On 30 June 2022 the company sold goods to one of its customers, Retail Heaven (Pty) Ltd, that will sell the products in the rural areas a market that the company has not yet established it footprint. The company sold goods with an invoice value of R 6 000 000 (excluding VAT) in terms of an agreement which required a deposit of 20% and the balance will be settled six months after the date of sale. No interest is charged on this transaction. The estimated market effective interest rate amounts to 8%. The accountant recorded the following transaction at the date the goods were sold:

	Debit	Credit
Bank	1 380 000
Accounts receivable	5 520 000
Revenue sale of goods		6 000 000
Output VAT Control		900 000

You are required to:

1. Review the transaction recorded by the accountant for the sale of goods to Retail Heaven (Pty) Ltd; and discuss whether it complies with the accounting standards.