You are responsible for the preparation of the VAT returns of Pacman Traders. Pacman Traders uses...
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You are responsible for the preparation of the VAT returns of Pacman Traders. Pacman Traders uses the periodic inven- tory system. The following information for the month ended 30 April 20.3 is available: REQUIRED a. b. Enter additional information items 3 - 6 in the general journal. Do not use analysis columns for VAT Output and VAT Input. Enter the closing transfers from the VAT Input and VAT Output accounts to the VAT Control account in the general journal. C. Use the information and post to the following ledger accounts: VAT input VAT output VAT control NB: Round all amounts off to the nearest cent. INFORMATION 2. VAT was charged on all applicable transactions at the standard rate of 15%. These were the balances on 1 April 20.3: VAT control account: R87,45 (credit) VAT Input: R1 051,23 29119902 AIR izieq lelanent to insreqiup3 VAT Output: R1 963,69 3. A credit note to the value of R340 was issued to J Kotane, but was not recorded yet. 4. A credit note to the value of R530, received from Berco Suppliers, was also not recorded. 5. An electronic funds transfer to the value of R370, was reversed by the bank. The amount was received from Tiger, a debtor, in full settlement of his account. 6. The account of Tiger must be written off as irrecoverable. You are responsible for the preparation of the VAT returns of Pacman Traders. Pacman Traders uses the periodic inven- tory system. The following information for the month ended 30 April 20.3 is available: REQUIRED a. b. Enter additional information items 3 - 6 in the general journal. Do not use analysis columns for VAT Output and VAT Input. Enter the closing transfers from the VAT Input and VAT Output accounts to the VAT Control account in the general journal. C. Use the information and post to the following ledger accounts: VAT input VAT output VAT control NB: Round all amounts off to the nearest cent. INFORMATION 2. VAT was charged on all applicable transactions at the standard rate of 15%. These were the balances on 1 April 20.3: VAT control account: R87,45 (credit) VAT Input: R1 051,23 29119902 AIR izieq lelanent to insreqiup3 VAT Output: R1 963,69 3. A credit note to the value of R340 was issued to J Kotane, but was not recorded yet. 4. A credit note to the value of R530, received from Berco Suppliers, was also not recorded. 5. An electronic funds transfer to the value of R370, was reversed by the bank. The amount was received from Tiger, a debtor, in full settlement of his account. 6. The account of Tiger must be written off as irrecoverable.
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a Enter additional information items 36 in the general journal Do not use analysis columns for VAT O... View the full answer
Related Book For
Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
Posted Date:
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