Q.3.2 The following information has been taken from the books of Lobelia Traders, a general trading shop in Braamfontein, for the month of April 2020: Lobelia Traders is a registered VAT vendor and trades only with registered VAT Vendors. The business charges 15% VAT on all its sales. TRANSACTION JOURNAL AMOUNT VAT AMOUNT EXCLUDING AMOUNT INCLUDING VAT VAT Cash sales CBR 35 000 A Advertising СВР D 920 paid Goods СВР E 750 F purchased for cash Drawings of GJ 500 G H Petty Cash Credit sales DJ 1 200 Q.3.2.1 Calculate the amounts for A to J Q.3.2.2 Calculate the Input VAT Total Q.3.2.3 Calculate the Output VAT total Q.3.2.4 Calculate the Vat payable or refundable. Clearly indicate if it is payable or refundable and if it is an asset or liability
Q.3.2 The following information has been taken from the books of Lobelia Traders, a general trading shop in Braamfontein, for the month of April 2020: Lobelia Traders is a registered VAT vendor and trades only with registered VAT Vendors. The business charges 15% VAT on all its sales. TRANSACTION JOURNAL AMOUNT VAT AMOUNT EXCLUDING AMOUNT INCLUDING VAT VAT Cash sales CBR 35 000 A Advertising СВР D 920 paid Goods СВР E 750 F purchased for cash Drawings of GJ 500 G H Petty Cash Credit sales DJ 1 200 Q.3.2.1 Calculate the amounts for A to J Q.3.2.2 Calculate the Input VAT Total Q.3.2.3 Calculate the Output VAT total Q.3.2.4 Calculate the Vat payable or refundable. Clearly indicate if it is payable or refundable and if it is an asset or liability
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please do 3.3.2 and 3.3.3
Transcribed Image Text:Q.3.2 The following information has been taken from the books of Lobelia Traders,
a general trading shop in Braamfontein, for the month of April 2020:
Lobelia Traders is a registered VAT vendor and trades only with registered
VAT Vendors.
The business charges 15% VAT on all its sales.
TRANSACTIONJOURNAL
AMOUNT
VAT
AMOUNT
EXCLUDING AMOUNT
INCLUDING
VAT
VAT
Cash sales
CBR
35 000
A
в
Advertising
СВР
920
paid
Goods
СВР
E
750
F
purchased for
cash
Drawings of
GJ
500
G
H
Petty Cash
Credit sales
DJ
1 200
Q.3.2.1
Calculate the amounts for A to J
Q.3.2.2
Calculate the Input VAT Total
Q.3.2.3
Calculate the Output VAT total
Q.3.2.4
Calculate the Vat payable or refundable. Clearly indicate if it is
payable or refundable and if it is an asset or liability
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