The following balances were extracted from the subsidiary joumals of General Spaza Shop as at 28 February 20.2. Cash receipts journal VAT input Sales column Cash payments journal Purchases column VAT output Purchases journal Trade payables column Sales journal Trade receivables column i Purchases returns journal Trade payables column Sales returns journal Trade receivables column) R 1207.50 153 300,00 221 900,00 1680,00 152 950,00 291 812.50 17 307 50 12 880,00 On 1 February 20.2, the VAT input account had an opening balance of R42 000 and the VAT output account had an opening balance of R63 000. The applicable VAT rate is 15% Calculate the closing balance of the VAT output account as at 28 February 20.2. Instructions: 1. Use a full stop to indicate any decimals (eg 1000.01) 2 Round off to the second decimal after the full stop (eg: 50.56)
The following balances were extracted from the subsidiary joumals of General Spaza Shop as at 28 February 20.2. Cash receipts journal VAT input Sales column Cash payments journal Purchases column VAT output Purchases journal Trade payables column Sales journal Trade receivables column i Purchases returns journal Trade payables column Sales returns journal Trade receivables column) R 1207.50 153 300,00 221 900,00 1680,00 152 950,00 291 812.50 17 307 50 12 880,00 On 1 February 20.2, the VAT input account had an opening balance of R42 000 and the VAT output account had an opening balance of R63 000. The applicable VAT rate is 15% Calculate the closing balance of the VAT output account as at 28 February 20.2. Instructions: 1. Use a full stop to indicate any decimals (eg 1000.01) 2 Round off to the second decimal after the full stop (eg: 50.56)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following balances were extracted from the subsidiary joumals of General Spaza Shop as at 28 February 20.2.
Cash receipts journal
VAT input
Sales column
Cash payments journal
Purchases column
VAT output
Purchases journal
Trade payables column
Sales journal
Trade receivables column i
Purchases returns journal
Trade payables column
Sales returns journal
Trade receivables column)
R
1207.50
153 300,00
221 900,00
1680,00
152 950,00
291 812.50
17 307 50
12 880,00
On 1 February 20.2, the VAT input account had an opening balance of R42 000 and the VAT output account had an opening balance of R63
000.
The applicable VAT rate is 15%
Calculate the closing balance of the VAT output account as at 28 February 20.2.
Instructions:
1. Use a full stop to indicate any decimals (eg 1000.01)
2 Round off to the second decimal after the full stop (eg: 50.56)
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