15% VAT

You are provided with the following extracts (totals) of the subsidiary journals for Fit Traders for March 2020.

Cashbook payments

Creditors journal

Creditors allowances journal

The general journal reflects a transaction of R575 including VAT that relates to a settlement discount that was received from a creditor.

Required:

Bank

Creditors control

VAT Input

Sundry accounts

R126 500

R75 000

R16 500

R35 000

Creditors control

VAT Input

Trading inventory

Sundry accounts

R74 750

R9 750

R60 000

R5 000

Creditors control

VAT Output

Trading inventory

Sundry accounts

R25 300

R3 300

R20 000

R2 000

Q.5.1

Prepare the creditors control account in the general ledge of Fit traders for March 2020. Assume an opening balance of R30 000.

Properly balance the account at the end of the month.