Question 7.2 Record the following transactions in the general ledger of Dianco Stor They use the periodic system to record inventory. VAT rate is 15%. Calculate towards the nearest rand. Transactions for January 20.23: Purchased inventory on credit from AB Suppliers Ltd, R2 645. 8 Sold inventory to JB Jones on credit, R3 174. 12 Paid wages, R3 800. 15 Purchased stationery and paid per EFT, R1 104. 20 Sold inventory for cash, R5 520. 31 Paid the amount owing to SARS for VAT for the month.
