A business was established on 01.11.2012 with the following values.  600.000,- TL Cash, 150.000,- Bank Deposits, 10.000,- TL Checks and Payment Orders 20,000,- TL Fixtures, 25,000,- TL Facility, Machinery and Equipment, 250,000,- TL Buyers (Trade Receivables), 100,000  ,- TL Trade Debt (Due to Sellers), 300.000,- TL Trade Goods,

a) 118.000,- TL on 02.11.2012.  (Including 18% VAT) Commercial goods were purchased and the payment was made by giving a promissory note.  The VAT rate is 18%.  On 15.11.2012, 70,800,- TL (including 18% VAT) Commercial Goods were sold; 

b) - VAT amount was collected by credit card, 20.000,- TL by check, - 5.000,- TL by promissory note;  - the remaining amount will be charged later (Credit). 

c) On 26.11.2012, a passenger car worth 25.000 TL was purchased and a check was issued in return (There is no VAT and ÕTV since the car is purchased second hand from the final consumer).  

d) On 30.11.2012, an apartment is purchased for 100,000,- TL to be used as the head office of the company.  (There is no VAT as the flat is purchased from a non-taxpayer) Payment for the flat purchase is made in cash from the safe. 

e) 10,000,- TL on 30.11.2012.  + VAT (VAT Rate 8%) stationery is purchased.  5.000,- TL of the amount was endorsed as a check and the remaining amount was paid in cash.  (The stationery was put in the material warehouse for later use).  

f) Record VAT accrual for the period of November 2012.  

Required:

Prepare the Establishment Balance Sheet.  (20 Points) Make the journal entries of the period transactions in the opening and the following period.  (opening journal article and options a, b, c, d and e are 10 points each, VAT Accrual Journal Record is 20 points, a total of 80 points)