The following VAT balances were extracted from the subsidiary journals of Africa Traders as at 28 February 2022 Cash receipts journal R VAT input 525,00 VAT output 17 640,00 Cash payments journal VAT input 8 505,00 VAT output 567,00 Purchases journal VAT 5 733,00 Sales journal VAT 9 660,00 Purchases returns journal VAT Sales returns journal VAT 735,00 483,00 On 1 February 2022, the VAT input account had a debit opening balance of R10 920 and the VAT output account had a credit opening balance of R15 960. Calculate the closing balance of the VAT input account as at 28 February 2022 NB: Instructions 1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72) 2. Only show the amount, do not show the R (eg: 12141.72) Answer:

The following VAT balances were extracted from the subsidiary journals of Africa Traders as at 28 February 2022 Cash receipts journal R VAT input 525,00 VAT output 17 640,00 Cash payments journal VAT input 8 505,00 VAT output 567,00 Purchases journal VAT 5 733,00 Sales journal VAT 9 660,00 Purchases returns journal VAT Sales returns journal VAT 735,00 483,00 On 1 February 2022, the VAT input account had a debit opening balance of R10 920 and the VAT output account had a credit opening balance of R15 960. Calculate the closing balance of the VAT input account as at 28 February 2022 NB: Instructions 1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72) 2. Only show the amount, do not show the R (eg: 12141.72) Answer:

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter8: Liabilities And Stockholders' Equity

Section: Chapter Questions

Problem 8.1.2MBA

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