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Magic Beans uses a periodic inventory system. The business is a registered VAT vendor, and it is the policy of the business to buy only
Magic Beans uses a periodic inventory system. The business is a registered VAT vendor, and it is the policy of the business to buy only from other vendors who are able to provide tax invoices. April 2021 is the business's third month of trading and the following list of balances appeared on their books on 31 March 2021: List of balances in the debtors ledger of Magic Beans on 31 March 2021 Additional information: The following transaction codes are used by Magic Beans: Codes used in the debtors ledger: - Code no. 01: Credit sales according to duplicate credit invoices. - Code no. 02: Returns/rebates according to duplicate credit notes. - Code no. 03: Cash receipts from debtors. - Code no. 04: Settlement discounts granted on prompt settlements. - Code no. 06: R/D cheques (when cheques received from debtors are dishonoured by the bank). - Code no. 07: Settlement discounts granted cancelled on R/D cheques. - Code no. 08: Interest charged on overdue accounts. - Code no. 09: Credit losses. - Code no. 010: Set off of accounts to and from the creditors ledger. - Code no. 011: Discount vouchers. - Code no. 012: Petty cash vouchers. - Code no. 013: Reversal of interest on overdue accounts. Nahilons irumsl of Marin Rasess - deril 2001 Rehtre almunses inumal of Manin Roane - Ansil anst General journal of Magic Beans - April 2021 G.M The bank statement at the month end revealed the following: - The cheque received from B.Luthuli was returned by the bank marked R/D on 30 April 2021. This transaction was not recorded. - C.Nortje had deposited the amount owing directly into the bank account on 30 April 2021. Required: 3.1. Open, post to and balance the debtors control account (B10) in the general ledger of Magic Beans for April 2021. 3.2. Draft the debtors ledger of Magic Beans. 3.3. Draft the debtors list of Magic Beans as at 30 April 2021 . Magic Beans uses a periodic inventory system. The business is a registered VAT vendor, and it is the policy of the business to buy only from other vendors who are able to provide tax invoices. April 2021 is the business's third month of trading and the following list of balances appeared on their books on 31 March 2021: List of balances in the debtors ledger of Magic Beans on 31 March 2021 Additional information: The following transaction codes are used by Magic Beans: Codes used in the debtors ledger: - Code no. 01: Credit sales according to duplicate credit invoices. - Code no. 02: Returns/rebates according to duplicate credit notes. - Code no. 03: Cash receipts from debtors. - Code no. 04: Settlement discounts granted on prompt settlements. - Code no. 06: R/D cheques (when cheques received from debtors are dishonoured by the bank). - Code no. 07: Settlement discounts granted cancelled on R/D cheques. - Code no. 08: Interest charged on overdue accounts. - Code no. 09: Credit losses. - Code no. 010: Set off of accounts to and from the creditors ledger. - Code no. 011: Discount vouchers. - Code no. 012: Petty cash vouchers. - Code no. 013: Reversal of interest on overdue accounts. Nahilons irumsl of Marin Rasess - deril 2001 Rehtre almunses inumal of Manin Roane - Ansil anst General journal of Magic Beans - April 2021 G.M The bank statement at the month end revealed the following: - The cheque received from B.Luthuli was returned by the bank marked R/D on 30 April 2021. This transaction was not recorded. - C.Nortje had deposited the amount owing directly into the bank account on 30 April 2021. Required: 3.1. Open, post to and balance the debtors control account (B10) in the general ledger of Magic Beans for April 2021. 3.2. Draft the debtors ledger of Magic Beans. 3.3. Draft the debtors list of Magic Beans as at 30 April 2021
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