The following balances were extracted from the subsidiary journals of General Spaza Shop as at 28...

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The following balances were extracted from the subsidiary journals of General Spaza Shop as at 28 February 20.2. Cash receipts journal VAT input Sales column Cash payments journal Purchases column VAT output Purchases journal Purchases column Sales journal Sales column Purchases returns journal Purchases returns column. Sales returns journal Sales returns column 2760 299 920 430 560 3 160 280 000 500 800 24 000 19 200 On 1 February 20.2, the VAT input account had a debit opening balance of R71 760 and the VAT output account had a credit opening balance of R103 960. The VAT rate applicable is 15%. On 1 February 20.2, the VAT input account had a debit opening balance of R71 760 and the VAT output account had a credit opening balance of R103 960. The VAT rate applicable is 15%. Calculate the closing balance of the VAT input account as at 28 February 20.2. Instructions: 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Round off to the second decimal after the full stop (eg: 50.56) 3. For embedded questions spelling is very important. If you spell the answer incorrect it will be marked incorrect. Please make sure that your spelling of the words is correct. 4. Keep the ledger entries strictly according to the information given. GENERAL SPAZA SHOP GENERAL LEDGER GENERAL SPAZA SHOP GENERAL LEDGER Dr 20.2 Feb 28 0 13 To b/d CRJ CPJ PJ R VAT input 20.2 • # : PRJ GJ R Cr The following balances were extracted from the subsidiary journals of General Spaza Shop as at 28 February 20.2. Cash receipts journal VAT input Sales column Cash payments journal Purchases column VAT output Purchases journal Purchases column Sales journal Sales column Purchases returns journal Purchases returns column. Sales returns journal Sales returns column 2760 299 920 430 560 3 160 280 000 500 800 24 000 19 200 On 1 February 20.2, the VAT input account had a debit opening balance of R71 760 and the VAT output account had a credit opening balance of R103 960. The VAT rate applicable is 15%. The following balances were extracted from the subsidiary journals of General Spaza Shop as at 28 February 20.2. Cash receipts journal VAT input Sales column Cash payments journal Purchases column VAT output Purchases journal Purchases column Sales journal Sales column Purchases returns journal Purchases returns column. Sales returns journal Sales returns column 2760 299 920 430 560 3 160 280 000 500 800 24 000 19 200 On 1 February 20.2, the VAT input account had a debit opening balance of R71 760 and the VAT output account had a credit opening balance of R103 960. The VAT rate applicable is 15%. On 1 February 20.2, the VAT input account had a debit opening balance of R71 760 and the VAT output account had a credit opening balance of R103 960. The VAT rate applicable is 15%. Calculate the closing balance of the VAT input account as at 28 February 20.2. Instructions: 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Round off to the second decimal after the full stop (eg: 50.56) 3. For embedded questions spelling is very important. If you spell the answer incorrect it will be marked incorrect. Please make sure that your spelling of the words is correct. 4. Keep the ledger entries strictly according to the information given. GENERAL SPAZA SHOP GENERAL LEDGER On 1 February 20.2, the VAT input account had a debit opening balance of R71 760 and the VAT output account had a credit opening balance of R103 960. The VAT rate applicable is 15%. Calculate the closing balance of the VAT input account as at 28 February 20.2. Instructions: 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Round off to the second decimal after the full stop (eg: 50.56) 3. For embedded questions spelling is very important. If you spell the answer incorrect it will be marked incorrect. Please make sure that your spelling of the words is correct. 4. Keep the ledger entries strictly according to the information given. GENERAL SPAZA SHOP GENERAL LEDGER GENERAL SPAZA SHOP GENERAL LEDGER Dr 20.2 Feb 28 0 13 To b/d CRJ CPJ PJ R VAT input 20.2 • # : PRJ GJ R Cr GENERAL SPAZA SHOP GENERAL LEDGER Dr 20.2 Feb 28 0 13 To b/d CRJ CPJ PJ R VAT input 20.2 • # : PRJ GJ R Cr

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From the images provided you need to calculate the closing balance of the VAT input account for the General Spaza Shop as of 28 February You have also ... View the full answer