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.
