cost. CLASS EXAMPLES - VAT The following transactions relate to Charming Ltd, a registered VAT vendor that buys and sells antique furniture. 1 March 20x6 Charming Ltd purchased 2 chairs on credit from Time Ltd for R11 500.00, including VAT. 3 March 20x6 Charming Ltd purchased 1 table cash from Old Ltd for R17 250.00, including VAT. 6 March 20x6 Charming Ltd sold 1 of the chairs that it purchased from Time Ltd on credit to Ms Mohammed. The chair was marked up at 20% on cost. 10 March 20x6 Charming Ltd sold a couch for cash to Mr Ting Chong. The cost of the couch was R12 000.00, excluding VAT, and was marked up at 40% on selling price. 15 March 20x6 Charming Ltd purchased a computer on credit from Macrosoft Ltd for R20 700.00, including VAT. 18 March 20x6 Charming Ltd sold the table that it purchased from Old Ltd on credit to Mr Coopasamy. The table was marked up at 30% on 22 March 20x6 Charming Ltd purchased stationery cash from Daltons Ltd for R3 450.00, including VAT. 25 March 20x6 Charming Ltd paid salaries of R40 000.00. 28 March 20x6 Ms Parker, an account receivable, pays R30 000.00 to settle her account. 30 March 20x6 Charming Ltd charged its customer, Ms Rantsane, interest of R1 000.00 on an overdue account. Note: Charming Ltd uses the perpetual inventory system to account for movement in inventory. The balance on the VAT control account on 1 March 20x6 was R1 000.00, owing to SARS. Required 1. Account for the transactions in the general ledger of Charming Ltd for the month ended 31 March 20x6. Closing entries are not required. 2. Complete the VAT control general ledger account. cost. CLASS EXAMPLES - VAT The following transactions relate to Charming Ltd, a registered VAT vendor that buys and sells antique furniture. 1 March 20x6 Charming Ltd purchased 2 chairs on credit from Time Ltd for R11 500.00, including VAT. 3 March 20x6 Charming Ltd purchased 1 table cash from Old Ltd for R17 250.00, including VAT. 6 March 20x6 Charming Ltd sold 1 of the chairs that it purchased from Time Ltd on credit to Ms Mohammed. The chair was marked up at 20% on cost. 10 March 20x6 Charming Ltd sold a couch for cash to Mr Ting Chong. The cost of the couch was R12 000.00, excluding VAT, and was marked up at 40% on selling price. 15 March 20x6 Charming Ltd purchased a computer on credit from Macrosoft Ltd for R20 700.00, including VAT. 18 March 20x6 Charming Ltd sold the table that it purchased from Old Ltd on credit to Mr Coopasamy. The table was marked up at 30% on 22 March 20x6 Charming Ltd purchased stationery cash from Daltons Ltd for R3 450.00, including VAT. 25 March 20x6 Charming Ltd paid salaries of R40 000.00. 28 March 20x6 Ms Parker, an account receivable, pays R30 000.00 to settle her account. 30 March 20x6 Charming Ltd charged its customer, Ms Rantsane, interest of R1 000.00 on an overdue account. Note: Charming Ltd uses the perpetual inventory system to account for movement in inventory. The balance on the VAT control account on 1 March 20x6 was R1 000.00, owing to SARS. Required 1. Account for the transactions in the general ledger of Charming Ltd for the month ended 31 March 20x6. Closing entries are not required. 2. Complete the VAT control general ledger account