Siyeza Traders is an enterprise that sell motor vehicles in the ordinary course of business at a mark-up of 45% on cost. During the current financial period, Siyeza Traders sold eight motor vehicles for a cash price of R80 000 each (15% VAT inclusive). Round your answer off to the nearest Rand.
3. Which of the following statement is correct?
(1) VAT on cash sales will be debited to the VAT output account.
(2) VAT on cash sales will be debited to the VAT input account.
(3) VAT on cash sales will be credited to the VAT output account.
(4) VAT on cash sales will be credited to the VAT input account.
(5) VAT output account will be transferred to the debit side of the VAT control account
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