Value Added Tax (VAT) must be ignored.

QUESTION 2 VALUE ADDED TAX (VAT) The totals of the journals provided below were extracted from the records of Musi Traders, a registered VAT vendor, for June 2016. Musi Traders commenced operations on 01 June 2016. VAT is levied at 14%. None of the products sold by Musi Traders are zero-rated or VAT exempt. REQUIRED Post to the following accounts in the General Ledger: 2.1 VAT Input 2.2 VAT Output 2.3 Debtors Control Note: The VAT Input and Vat Output accounts must be closed off to the SARS: VAT account. The Debtors Control account must be balanced. INFORMATION Cash Receipts Journal VAT Output Sundry accounts Bank 74 352 Debtors 5200 Discount Allowed 200 Sales 15 000 DR 28 CR 2380 Amount 52 000 Cash Payments Journal VAT Input Sundry accounts Bank 30 478 CR Purchases 8 000 Discount Received 300 Creditors 15 000 DR 1820 Amount 6 000 Sales Journal VAT Output Sales 12 000 Debtors Control 13 680 Sales Returns Journal VAT Sales Output Returns Debtors Control 456 Purchases Journal VAT Input Purchases 980 7000 Creditors Control 7980 Purchases Returns Journal VAT Purchases Input Returns 70 L 500 Creditors Control 570 | Fol Debit Credit 15 General Journal Date Details Stationery Vat Input ST Stationers/Creditors control Equipment bought on credit as per inv. no. 9. 5 130