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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 June Mrs L Ngcobo opened a supermarket under the tradename LN Traders. LN Traders is a registered VAT vendor and the VAT rate applicable is LN Traders will use the periodic inventory system and entered into the following transactions during June :
Day
Details
June
The owner, Mrs L Ngcobo, deposited R of her own funds directly into the bank account of the business.
Made an EFT of R to creditor, Blue Stores and received a settlement discount of R
Bought shop equipment from EQUIP on credit, R and paid R by credit card as a deposit.
Purchased merchandise on credit from Big Wholesalers, R
The owner withdrew cash from the business bank account via the ATM for R which will be used as cash float.
Credit card sales of R
Cash sales of R
Credit sales to B Sullivan of R
B Sullivan deposited R directly into the bank account of LN Traders in full settlement of his account.
Borrowed an amount of R from Better Bank. The amount must be paid back on June
Purchased merchandise from BG Wholesalers for R cash.
Instructions:
Use a full stop to indicate any decimals eg:
Round off to the second decimal after the full stop eg:
Dont use any special characters & and dont use bold in your answer. It will be marked incorrect.
Do not use any abbreviations.
Please remember the brackets around the amounts must be indicated by a negative amount eg: will be
Keep the transactions strictly according to date sequence.
If an option has been provided and it is not applicable to the specific question, please put in the amount column and NA in the detail column. You can also leave the blocks empty because no marks were allocated to the and NA 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 will be
LN TRADERS
CASH PAYMENTS JOURNAL JUNE
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