The following balances were extracted from the subsidiary journals of General Spaza Shop as at 28 February 20.2.





R

Cash receipts journal



VAT input

2 760

Sales column

299 920

Cash payments journal



Purchases column

430 560

VAT output

3 160

Purchases journal



Purchases column

280 000

Sales journal



Sales column

500 800

Purchases returns journal



Purchases returns column

24 000

Sales returns journal



Sales returns column

19 200



On 1 February 20.2, the VAT input account had a debit opening balance of R71 760 and the VAT output account had a credit opening balance of R103 960.

The VAT rate applicable is 15%.

Calculate the closing balance of the VAT output account as at 28 February 20.2.



Instructions:

1. Use a full stop to indicate any decimals (eg: 1000.01)

2. Round off to the second decimal after the full stop (eg: 50.56)

3. For embedded questions spelling is very important. If you spell the answer incorrect it will be marked incorrect. Please make sure that your spelling of the words is correct.

4. Keep the ledger entries strictly according to the information given.



GENERAL SPAZA SHOP

GENERAL LEDGER

Dr

VAT output

Cr

20.2

Answer
Feb 1




Answer
Sales




SRJ

R

Answer
299920.00


20.2

Answer
Feb 1



Answer
Balance




b/d

R

Answer
103960. 00




Answer
Sales


GJ

Answer
500800.00


Answer
Feb 28


Answer
Sales


CRJ

Answer
120108. 00












Answer
Trade payables control


CPJ

Answer
3160. 00












Answer
Sales returns


SJ

Answer
-2800.00
























Answer
800720.00