column
500 800
Purchases returns journal
Purchases returns column
24 000
Sales returns journal
Sales returns column
19 200
On 1 February 20.2, the VAT input account had a debit opening balance of R71 760 and the VAT output account had a credit opening balance of R103 960.
The VAT rate applicable is 15%.
Calculate the closing balance of the VAT output account as at 28 February 20.2.
Instructions:
- Use a full stop to indicate any decimals (eg: 1000.01)
- Round off to the second decimal after the full stop (eg: 50.56)
- For embedded questions spelling is very important. If you spell the answer incorrect it will be marked incorrect. Please make sure that your spelling of the words is correct.
- Keep the ledger entries strictly according to the information given.
GENERAL SPAZA SHOP
GENERAL LEDGER
Dr
VAT output
Cr
20.2
Answer
Feb 1
Answer
Sales
SRJ
R
Answer
299920.00
20.2
Answer
Feb 1
Answer
Balance
b/d
R
Answer
- 00
Answer
Sales
GJ
Answer
500800.00
Answer
Feb 28
Answer
Sales
CRJ
Answer
- 00
Answer
Trade payables control
CPJ
Answer
- 00
Answer
Sales returns
SJ
Answer
-2800.00
Answer
800720.00
The following balances were extracted from the subsidiary journals of General Spaza Shop as at 28 February 20.2.
R
Cash receipts journal
VAT input
2 760
Sales column
299 920
Cash payments journal
Purchases column
430 560
VAT output
3 160
Purchases journal
Purchases column
280 000
Sales journal
Sales column
500 800
Purchases returns journal
Purchases returns column
24 000
Sales returns journal
Sales returns column
19 200
On 1 February 20.2, the VAT input account had a debit opening balance of R71 760 and the VAT output account had a credit opening balance of R103 960.
The VAT rate applicable is 15%.
Calculate the closing balance of the VAT output account as at 28 February 20.2.
Instructions:
GENERAL SPAZA SHOP
GENERAL LEDGER
Dr
VAT output
Cr
20.2
Answer
Feb 1
Answer
Sales
SRJ
R
Answer
299920.00
20.2
Answer
Feb 1
Answer
Balance
b/d
R
Answer
Answer
Sales
GJ
Answer
500800.00
Answer
Feb 28
Answer
Sales
CRJ
Answer
Answer
Trade payables control
CPJ
Answer
Answer
Sales returns
SJ
Answer
-2800.00
Answer
800720.00