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Financial Accounting Reporting QUESTION 3 (32 marks) Bunty's Garments is a local store that sells designer and branded clothing. Bunty's Garments is also a registered
Financial Accounting Reporting
QUESTION 3 (32 marks) Bunty's Garments is a local store that sells designer and branded clothing. Bunty's Garments is also a registered VAT vendor. Balances in Bunty's Garments accounting records at 1 June 2022 are as follows: - Accounts receivable: R 26910 - SARS (VAT): R 3900 (credit balance) The following transactions occurred during the month of June 2022 regarding Bunty's Garments (all transactions are inclusive of VAT): transactions. REQUIRED: 3.1 Record all the above transactions for June 2022 in the following relevant specialised joumal books of Bunty's Garments - the sales / trade receivebles journal, - cash receipts journal, and - general journal. Assume that no separate Sales Returns journal is used. Narrations in the general journal are not necessary. Narrations/descriptions relating to source documents are not required. VAT must be taken into account. 3.2 Prepare the following accounts in the general ledger for the month of June 2022 of Bunty's Garments using. Limit your answere to only information provided in the question. Dates are not required. Close-off the accounts at the end of the month. - Trade Receivable account and - SARS (VAT) account Step by Step Solution
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