Heavenly Fragrances settled their account. Devine Fragrances paid the rent for September 2020 R 11 500 via EFT and received a VAT invoice. Devine Fragrances purchased a new delivery vehicle R287 500. The vehicle will only be delivered on the 5th Devine Fragrances paid a deposit of 50% of the full put Mankweng Motor Cars on 30 March 2020. Additional equipment amounting to R 101 200 was p MagnifiScents. The equipment was delivered the 31 March 2020. Devine Fragrances agreed to settle the outstandin 30 April 2020. Ms Devine Scent withdrew R 15 000 from her capital ac holiday. Devine Fragrances paid R6 000 to MagnifiScents as their account. Devine Fragrances settled their account with The Perfu Interest received on the six month savings account amo The interest was deposited into the business' cheque aCACBO01 - ASSIGNMENT CASE STUDY NOTE: Assume that all amounts are inclusive of VAT where applicable. Devine Fragrances is a business based in Mankweng that produces and supplies South Africa with quality generic perfumes (i.e. perfumes with scents similar to the original, international, best-selling perfumes) at affordable prices. Devine Fragrances was started by Ms Devine Scent on 1 March 2020 after she successfully completed her apprenticeship at Scent Lab. About Devine Fragrances: Business name: Devine Fragrances Business address: C/0 R71 Tzaneen Road and University Street Mankweng Township, Polokwane Sovenga 0727 VAT registration no.: 4714791037 Financial reporting period end: 28 February Devine Fragrances entered into the following transactions during March 2020. Date Details 02/03/2020 Ms Devine Scent opened a bank account in the name of the business and deposited R 50 000 into the account. 02/03/2020 Ms Devine Scent also deposited R 50 000 into a six months savings account that she opened for the business 02/03/2020 Devine Fragrances entered into a lease agreement for the lease of a factory building where Devine Fragrances will manufacture and distribute their generic perfumes. Devine Fragrances paid R21 500 consisting of a rental deposit amounting to R 10 000 and the first month's rent of R11 500. 03/03/2020 Devine Fragrances paid the water and electricity deposit of R1 000 to the local Municipality. 04/03/2020 Purchased equipment to the value of R80 500 on credit from MagnifiS cents [Invoice no.: 0769] and paid a deposit of R 8 000 on the same day. 05/03/2020 Purchased stationary from Love of Stationary amounting to R1 150 and paid with the business' cheque card. 06/03/2020 Purchased perfume oils on credit from The Perfume Shop [Invoice no.: 1325], for R 73 370. Some of the perfume oil vials, invoiced at R460, broke in transit from The Perfume Shop due to defective packaging materials that was used. The broken perfume oil vials were returned to The Perfume Shop and Devine Fragrances received a credit on their account [Credit note no.: C0172]5 CACB001 - ASSIGNMENT 07/03/2020 Paid the weekly wages via EFT amounting to R 1 200. 07/03/2020 Deposited R6 440 into the business bank account in terms of cash sales for the week. Devine Fragrances sells their generic perfumes using a 25% mark-up on cost 09/03/2020 Sold generic perfumes on credit to Beautiful Fragrances for R 13 800 [Invoice no.: 0001]. Devine Fragrances sells their generic perfumes using a 25% mark-up on cost 1 1/03/2020 Purchased perfume oils on credit from The Perfume Shop to the value of R 14 605 [Invoice no.: 1473]. 12/03/2020 Transferred R862.50 into Express Printers' bank account for catalogues printed. 13/03/2020 Purchased perfume oils from Scentilicious amounting to R 5 750 and paid via EFT. 14/03/2020 Paid the weekly wages via EFT amounting to R 1 200. 14/03/2020 Deposited R 13 340 into the business bank account in terms of cash sales for the week. Devine Fragrances sells their generic perfumes using a 25% mark-up on cost. 15/03/2020 Beautiful Fragrances settled their account. 17/03/2020 Sold generic perfumes on credit to Heavenly Fragrances for R9 890 [Invoice no.: 0002]. Devine Fragrances sells their generic perfumes using a 25% mark-up on cost. 18/03/2020 Received R 460 for perfumes sold to a local gift shop, Spoilt Rotten. 19/03/2020 Received a payment of R57.50 from Express Printers regarding a calculation error that was made on their invoice [refer to 12 March]. 21/03/2020 Paid the weekly wages via EFT amounting to R 1 200 21/03/2020 Deposited R 14 835 into the business bank account in terms of cash sales for the week. Devine Fragrances sells their generic perfumes using a 25% mark-up on cost. 22/03/2020 Sold generic perfumes on credit to Eden Perfumes for R 4 485 [Invoice no.: 0003]. Devine Fragrances sells their generic perfumes using a 25% mark-up on cost. 23/03/2020 Purchased perfume oils from Fabulous Fragrances amounting to R 16 675 and paid via EFT. 26/03/2020 Paid the telephone account of R 977.50 received from Telkom. 27/03/2020 Paid the water and electricity account for March 2020 amounting to R 1 610 to the municipality. 28/02/2020 Deposited R 15 180 into the business bank account in terms of cash sales for the week. Devine Fragrances sells their generic perfumes using a 25% mark-up on cost. 28/02/2020 Paid the weekly wages via EFT amounting to R 1 2006 CACBO01 - ASSIGNMENT 28/02/2020 Ms Devine Scent withdrew R 5 000 for personal use. 30/03/2020 Sold generic perfumes on credit to Beautiful Fragrances for R1 725 [Invoice no.: 0004). Devine Fragrances sells their generic perfumes using a 25% mark-up on cost. 30/03/2020 Heavenly Fragrances settled their account. 30/03/2020 Devine Fragrances paid the rent for September 2020 amounting to R 11 500 via EFT and received a VAT invoice. 30/03/2020 Devine Fragrances purchased a new delivery vehicle to the value of R 287 500. The vehicle will only be delivered on the 5"h of April 2020. Devine Fragrances paid a deposit of 50% of the full purchase price to Mankweng Motor Cars on 30 March 2020. 31/03/2020 Additional equipment amounting to R101 200 was purchased from MagnifiScents. The equipment was delivered the same day i.e. 31 March 2020. Devine Fragrances agreed to settle the outstanding amount on 30 April 2020. 31/03/2020 Ms Devine Scent withdrew R 15 000 from her capital account to go on holiday. 31/03/2020 Devine Fragrances paid R6 000 to MagnifiScents as a payment on their account 31/03/2020 Devine Fragrances settled their account with The Perfume Shop in full. 31/03/2020 Interest received on the six month savings account amounted to R 292. The interest was deposited into the business' cheque account. 31/03/2020 Bank charges on the bank statement added up to R 632.50 31/03/2020 A debit order appeared on the bank statement in favour of Santam Insurers amounting to R747.50 in respect of insurance for the equipment of Devine Fragrances.CACBO01 - ASSIGNMENT YOU ARE REQUIRED TO use the information given and: a) Record the above transactions in the following specialised / subsidiary journals of Devine Fragrances for March 2020 ONLY: Cash receipts journal with analysis columns for bank, sales, cost of sales, VAT output, trade receivables control and sundry accounts. Cash payments journal with analysis columns for bank, wages, inventory, trade payables control, VAT output and sundry accounts. Sales journal with analysis columns for sales, VAT output, cost of sales and trade receivables control Sales returns journal with analysis columns for sales returns, VAT output and trade receivables control. Purchases journal with analysis columns for inventory, VAT input and trade payables control. Purchases returns journal with analysis columns for inventory, VAT input and trade payables control. General journal b) Post ALL the entries from the journals prepared in a) above to the relevant general ledger accounts. General ledger accounts must be PROPERLY BALANCED for the month ended 31/03/2020. c) Prepare the FINAL trial balance on 31 March 2020. d) Prepare the following financial statements of Devine Fragrances for 31 March 2020: Statement of profit or loss Statement of changes in equity Statement of financial position e) Design a tax invoice for Devine Fragrances