Stokvel Traders (a registered VAT vendor) manufactures and sells luxury goods. Stokvel Traders further provides certain marketing and advertising services to clients in the tourism industry. The periodic inventory system and control accounts are in use. The following balances and totals were extracted from the financial records of Stokvel Traders for the year ended 31 March 2022: R Sales 1 230 045 Services rendered 230 000 Rent received 95 000 Insurance 67 500 Advertising 43 700 Water and electricity 36 800 Telephone expenses 25 350 Additional information: Stokvel