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Please help prepare the Vat in put and vat output in general ledger. Prepare the following accounts in the General Ledger of Aster Traders for
Please help prepare the Vat in put and vat output in general ledger.
Prepare the following accounts in the General Ledger of Aster Traders for June 2021. The accounts must be closed off to the SARS: VAT account. VAT Input VAT Output INFORMATION The information given below was extracted from the records of Aster Traders, a registered VAT vendor, for June 2021. VAT is levied at 15%. None of the products sold by Aster Traders are zero-rated or VAT exempt. The following transactions, amongst others, of Aster Traders took place during June 2021: Transactions Amount excluding VAT Amount including VAT R R Purchased goods on credit from suppliers 5 000 ? Returned unsatisfactory goods to creditors ? 920 Cash sales 3 450 Goods sold on credit 6 000 Goods purchased by cheque 4 000 Goods returned by debtors 500 575 Discounts allowed to debtors in settlement of accounts 200 7 Settlement discounts received from creditors 345 Step by Step Solution
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