Jasmine Traders is a home and nursery centre located in Johannesburg. Jasmine Traders is having trouble...
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Jasmine Traders is a home and nursery centre located in Johannesburg. Jasmine Traders is having trouble working out how much they owe Plant World, one of their suppliers as at the end of April. You have been provided with the following information: Information summarised from the journals relating to Plant World March April Payments made by EFT 3 850 12 840 Credit purchases 13 340 11339 Purchase returns 500 910 PLANT WORLD DEBTORS STATEMENT JASMINE TRADERS ACCOUNT NUMBER: JTOO1 DATE: 25 MARCH 2021 DATE TRANSACTION DEBIT CREDIT BALANCE 1 Mar 4540 Involoe 063 1200 S740 Receipt 041 Invoice O83 5630 10 520 10 Invoice ORS 2 660 13 180 12 Involce O8S 3850 17 030 14 Receipt 044 PLANT WORLD DEBTORS STATEMENT JASMINE TRADERS ACCOUNT NUMBER: ITO01 DATE: 25 APRIL 2021 DATE TRANSACTION CREDIT BALANCE DEBIT 1 April 13 N0 4 Invoice 092 Invoice 095 2460 12602 14 Receipt 051 12640 (2 Credit note 021 142 15 290 17 Invoice 1001 6.997 19 invoice 105 3784 10 353 20 Invoice 1007 658 24 Invoice 100s 3100 14 111 MacBook Air 22 Additional information The balance on Plant World's account in the Trade Payables subsidiary ledger of Jasmine Traders on 1" March was R 690. The difterence between the statement balance and the Trade Payables subsidiary ledger balance was a result of an EFT payment made on 28 February that was not reflected by Plant World. Invoice 1009 reflected on the April statement had not yet been received by laumine Traders. Jasmine Traders sent a debit note to Plant World in March for RS00, representing the difference between the price they had verbally agreed on some itemi purchased and the price that appeared on the invoice. They still have not negotiated a compromise. A credit note for enods returned in Aprt for 910 appears on the Aprit statement as RI90 The credit note has been correctly recorded by lamine Traders in Apri. This is the only entry in the creditors allowances jounal for Apri tvoice 1005 on the April statement is for as Traders, not mine Traders An invoice for R65a shown on the April statement was for flowers ordered by the owner Me willow for his wedding anniversary. The bookkeeper had not recorded this transaction at t, as the owner had ordered the goods in his own name and not for the business IGNORE VAT. Reguired Required: a.3.1 Prepare the Plant World account in the Trade Payables fedger of Jasmine Traders, showing al the transactions for March and April. A folio column is required. Q.3.2 Prepare a Trade Payables reconciliation statement as at 31 March and 30 April. Q.3.3 Should Plant World agree to deduct RS00 from the invoice amount, how will this be reflected by Plant World. Jasmine Traders is a home and nursery centre located in Johannesburg. Jasmine Traders is having trouble working out how much they owe Plant World, one of their suppliers as at the end of April. You have been provided with the following information: Information summarised from the journals relating to Plant World March April Payments made by EFT 3 850 12 840 Credit purchases 13 340 11339 Purchase returns 500 910 PLANT WORLD DEBTORS STATEMENT JASMINE TRADERS ACCOUNT NUMBER: JTOO1 DATE: 25 MARCH 2021 DATE TRANSACTION DEBIT CREDIT BALANCE 1 Mar 4540 Involoe 063 1200 S740 Receipt 041 Invoice O83 5630 10 520 10 Invoice ORS 2 660 13 180 12 Involce O8S 3850 17 030 14 Receipt 044 PLANT WORLD DEBTORS STATEMENT JASMINE TRADERS ACCOUNT NUMBER: ITO01 DATE: 25 APRIL 2021 DATE TRANSACTION CREDIT BALANCE DEBIT 1 April 13 N0 4 Invoice 092 Invoice 095 2460 12602 14 Receipt 051 12640 (2 Credit note 021 142 15 290 17 Invoice 1001 6.997 19 invoice 105 3784 10 353 20 Invoice 1007 658 24 Invoice 100s 3100 14 111 MacBook Air 22 Additional information The balance on Plant World's account in the Trade Payables subsidiary ledger of Jasmine Traders on 1" March was R 690. The difterence between the statement balance and the Trade Payables subsidiary ledger balance was a result of an EFT payment made on 28 February that was not reflected by Plant World. Invoice 1009 reflected on the April statement had not yet been received by laumine Traders. Jasmine Traders sent a debit note to Plant World in March for RS00, representing the difference between the price they had verbally agreed on some itemi purchased and the price that appeared on the invoice. They still have not negotiated a compromise. A credit note for enods returned in Aprt for 910 appears on the Aprit statement as RI90 The credit note has been correctly recorded by lamine Traders in Apri. This is the only entry in the creditors allowances jounal for Apri tvoice 1005 on the April statement is for as Traders, not mine Traders An invoice for R65a shown on the April statement was for flowers ordered by the owner Me willow for his wedding anniversary. The bookkeeper had not recorded this transaction at t, as the owner had ordered the goods in his own name and not for the business IGNORE VAT. Reguired Required: a.3.1 Prepare the Plant World account in the Trade Payables fedger of Jasmine Traders, showing al the transactions for March and April. A folio column is required. Q.3.2 Prepare a Trade Payables reconciliation statement as at 31 March and 30 April. Q.3.3 Should Plant World agree to deduct RS00 from the invoice amount, how will this be reflected by Plant World.
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Related Book For
Accounting Business Reporting for Decision Making
ISBN: 9780730302414
4th edition
Authors: Jacqueline Birt, Keryn Chalmers, Albie Brooks, Suzanne Byrne, Judy Oliver
Posted Date:
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