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Question 14 of 20 ZZT Traders purchases journal for the month ending 28 February 2020 reflected the following total. ZZT Traders is a registered vat
Question 14 of 20 ZZT Traders purchases journal for the month ending 28 February 2020 reflected the following total. ZZT Traders is a registered vat vendor and only purchase inventory from Samoosse Traders (a registered vat vendor). Purchases joumal for the month ending 28 February 2020 Date Details VAT input Inventory Creditors 28 Totals R25 875 ZZT Traders purchased inventory on credit from Samoosse Traders on 25 February 2020, for an amount of R5 750 (indusive of 15% vat) and this transaction has not yet been recorded in the accounting records of ZZT Traders. Which one of the following options reflects the correct posting entries regarding the creditors control account in the general ledger of ZZT Traders for the month ending 28 February 2020? 8/12 Credit A. Description Creditors control Vat input Inventory Debit R32 487.5 R4 237.5 R28 250 Credit B. Description Inventory Vat input Creditors control Debit R28 250 R4 237.5 R32 487.5 Credit C. Description Inventory Vat input Creditors control Debit R27 500 R4 125 R31 625 Credit D. Description Creditors control Vat input Inventory Debit R35 506.25 R4 631.25 R30 875
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