Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following VAT balances were extracted from the subsidiary journals of Africa Traders as at 2 8 February 2 0 2 2 . table

The following VAT balances were extracted from the subsidiary journals of Africa Traders as at 28 February 2022.
\table[[,R],[Cash receipts journal,],[VAT input,340],[VAT output,4885],[Cash payments journal,],[VAT input,7020],[VAT output,395],[Purchases journal,5230],[VAT,],[Sales journal,],[VAT,9389],[Purchases returns journal,],[VAT,455],[Sales returns journal,],[VAT,360]]
On 1 February 2022, the VAT input account had a debit opening balance of R9000 and the VAT output account had a credit opening balance of R13000.
Calculate the closing balance of the VAT input account as at 28 February 2022
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction to Governmental and Not for Profit Accounting

Authors: Martin Ives, Terry K. Patton, Suesan R. Patton

7th edition

9780132776073, 132776014, 978-0132776011

More Books

Students also viewed these Accounting questions