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What the balance of the vat control account

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Reference no: EM133164010

Question 1 - Assume that Zandile's Boutique registered as a VAT vendor effective 1 March 2019. Zandile's Boutique had a VAT input total amount of R24 760 and a VAT output total amount of R37 860 at 31 March 2019. Which one of the following represents the balance of the VAT control account at 31 March 2019?

A) R13 100 debit.

B) R13 100 credit.

C) R62 620 debit.

D) R62 620 credit.

Question 2 - Construction Boys CC, a registered VAT vendor, purchased equipment for R92 000 (inclusive of 15% VAT) on credit from Jayzi Ltd. Arrangements were made to settle the account over a six month period. Which of the following statements is correct when recording the purchase of the equipment in the accounting records of Construction Boys CC?

A) Debit equipment account (R105 800), credit VAT output (R13 800), credit creditors control: Jayzi Ltd (R92 000).

B) Debit equipment account (R92 000), debit VAT input (R13 800), credit creditors control: Jayzi Ltd (R105 800).

C) Debit equipment account (R80 000), debit VAT input (R12 000), credit creditors control: Jayzi Ltd (R92 000).

D) Debit equipment account (R92 000), credit VAT output (R12 000), credit creditors control: Jayzi Ltd (R80 000).

Question 3 - N Minajo received an electronic funds transfer (EFT) of R4 500 from A Grand, a debtor, in full settlement of her account of R5 000. Both Minajo and Grand are not registered as VAT vendors. Which of the following is the correct option to record the receipt in the accounting records of N Minajo?

A) Debit bank account (R5 000), credit debtors' control (R4 500), and credit settlement discount granted account (R500).

B) Debit bank account (R4 500), credit debtors control (R5 000), and debit settlement discount received account (R500).

C) Debit debtors' control (R5 000), credit bank account (R 4 500), and credit settlement discount received account (R500).

D) Debit bank account (R4 500), credit debtors' control account (R5 000), and debit settlement discount granted account (R500).

Question 4 - Which one of the following represents the net worth of an entity at any specific point in time:

A) Statement of comprehensive income

B) Statement of financial position

C) Statement of cash flows.

D) Statement of changes in equity.

Reference no: EM133164010

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