need help with 3.3.1 and 3.3.2 please?
is this better?
Topar fraden is w wholeuler thut purchaves and velb ssode far canh and on crede. fopar fraden is a registeved vat Yendor and enly tranuch wath other vat Yendor. The applicalle vat rate is 15. You have been provided with Ee following lint of traniaction ef Topur Traden reiatirg to the purchase and sale of good for the month of May Joq2: Adionalindarmatise: - Topar Traders unes the perpetual iventory syatem. * All goods are nold with a mark-up of 15 sis on cpet - Topaa Traderi received a a0k ientientent dacoust os the 20" of May trom maby Wholesalen. Arquired: Amwer the folowing quentiom: Q.3.1 Deat notes and eredit notes are seurce documents uied for tramactians with (4) debion and credton. 13 Bov If your own worts explais how ohele documents are itied it the dceountine system. Inchade in your anamer the VaT information reguised an eack of the documeta. Q.3.2 What is the ditlenence between a trade dikcount and a settiement dicount, and (3) how wil these two dscourci be accovited foe? Q.3. Uie the relevana transactions from those efen aboe 10 complete 3.3 .1 and 3.3 .2 for fopau fraden for the month of May 2522. Q.1.1 Credtor lourmal 170 Q.3.3.2 Gedien alowances iourinal (5) Q.3.4 in ehich journal wil the trahaction on the 20 of Muy be recorded? (1) Q.3.5 In matich joumal wil the iettiment ducount received be recorded? (1) Topaz Traders is a wholesaler that purchases and sells goods for cash and on credit. Topaz Traders is a registered VAT Vendor and only transacts with other VAT Vendors. The applicable VAT rate is 15%. You have been provided with the following list of transactions of Topaz Traders relating to the purchase and sale of good for the month of May 2022: Additional information: - Topaz Traders uses the perpetual inventory system. - All goods are sold with a mark-up of 15% on cost. - Topaz Traders received a 10% settlement discount on the 20ts of May from Ruby Wholesalers. Required: Answer the following questions: Q.3.1 Debit notes and credit notes are source documents used for transactions with (4) debtors and creditors. In your own words explain how these documents are used in the accounting system. Include in your answer the VAT information required on each of the documents. Q.3.2 What is the difference between a trade discount and a settlement discount, and (4) how will these two discounts be accounted for? Q.3.3 Use the relevant transactions from those given above to complete 3.3.1 and 3.3.2 for Topaz Traders for the month of May 2022. Q.3.3.1 Creditors Journal Q.3.3.2 Creditors allowances Journal Q.3.4 In which journal will the transaction on the 20th of May be recorded? (1) Q.3.5 In which journal will the settlement discount received be recorded? (1)
