I need help with my accounting homework. Please help me.
1 all H ,1 48% ) 11:52 MOCK TEST.... C Question 1 (35) Samuel Samson, is the owner of Father Board Electronics, a business trading in computers and related goods. Father Board Electronics is a registered VAT vendor and trades only with registered VAT vendors that can provide tax invoices. The business charges 15% VAT on all its sales. All amounts include VAT, unless VAT is not applicable. Father Board Electronics trades on a cash basis only. The business uses the perpetual inventory system and uses a constant mark-up of 25% on cost. The following transactions, amongst others, took place during January 2018: 2 Purchased goods from Digital Suppliers and paid R165 984 by cheque. 4 Cash sales of merchandise, R242 820. 7 Paid R17 100, to Business Magazine, by cheque for a series of advertisements which will be published over the next three months. 14 Cashed a cheque to pay the week's wages, R5 700. Cash sales of inventory, R423 500 (excluding VAT). Samuel Samson used a business cheque to pay his son's school fees, R4 500, to The Best School. 23 Received R6 270 cash from a tenant who rents a storeroom at the back of the entity. 25 Received the bank statement from ABBA Bank reflecting a stop order for R570 for the monthly insurance premium. 31 Purchased inventory from Digital Suppliers, R236 000 (excluding VAT) and paid by cheque. Additional information: Father Board Electronics banked monies received on 14 and 23 January. Required: Use the relevant transactions from those given above to complete Q.1.1 - Q.1.2 for Father Board Electronics for the month of January 2018. Total only the bank and VAT columns at the end of the month; and round all amounts to the nearest rand. Source document are not required. Q.1.1 Cashbook receipts (CBR) (12) Q.1.2 Cashbook payments (CBP) (13) Post the totals from the cashbook receipts and payments to the following account in the general ledger. Q.1.3 Bank (A favourable balance of R237 500 on 1 January 2018) 1/ 4PA 1 all H ,1 48% / 11:52 MOCK TEST.... Balance the bank account at the end of the month. (7) Q.1.4 Based on the cashbook receipts and payments for January 2018 only, will Father Board Electronics owe VAT to SARS, or be refunded VAT by SARS? And how much will they owe or be refunded? (3) QUESTION 2 (35) Natasha Naidu runs her own business, Good Beauty Products. Good Beauty Products trades in natural skincare products and is not a VAT vendor. The Perpetual Inventory system is in use. The following transactions, amongst others, took place during April 2019: 2 Purchased merchandise from Natures Suppliers on credit, R265 000 less 5% trade discount. 4 Credit sales of merchandise to, Tamara Taylor, R145 000. Mark up = 25%. 14 Tamara Taylor returns unwanted goods and Good Beauty Products issues a credit note for R25 000. 14 Inventory sold on credit to Chen Cho-Yun, R95 400. Gross Margin = 20%. 25 Good Beauty Products signed an agreement with an advertising agency, AB Agency, to run 6 advertisements over the next 6 months. The cost of the advertisements of R25 600, will be paid at the end of the 6-month period. 27 Good Beauty Products gave Chen Cho-Yun a settlement discount of R3 000. 30 Received a letter from Tamara Taylor's attorney stating that she is insolvent and will not be paying her account. Her debt must be written off. 30 Good Beauty Products realised that stationery purchased on credit for R21 000 during March 2019 was recorded in the inventory account. Correct the error. Required: Enter the above transactions correctly in the following journals. Source document numbers are not required. Where appropriate the journals must be totalled: Q.2.1 The Debtors Journal of Good Beauty Products for the month of April 2019. (9) Q.2.2 The Debtors Allowance Journal of Good Beauty Products for the month of 2/4
