Taxation Of Individuals And Business Entities, 2010 Edition
1st Edition
ISBN: 9780073526966
Author: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Publisher: McGraw-Hill/Irwin
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Please given correct answer for General accounting question I need step by step explanation
The following VAT balances were extracted from the subsidiary journals of Africa Traders as at 28 February 2024.
R
Cash receipts journal
VAT input
556,50
VAT output
14 676,48
Cash payments journal
VAT input
9 375,12
VAT output
642,78
Purchases journal
VAT
6 260,40
Sales journal
VAT
8 037,12
Purchases returns journal
VAT
871,75
Sales returns journal
VAT
902,32
On 1 February 2024, the VAT input account had a debit opening balance of R14 768 and the VAT output account had a credit opening balance of R14 154.
Calculate the closing balance of the VAT output account as at 28 February 2024
Help me tutor to solve questions. Give correct general accounting answer
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