(3 1.8 The following balances/totals appeared, amongst others, in the trial balance of Suman Stores on 28 February 2018, the end of their financial year: Debit (R) Credit (R) Inventory (01 March 2017) 60 000 Sales 470 000 Sales returns 6000 Purchases 330 400 9600 Carriage on purchases Additional information A physical inventory count of merchandise on 28 February 2018 revealed an inventory figure of R111 200 a price. The gross profit for the financial year ended 28 February 2018 was A R175 200 BR181 200 C R288 800 D none of the above 1.5 A Which one of the following does not reflect the appropriate kind of transaction for the subsidiary journal stated? Kind of transaction Subsidiary journal Interest on overdraft General Journal Credit sale of goods Sales Journal Credit purchases of trading goods Purchases Journal Cash deposited directly into the bank account Cash Receipts Journal B B C D 1.9 The following information was extracted from the books of Samba Stores on 31 October 2018 for product Nik: 2018 Units of inventory Cost Price per October unit 01 12 Opening inventory 24 000 60 R20 24 31 Purchases 000 16 R22 000 80 Purchases 000 R24 Sales for January The value of closing inventory of product Nik on 31 October 2018, using the first-in-first-out (FIFO) method was A R472 000 B R480 000 CR400 000 D none of the above (3 marks) 1.10 The following Debtors List was extracted from the books of TFC Traders on 30 June 2018, before some errors/omissions were discovered: Debtor Debit (R) Credit (R) H. Singh 16 000 D. Davies 20 000 P. Zondo 4000 40 000 0 1 The following errors/omissions must now be taken into account to correct the Debtors List: A receipt issued to H. Singh for part payment of account was not recorded, R2 000 Interest charged on D. Davies's account that was overdue for one month was not posted to his account, R200. A credit sale of goods for R8 400 was erroneously posted to the account of P. Zondo as R4 800. After taking the above errors into account, the correct totals of the Debtors List are: Debit Credit A R45 800 0 B R41 800 0 R34 600 0 = 0 D none of the above