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Consider the business Out Of The Box (the information provided in Question 2 remains applicable). The business made the following cash payments during the month
Consider the business Out Of The Box (the information provided in Question 2 remains applicable). The business made the following cash payments during the month and has the following supporting documents: Total amount Doc Name of payee Day Reason paid (incl VAT) no. 2 Cash Withdrawal to create a petty cash box DC1 5 200 00 Sticky Situations Purchased trading inventory for cash Part settlement of outstanding creditor account EFT1 38 200 00 17 Crazy Paints Sticky Situations Sheldon Cooper EFT2 11 600 00 21 EFT3 Purchased trading inventory for cash Payment of monthly salary Full settlement of outstanding creditor account 14 000 00 22 EFT4 22 000 00 31 African Beads EFT5 5 624 00 31 Cafe Bologna EFT6 Client lunch 4 800 00 Teldata 31 Monthly payment of telephone account Monthly payment for short-term insurance EFT7 805 00 31 InsureCo B/S 826 00 31 First Bank B/S Interest on overdraft facilities 196 00 Out Of The Box is a registered VAT vendor that sells craft supplies, and began trading on 1 August. All purchases are made from registered VAT vendors from whom it always receives valid tax invoices. The business sells all its goods at a constant 50% mark-up on cost. The business uses the periodic system to account for its inventory. The following cash transactions were made during August and the business has the following duplicate cash invoices and receipts: m 3.1 Prepare the cash payments journal for August, with bank,creditors control, purchases, input VAT, and sundries columns. The rand symbol (R) is not required in any column. Doc. Creditors VAT Sundries Date Name of payee Bank Purchases no control input Amount Details C D
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