CPD Hardware is registered as a VAT vendor. All the suppliers of the entity are also registered for VAT.  All goods are sold at a constant mark-up of 25% on cost and a perpetual inventory system is in use.

 

The following is an extract from the subsidiary journals of CPD Hardware for the month ended 30 June 2023:

 

Purchases journal

 

R

VAT Input

2 250

Inventory

15 000

Trade payables control

17 250

 

 

Purchases returns journal

 

R

VAT Input

345

Inventory

2 300

Trade payables control

2 645

 

 

Sales journal

 

R

VAT Output

1 170

Sales

7 800

Trade receivables control

8 970

Cost of sales

?

 

 

Sales returns journal

 

R

VAT Output

330

Sales returns

2 200

Trade receivables control

2 530

Cost of sales

?

 

Required:

 

Post the applicable totals from the above subsidiary journals to the inventory account in the general ledger of CPD Hardware for the month ended 30 June 2023.