The following balances were extracted from the subsidiary journals of General Spaza Shop as at 28 February 20.2. R Cash receipts journal VAT input 3 516,24 Amounts for sales added in the Bank column 513 371,04 Cash payments journal Amounts for purchases added in the Bank column 743 098,72 VAT output 4 892,16 Purchases journal Purchases column 387 296,00 Sales journal Sales column 738 920,00 Purchases returns journal Trade payables column 50 399,44 Sales returns journal Sales column

On 1 February 20.2, the VAT input account had an opening balance of R123 480 and the VAT output account had an opening balance of R185 220.

Calculate the closing balance of the VAT input account as at 28 February 20.2.

Instructions:

1. Use a full stop to indicate any decimals (eg: 1000.01)

2. Round off to the second decimal after the full stop (eg: 50.56)

3. For embedded questions spelling is very important. If you spell the answer incorrect it will be marked incorrect. Please make sure that your spelling of the words is correct.

4. Keep the ledger entries strictly according to the information given.