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On 1 June 2 0 . 2 Mrs L Ngcobo opened a supermarket under the tradename LN Traders. LN Traders is a registered VAT vendor

On 1 June 20.2 Mrs L Ngcobo opened a supermarket under the tradename LN Traders. LN Traders is a registered VAT vendor and the VAT rate applicable is 15%. LN Traders will use the periodic inventory system and entered into the following transactions during June 20.2:
20.2
Day
Details
June
2
The owner, Mrs L Ngcobo, deposited R250000 of her own funds directly into the bank account of the business.
Made an EFT of R9800 to creditor, Blue Stores and received a settlement discount of R1725.
4
Bought shop equipment from EQUIP on credit, R10005, and paid R1005 by credit card as a deposit.
10
Purchased merchandise on credit from Big Wholesalers, R28750.
The owner withdrew cash from the business bank account via the ATM for R2000 which will be used as cash float.
15
Credit card sales of R3105.
Cash sales of R4600.
Credit sales to B Sullivan of R6900
16
B Sullivan deposited R5750 directly into the bank account of LN Traders in full settlement of his account.
20
Borrowed an amount of R50000 from Better Bank. The amount must be paid back on 1 June 20.3.
30
Purchased merchandise from BG Wholesalers for R4600 cash.
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. Dont use any special characters (&) and dont use bold in your answer. It will be marked incorrect.
4. Do not use any abbreviations.
5. Please remember the brackets around the amounts must be indicated by a negative amount [eg: (50) will be -50].
6. Keep the transactions strictly according to date sequence.
7. If an option has been provided and it is not applicable to the specific question, please put 0 in the amount column and N/A in the detail column. You can also leave the blocks empty because no marks were allocated to the 0 and N/A columns. The answer will be marked incorrect, but you will not lose any marks because no marks were allocated to these columns.
The transactions in the cash payments journal of LN Traders for June 20.2 will be ...
LN TRADERS
CASH PAYMENTS JOURNAL - JUNE 20.2

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