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Calculate total amount to be credited to the bank account

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Question - Malimina Mills Pty Ltd is a registered VAT vendor specialising in selling maize meal and related products. The company makes use of the perpetual inventory system to account for inventory. During the month of May 2019, the following transactions took place. Assume a standard VAT rate of 15% is used.

On 01 May 2019, the company purchased a delivery vehicle costing N$150,000 including VAT from Masima Transporters on credit.

On 05 May 2019, sold maize meal to PicnPay for N$450,000 (including VAT) on credit.

On O6 May 2019, paid N$50,000 of the amount owed to Masima Transporters.

On 10 May 2019, purchased Corn from Corny Shop for N$300,000 excluding VAT and paid by EFT.

On 15 May 2019, PicnPay returned maize meal to the value of N$50,000 including VAT

Required - Given the information above, calculate the total amount to be credited to the bank account for the month of May.

Reference no: EM132573417

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