Good Afternoon
Please can someone assist me with a journal that I am trying to process. It's for the sale of a property and it includes vat.
The Figures are as follows:
Purchase Price Cr (R1 380 000)
Rates Debit R2980.02
Amt Received Cr (R3210.02)
Levies Debit R2218.75
Amt Received Cr (5485.75)
Pro-Rata Rates Cr (R2008.27)
Levies CR (R1074.04)
Water Debit R1200
Amt paid into bank R 1 385 379.31
My question is , I have processed the journal but I need to bring in vat of R180 000, how do I go about doing this?
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