MS Traders is a business located in Cape Town.

MS Traders is a registered VAT vendor and trades only with registered VAT

vendors that can provide tax invoices. The business charges 15% VAT on all its sales.

All amounts are inclusive of VAT, unless VAT is not applicable.

Argon Traders sells good for cash and on credit.

Transaction 1: On the 1st of March 2022 Argon Traders sold goods for R15 000

excluding VAT) on credit to Mr Neon.

Goods are marked up 20% on cost

(Required:

Record transaction 1 in the applicable general ledger accounts using the perpetual

inventory system.

You do not need to balance these accounts

Please help me. I am doing revision but cant seem to get it right

\begin{tabular}{|l|l|l|l|l|l|l|l|} \hline Date & Detalls & Fol & Amount & Date & Details & Eol Amount \\ \hline & & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|l|l|} \hline & & & Trading Inventory & & & \\ \hline Date & Details & Fol & Amount & Date & Detalls & Fol & Amount \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|l|l|} \hline & & & \multicolumn{2}{|c|}{ Output Vat } & & & \\ \hline Date & Details & Fol & Amount & Date & Details & Fol & Amount \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|l|l|} \hline & & & \multicolumn{2}{|c|}{ Cost of Sales } & & & \\ \hline Date & Dotalls & Fol & Amount & Date & Detalls & Fol & Amount \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline \end{tabular}