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The following VAT balances were extracted from the subsidiary journals of Africa Traders as at 28 February 2022. Cash receipts journal VAT input VAT output Cash payments journal VAT input VAT output Purchases journal VAT Sales journal NAT Purchases returns journal VAT Sales returns journal VAT R 956,50 15 076,48 9 775,12 1 042,78 6 660,40 8 437,12 1 271,75 1 302,32 On 1 February 2022, the VAT input account had a debit opening balance of R15 768 and the VAT output account had a credit opening balance of R14 554. Calculate the closing balance of the VAT output 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)

The following VAT balances were extracted from the subsidiary journals of Africa Traders as at 28 February 2022. Cash receipts journal VAT input VAT output Cash payments journal VAT input VAT output Purchases journal VAT Sales journal NAT Purchases returns journal VAT Sales returns journal VAT R 956,50 15 076,48 9 775,12 1 042,78 6 660,40 8 437,12 1 271,75 1 302,32 On 1 February 2022, the VAT input account had a debit opening balance of R15 768 and the VAT output account had a credit opening balance of R14 554. Calculate the closing balance of the VAT output 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)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following VAT balances were extracted from the subsidiary journals of Africa Traders as at 28 February 2022. Cash receipts journal VAT input VAT output Cash payments journal VAT input VAT output Purchases journal VAT Sales journal NAT Purchases returns journal VAT Sales returns journal VAT R 956,50 15 076,48 9 775,12 1 042,78 6 660,40 8 437,12 1 271,75 1 302,32 On 1 February 2022, the VAT input account had a debit opening balance of R15 768 and the VAT output account had a credit opening balance of R14 554. Calculate the closing balance of the VAT output 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)
Transcribed Image Text:The following VAT balances were extracted from the subsidiary journals of Africa Traders as at 28 February 2022. Cash receipts journal VAT input VAT output Cash payments journal VAT input VAT output Purchases journal VAT Sales journal NAT Purchases returns journal VAT Sales returns journal VAT R 956,50 15 076,48 9 775,12 1 042,78 6 660,40 8 437,12 1 271,75 1 302,32 On 1 February 2022, the VAT input account had a debit opening balance of R15 768 and the VAT output account had a credit opening balance of R14 554. Calculate the closing balance of the VAT output 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)
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