The following VAT balances were extracted from the subsidiary journals of General Spaza Shop as at 28 February 20.2. RCash 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 500 On 1 February 20.2, the VAT input account had an opening balance of R161 000 and the VAT output account had an opening balance of R239 200.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 SHOPGENERAL LEDGERDrVAT outputCr20.2Answer  Answer   SRJ RAnswer 20.2Answer Answer  b/d RAnswer  Answer GJ Answer Answer Answer CRJ Answer      Answer  CPJ Answer       Answer  SJ Answer            Answer    Answer

The following VAT balances were extracted from the subsidiary journals of Africa Traders as at 28 February 2022. RCash receipts journal VAT input530,00VAT output14 112,00Cash payments journal VAT input9 015,30VAT output595,35Purchases journal VAT6 019,65Sales journal VAT7 728,00Purchases returns journal VAT771,75Sales returns journal VAT502,32 On 1 February 2022, the VAT input account had a debit opening balance of R14 200 and the VAT output account had a credit opening balance of R13 480.Calculate the closing balance of the VAT input account as at 28 February 2022NB: Instructions1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)2. Only show the amount, do not show the R (eg: 12141.72)Answer:

SA Traders is registered as a VAT vendor. The applicable VAT rate is 15%. The periodic inventory system and control accounts are used by the entity.On 5 March 2022 SA Printers completed printing for SA Traders to the value of R3 420,00 and was paid with an electronic funds transfer.The entry will be recorded in the journal with columns for bank, purchases, creditors, wages, VAT input, VAT output (cr) and sundry accounts as follows:Select one:a.In the bank column - R3 420,00, in the VAT output column - R446,09 and in the sundry accounts column - printing expense of R2 973,91.b.In the bank column - R3 420,00, in the VAT input column - R446,09 and in the sundry accounts column - printing expense of R2 973,91c.In the bank column - R3 420,00, in the VAT input column – R513,00 and in the sundry accounts column - printing expense of R2 907,00.d.In the bank column - R3 420,00, in the printing expense column - R2 973,91 and in the VAT input column - R446,09.e.In the bank column - R3 420,00, in the printing expense column - R2 973,91 and in the VAT output column - R446,09.

i) Below is a partial listing of the adjusted account balances of Lama Storeat year-end on December 31, 2018.Accounts Receivable 19,000Cost of Goods Sold 245,000Selling Expenses (includes depreciation) 35,000Interest Expense 1,000Accumulated Depreciation—Buildings 10,000Sales Discounts 22,000Inventory 45,000Administrative Expenses (includes depreciation) 30,000Sales Revenue 350,000Accounts Payable 14,000Interest Revenue 800Cuea/ACD/EXM/JANUARY – APRIL 2019/ACCOUNTING AND FINANCE Page 3ISO 9001:2008 Certified by the Kenya Bureau of StandardsRequiredSelect the appropriate account balance and prepare an income statement forLama Store for the year ended December 31, 2018

Samoosse Traders (registered for VAT) is a newly founded business trading in safety products and equipment. The accounting policies of Samoosse Traders is as follows:1.       The perpetual inventory system is applied2.       Vehicles is depreciated over 6 years using the straight-line method3.       Furniture is depreciated at 10% per annum using the reducing balance methodOn 1 August 2020, Samoosse Traders purchased new office furniture to the amount of R17 250 (VAT exclusive).What will the carrying value on the new furniture be for the financial year ending on 28 February 2022?Select one:a.R12 712,50b.R14 619,37c.R13 972,50d.R12 150,00

Akilan business purchased goods for Rs. 44 000 on credit basis from Aathi business including 10% VAT. Out of these goods, goods at vlue Rs. 22 000 including 10% VAT were returned to Aathi business. 50% of remaining goods were sold for Rs. 33 000 to Athira business, including VAT 10%. Rs. 31 000 was received in cash from Athira business from the receivables and the remaining receivable amount was written off as bad debt. Select the answer which contains the correct order of source documents used to be recorded the above transactions in the accounting books of Akilan business. (1) purchase invoice, credit note, sales invoice, receipt, journal voucher (2) purchase invoice, debit note, sales invoice, voucher, journal voucher (3) purchase invoice, credit note, receipt, journal voucher, sales invoice (4) sales invoice, debit note, purchase invoice, receipt, journal voucher (5) purchase invoice, debit note, sales invoice, receipt, journal voucher 05. What is balance of VAT account after the above transactions? (1) Rs. 800 credit (2) Rs. 800 debit (3) Rs. 1 000 credit (4) Rs. 1 000 debit (5) Rs. 900 debit 06. What is increase or decrease in net assets due to the above transactions? (1) Rs. 11 000 (2) Rs. 9 000 (3) Rs. 10 100 (4) Rs. 5 000 (5) Rs. 12 100