QUESTION 2 Cheap Cheap Traders received its bank statement at the end of May 2022. The items in the bank statement but not in the cash receipts journal and cash payments journal were identified and entered. After posting to the general ledger, the bank account showed a debit balance of R529.50 while the bank statement showed a credit balance of R446. On comparing the cash receipts journal and the cash payments journal with the bank statement, the items were found to be missing from the bank statement: Cheque No. 133 No. 201 R43 R49 No. 271 R63.50 Deposit on May 31 R239 Required: Prepare a bank reconciliation statement QUESTION 3 In all cases, assume that VAT rate is 15% a) Calculate the VAT output if a vendor decides to sell goods (standard rated) for R2 300 b) Calculate the VAT input if a vendor bought goods for R 1 150 c) From (a) and (b), determine how much is due to SARS or the Vendor by preparing the VAT control account QUESTION 4 Assume the VAT rate is 15%. Show the General Journal entries in the following cases: a) On 1 January, 2022, Chiso Sports bought goods and paid by cheque R5 750 (VAT inclusive)