Question
Mzanzi Couture is owned by fashion designer Petro Stevens and is a registered VAT vendor. Mzanzi Couture only trades with other registered VAT vendors. The
Mzanzi Couture is owned by fashion designer Petro Stevens and is a registered VAT vendor.
Mzanzi Couture only trades with other registered VAT vendors.
The business charges 15% VAT on all its sales. All amounts are inclusive of 15% VAT unless VAT is
not applicable (or stated otherwise).
The business uses the PERPETUAL inventory system and marks up its inventory at 25% on sales
unless stated otherwise.
All cash received is deposited daily.
Transactions for the month of January 2023 are as follows:
Day 2: Petro stevens contributed R10000 cash
Day 4: cash sales is R17250
Day 6: paid R800 for petrol from petty cash
Day 10: received R2500 from abs bank for interest received on current account
Day 12: eft payment received for rent R2000 ( exempt supply as dwelling is for private use)
Day 17: purchased stationary from PAS stationers for R575 from petty cash
Balances at 31 December 2022
Bank(unfavourable)- 12000
Petty cash- 3500
The total of the bank column in the cash book payments for January 2023 was R18000
Required:
Q.4.1: Record the transactions given above in the cash book receipts for the month of January 2023. The columns you will need are: day, details, bank, output vat, sales, sundry accounts and cost of sales
Prepare the following general ledger accounts using the information provided above as well as the cash book receipts prepared in Q.4.1:
Bank
Petty Cash
Mzanzi Couture is owned by fashion designer Petro Stevens and is a registered VAT vendor. Mzanzi Couture only trades with other registered VAT vendors. The business charges 15% VAT on all its sales. All amounts are inclusive of 15% VAT unless VAT is not applicable (or stated otherwise) The business uses the PERPETUAL inventory system and marks up its inventory at 25% on sales unless stated otherwise. All cash received is deposited dally. Transactions for the month of January 2023 are as follows: Balances at 31 December 2022 - Bank (unfavourable)-R12000 - Petty Cash-r3 500 The total of the bank column in the cash book payments for January 2023 was R18 000 Required: Q.4.1 Record the transactions given above in the cash book receipts for the month of (9) January 2023. The columns you will need are: Day Details Bank Output VAT Pase7ds (12) - Sales - Sundry accounts - Cost of sales No document numbers, follos or analysis of receipts columns are required, vou need only total the Bank column Q.4.2 Prepare the followink general iedger accounts using the information provided (16) above as well as the cast book receipts prepared in 0.4 .1 Mzanzi Couture is owned by fashion designer Petro Stevens and is a registered VAT vendor. Mzanzi Couture only trades with other registered VAT vendors. The business charges 15% VAT on all its sales. All amounts are inclusive of 15% VAT unless VAT is not applicable (or stated otherwise) The business uses the PERPETUAL inventory system and marks up its inventory at 25% on sales unless stated otherwise. All cash received is deposited dally. Transactions for the month of January 2023 are as follows: Balances at 31 December 2022 - Bank (unfavourable)-R12000 - Petty Cash-r3 500 The total of the bank column in the cash book payments for January 2023 was R18 000 Required: Q.4.1 Record the transactions given above in the cash book receipts for the month of (9) January 2023. The columns you will need are: Day Details Bank Output VAT Pase7ds (12) - Sales - Sundry accounts - Cost of sales No document numbers, follos or analysis of receipts columns are required, vou need only total the Bank column Q.4.2 Prepare the followink general iedger accounts using the information provided (16) above as well as the cast book receipts prepared in 0.4 .1
Mzanzi Couture is owned by fashion designer Petro Stevens and is a registered VAT vendor.
Mzanzi Couture only trades with other registered VAT vendors.
The business charges 15% VAT on all its sales. All amounts are inclusive of 15% VAT unless VAT is
not applicable (or stated otherwise).
The business uses the PERPETUAL inventory system and marks up its inventory at 25% on sales
unless stated otherwise.
All cash received is deposited daily.
Transactions for the month of January 2023 are as follows:
Day 2: Petro stevens contributed R10000 cash
Day 4: cash sales is R17250
Day 6: paid R800 for petrol from petty cash
Day 10: received R2500 from abs bank for interest received on current account
Day 12: eft payment received for rent R2000 ( exempt supply as dwelling is for private use)
Day 17: purchased stationary from PAS stationers for R575 from petty cash
Balances at 31 December 2022
Bank(unfavourable)- 12000
Petty cash- 3500
The total of the bank column in the cash book payments for January 2023 was R18000
Required:
Q.4.1: Record the transactions given above in the cash book receipts for the month of January 2023. The columns you will need are: day, details, bank, output vat, sales, sundry accounts and cost of sales
Prepare the following general ledger accounts using the information provided above as well as the cash book receipts prepared in Q.4.1:
Bank
Petty Cash
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