Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Inventories of Waka Traders amounted to R6 000 on 01 January 2020. Transactions during 2020 year were as follows: Credit purchases Returns out Credit

 

Inventories of Waka Traders amounted to R6 000 on 01 January 2020. Transactions during 2020 year were as follows: Credit purchases Returns out Credit sales R 10 000 1 000 000 2.2. 20 Required: 2.1. According to the periodic inventory system, if the closing inventories on 31 December 2020 amounted to R3 000: 2.1.1 Journalise the transactions for 2020. 2.1.2 Prepare the trading statement for the year ended 31 December 2020. According to the perpetual inventory system, if the gross profit percentage on sales in 30%: 2.2.1 Journalise the transactions for 2020. 2.2.2 Prepare the trading statement for the year ended 31 December 2020.

Step by Step Solution

3.58 Rating (158 Votes )

There are 3 Steps involved in it

Step: 1

Answer 21 Journal entries Date Accounts Debit Credit 1 Inventory 10000 Accounts Payable ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Database Systems Design Implementation and Management

Authors: Carlos Coronel, Steven Morris

11th edition

9781305323230, 1285196147, 1305323238, 978-1285196145

Students also viewed these Accounting questions

Question

Given find the value of k. es 1 e kx dx = 1 4'

Answered: 1 week ago

Question

How are database statistics obtained?

Answered: 1 week ago

Question

How do you translate business rules into data model components?

Answered: 1 week ago