On 31 January 20x7, Vee Retail Stores had these balances and totals in its trial balance:

Additional information:

• Vee Retail Stores uses the perpetual system to account for inventory movements.

• All goods are marked up at 20% on cost.

• VAT for the period under review is at 14% on all goods and services.

• Accounts payable and accounts receivable consist of:

Transactions for February:

3 Bought goods on credit from P&P Manufacturers, R2 280.

Sold goods to J. de Villiers for cash, R1 368.

8 Bought office equipment from Trust Wholesalers for cash, R18 240.

9 Sold goods to B. Blank on credit, R1 824.

Paid R798 for repairs to equipment.

14 Bought goods on credit from DW Wholesalers (R912) and from Trust Wholesalers (R684).

Bought goods from B. Bulge for R684 and paid by cheque.

17 The owner took goods that cost R456 for his personal use.

Paid salaries and wages, R800.

Bought stationery from Coastal Printers for R91.20 and paid by cheque.

18 Paid Trust Wholesalers in full settlement of the account outstanding at the beginning of the month.

21 Sold goods to S. Surety for R912 and received a cheque for the amount outstanding at the beginning of the month.

Sold goods for cash, R684.

Sold goods that cost R700 to B. Blank.

26 B. Blank paid his account in full.

You are required to:

1. Record the transactions in the general journal.

2. Post the entries from the general journal to the general ledger.

3. Extract a trial balance as at 28 February.

4. Prepare closing entries and post to the ledger, including the final accounts.

5. Prepare the statement of profit or loss & other comprehensive income for the year ended and a statement of financial position as at 28 February.

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Stationery Cost of sales 12% loan: Unlimited Building Society Drawings Electricity Consumable stores Details South African Revenue Service (SARS): VAT Sales Bank Accounts payable Salaries and wages Vehicles 10% fixed deposit: Allied Bank Equipment Rent income Repairs Inventory Interest on loan Accounts receivable Capital Rent expense Fol. ZZB ZZB N N N B N N в B BZBBzzmzmm Z В N В В в N N в N В В N Debit 540 00 32 000 00 2 000 00 800 00 8 000 00 48 750 00 22 000 00 7 250 00 10 000 00 3 400 00 1 000 00 34 260 00 1 200 00 4 000 00 6 000 00 00 181 200 Credit 15 000 00 3 000 00 38 400 00 8 340 00 12 000 00 104 460 00 181 200 00