Journal - Sale of Property

[Jo1979]

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?

[Kevin Smith]

Assuming you have overstated your sales figure (Purchase price) - DR Purchase price and CR VAT for R180 000.