Topaz Traders is a wholesaler that purchases and sells goods for cash and on credit. Topaz Traders is a registered VAT Vendor and only transacts with other VAT Vendors. The applicable VAT rate is 15%. You have been provided with the following list of transactions of Topaz Traders relating to the purchase and sale of good for the month of May 2022: Date Source Document Amount 1 Original credit invoice from Ruby Wholesalers (CI203) R17 250 (including VAT) 3 Original credit note from Ruby Wholesalers (CN13) R2 300 (including VAT) 5 Duplicate credit invoice to Diamond Traders (IN45) R10 000 (excluding VAT) 9 Original credit invoice from Sapphire Dealers (RE33) R20 000 (excluding VAT) 20 EFT Confirmation to Ruby Wholesalers in full settlement of account (EFT12) R13 455 Additional information: Topaz Traders uses the perpetual inventory system. All goods are sold with a markup of 15% on cost. Topaz Traders received a 10% settlement discount on the 20th of May from Ruby Wholesalers. Required:

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