Mekgoe Florist is situated in the Western Cape. The business is a registered VAT vendor and...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Mekgoe Florist is situated in the Western Cape. The business is a registered VAT vendor and makes use of the periodic inventory system. During the month of March, Mekgoe Florist maintained a favourable bank balance. The VAT rate is 15%. On 8 March 2024, Mekgoe Florist sold inventory for R580 (VAT inclusive) on credit. REQUIRED: Analyse the transaction of Mekgoe Florist that took place on 8 March 2024 in tabular format as follows: Date Account to be debited Account to be credited Assets Effect on the basic accounting equation Equity Liabilities Example: May 2 Mekgoe Florist purchased inventory for the amount of R5 000 (VAT exclusive) and paid cash. Mekgoe Florist makes use of the periodic inventory system May 2 Purchases and VAT Bank Input R -5000 R -5000 0 Complete the table below by selecting the account to be debited and the account to be credited from the dropdown menu and filling in the applicable amounts in the correct spaces. Instructions for numeric responses: 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Round off to the second decimal after the full stop (eg: 50.56) 3. When an element decreases, use a negative sign in front of the amount (eg:-1000.01) 4. When an element increases, the amount will be without any sign (eg: 1000.01) 5. Only show the amount, do not show the "R" (eg: 1000) Date March 8 Account(s) to be debited 0 Account(s) to Effect on be credited Assets R Mekgoe Florist is situated in the Western Cape. The business is a registered VAT vendor and makes use of the periodic inventory system. During the month of March, Mekgoe Florist maintained a favourable bank balance. The VAT rate is 15%. On 8 March 2024, Mekgoe Florist sold inventory for R580 (VAT inclusive) on credit. REQUIRED: Analyse the transaction of Mekgoe Florist that took place on 8 March 2024 in tabular format as follows: Date Account to be debited Account to be credited Assets Effect on the basic accounting equation Equity Liabilities Example: May 2 Mekgoe Florist purchased inventory for the amount of R5 000 (VAT exclusive) and paid cash. Mekgoe Florist makes use of the periodic inventory system May 2 Purchases and VAT Bank Input R -5000 R -5000 0 Complete the table below by selecting the account to be debited and the account to be credited from the dropdown menu and filling in the applicable amounts in the correct spaces. Instructions for numeric responses: 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Round off to the second decimal after the full stop (eg: 50.56) 3. When an element decreases, use a negative sign in front of the amount (eg:-1000.01) 4. When an element increases, the amount will be without any sign (eg: 1000.01) 5. Only show the amount, do not show the "R" (eg: 1000) Date March 8 Account(s) to be debited 0 Account(s) to Effect on be credited Assets R
Expert Answer:
Answer rating: 100% (QA)
1 Sales amount including VAT R580 2 VAT rate 15 3 Calculate VAT amount on sales VAT Sales amoun... View the full answer
Related Book For
Fundamental Accounting
ISBN: 9781485112112
7th Edition
Authors: David Flynn, Carolina Koornhof, Ronald Arendse, Anna C. E. Coetzee, Edwardo Muriro, Louise Christel Posthumus, Louise Mancy Smit
Posted Date:
Students also viewed these accounting questions
-
A ( n ) _ _ _ _ _ _ _ _ _ _ can be a reward system to build loyalty and motivate employees to perform well. a . ) bonus b . ) incentive program c . ) merit salary system d . ) employee benefit
-
Muhammad would like to know how the fitness bundle membership option revenues should be recorded each month. The upfront payment has already been recorded to unearned revenue. Prepare the monthly...
-
Is the financial community in the U.S. in agreement with the current U.S. GAAP standards as to how to present investment at fair value (often called mark-to-market accounting)? What impact did these...
-
Which of the following is characteristic of a traditional cost system? a. Reliance on financial performance measures b. Many work in process account transactions c. Many process control points d. All...
-
A rectangular picture has a width of 2/3 foot and a length of 3/4 foot. What is the area of this picture?
-
Suppose in the previous problem that LISC always needs a conveyor belt system; when one wears out, it must be replaced. Which project should the firm choose now?
-
(Constructing a portfolio to match target return) Melissa Jones wants to invest in a portfolio composed of stocks ABC and XYZ (see below) that will yield a return of 19%. What is the weight of each...
-
In 2015, employees of Pecos River County earned $5 million in vacation pay. They were paid for $4.2 million but deferred taking the balance of their earned vacations until subsequent years. Also,...
-
#357 please! In the following exercises, evaluate the definite integral. 355. 1+ 2x+ x2 dx 3x + 3x-+ x3 356. tanx dx 0 357. sinx - cosXx sinx + cost
-
A chemistry teacher needs to mix an acid solution for an experiment. How much hydrochloric acid needs to be mixed with 1500 milliliters of water to make a solution that is 12% acid? If necessary,...
-
The following information pertains to Dresden Company: Month Sales Purchases January $100,000 $26,000 February $80,000 $30,000 March $50,000 $48,000 The company's sales are 40% cash and 60% on...
-
1. Criticize or indicate the problems that GDP has as indicators of a country's well-being. 2. Identify the problems with the use of GDP as an indicator of the well-being of a country. Read:...
-
Determine 10%-per-year present worth (PW) of taxes over a 6-year study period. P= $100, 5=0, GI-OE = $50, and T = 30%. Use straight-line method to determine the present worth (PW) of the tax with n =...
-
what ways does psychological contract theory impact employee engagement, motivation, and retention within modern workplaces ?
-
Once the project's scope has been determined, the project team members should be selected based on their level of influence and knowledge of the process as well as their skills and abilities. True...
-
In prior years, Smith Company had used 3% of credit sales to determine the bad debt expense. With the worsening economy, this year this was changed to 4%. This is _______ Group of answer choices an...
-
DEPARTMENT DATA EMPLOYEE DATA EmployeeNumber FirstName Mary Rosalie Richard George Alan 3 4 5 7 8 9 855555ES 12 13 14 15 16 17 Create the database tables in SQL or ACCESS: 18 19 20 PROJECT DATA Ken...
-
What was required to achieve what he did? Every year, the hospital provided free turkeys to employees during the Thanksgiving holiday. Eventually, the tradition became an entitlement and a...
-
What leadership theories might apply in this case? Angie was an exceptional catheterization laboratory technician who was respected by her teammates. When the director of the cath lab took another...
-
Read Googles Quest to Build a Better Boss, at www.nytimes. com/2011/03/13/business/13hire.html (Bryant 2011). What models of leadership theory are found in Googles design?
Study smarter with the SolutionInn App