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QUESTION THREE Vertex Pty Lid is a shoe retailer in Johannesburg, Gauteng. On 1 0 February 2 0 2 4 , a vendor bought pairs
QUESTION THREE
Vertex Pty Lid is a shoe retailer in Johannesburg, Gauteng. On February a vendor bought
pairs of shoes at a cost price of R exclusive of VAT and paid the wholesaler R cash.
On February the vendor sold the pair of shoes to a customer for Rinclusive of
VAT cash. Assume that the periodic inventory method is in use and that this was the only
transaction for February Required:
Show journal entries to record the purchase and sale of the shoe during February Thereafte
record the entries for the payment of VAT to SARS on due date March
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