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:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
AM. 116.
Transcribed Image Text: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:
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