Reference no: EM132953519
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 2021 SA Printers completed printing for SA Traders to the value of R3 420,00 and was paid with an electronic funds transfer.
Problem 1: 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:
A. In the bank column - R3 420,00, in the VAT input column - R446,09 and in the sundry accounts column - printing expense of R2 973,91
B. 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.
C. In the bank column - R3 420,00, in the printing expense column - R2 973,91 and in the VAT input column - R446,09.
D. 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.
E. In the bank column - R3 420,00, in the printing expense column - R2 973,91 and in the VAT output column - R446,09.
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