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A business sold goods valued at R1000 excluding vat on credit to a customer. What would be the debit to the customers account if vat is 14% ?
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Answer / shivangi
Debtor/ Customer A/c Dr. 1140
sales A/c. Cr. 1000
vat output Cr. 140
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The following are the list of Balances of SUNSHINE Company as at 1.2.2012 RM Land and building 450,000. Furniture and Fittings 35,000. Office Equipment 25,000. Motor Vehicles 75,000. Inventory 5,000. Trade Receivables 12,000. Trade Payables 8,000. Bank Loan 200,000. Bank 13,000. Cash in Hand 1,000. Capital 408,000.
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