Question
Natasha Naidu runs her own business, Good Beauty Products. Good Beauty Products trades in natural skincare products and is a registered VAT vendor. ALL amounts
Natasha Naidu runs her own business, Good Beauty Products. Good Beauty Products trades in
natural skincare products and is a registered VAT vendor. ALL amounts are inclusive of VAT unless indicated otherwise. VAT is charged at 15%. 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, R84 870 less 10% trade discount.
4 Credit sales of merchandise to, Tamara Taylor, R5 750. Mark up on cost = 30%.
7 Tamara Taylor returns unwanted goods and Good Beauty Products issues a credit note 001 for R2300
10 Purchased Trading inventory from Truworths on credit, R4000 excluding VAT.
12 Inventory sold on credit to Chen Cho-Yun, R96 600. Mark up on cost 20%.
13 Chen Cho-Yun requested a 20% rebate due to goods being inferior quality bought on 12 April.
13 Returned stock to the value of R2300 to Truworths because it was a wrong order.
15 Credit sales of merchandise to Zahra, R1150. Mark up on cost 25%
19 Paid Advertising on account R6 900 to Magazine Z
Required:
Enter the above transactions correctly in the following journals. Source document numbers are not required. The journals must be totalled:
Round off to the nearest whole number
1.1 The Debtors Journal of Good Beauty Products for the month of April 2019.
1.2 The Debtors Allowance Journal of Good Beauty Products for the month of April 2019. 1.3 The Creditors Journal of Good Beauty Products for the month of April 2019.
1.4 The Creditors Allowance Journal of Good Beauty Products for the month of April 2019
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