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The following VAT balances were extracted from the subsidiary journals of General SP Shop as at 28 February 2022. $ Cash receipts journal VAT input4
The following VAT balances were extracted from the subsidiary journals of General SP Shop as at 28 February 2022.
$Cash receipts journal VAT input4 600VAT output87 400Cash payments journal VAT input126 500VAT output6 900Purchases journal VAT75 900Sales journal VAT144 900Purchases returns journal VAT9 200Sales returns journal VAT11 500On 1 February 2022, the VAT input account had an opening balance of $161 000 and the VAT output account had an opening balance of $239 200.
Calculate the closing balance of the VAT input account as at 28 February 2022
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