Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please assist with answering the question below. Required: Prepare the individual account of Carl Niemand (D1250) in the debtors ledger of Harry's Meat Cart from

image text in transcribed

Please assist with answering the question below.

Required: Prepare the individual account of Carl Niemand (D1250) in the debtors ledger of Harry's Meat Cart from the information provided above for the month of March 2020. Round to the nearest rand.

image text in transcribedimage text in transcribedimage text in transcribed
ACBP5111_ACBP5111w Exam Answer Booklet (1) - Microsoft Word Table Tools - X Home Insert Page Layout References Mailings Review View Design Layout Document Recovery Word has recovered the following files. Save the ones you wish to keep 20 2020 Available files Document1 [Autosa... Question 3.1 (Marks: 30) Version created from... 20:53 Saturday, 15 ... Debtors ledger of Harry's Meat Cart Carl Niemand (D152) w Economics exam ref... . Version created from... Date Document Name Fol. Debit Credit Balance 14:02 Saturday, 15 ... Economics exam ref... . Version created last ... 23:00 Monday, 03 A... Question 7 T.H.E.EC... Version created from... 19:41 Saturday, 15 ... w Question 7 T.H.E.EC... Version created last ... 22:59 Tuesday, 11 ... Economics (Repaired... Version created from... 23:22 Friday, 14 Au... Repaired w Question 4 [Original] Version created last ... 22:38 Thursday, 13 ... @ Which file do I want to save? Close Page: 9 of 17 | Words: 650 English (South Africa) = 100% +pon Take-Home Exam 1.pdf X + X O File | C:/Users/Aneesa%20Salasa/Downloads/Take-Home%20Exam%201.pdf 7 of 12 + 2 | A) Read aloud | Draw V Erase Question 3 (Marks:30) Harry's Meat Cart, a registered VAT vendor, has several debtors and creditors. All debtors and creditors are registered for VAT, and deal in standard rated supplies. VAT is charged at 15%. The following balance appeared in the books of Harry's Meat Cart on 1 March 2020: Carl Niemand (Debtor) (D1250) Dr Balance R22 580 Q.3.1 The following transactions took place during the month of March 2020: Date Details of transaction 1 Sold goods on credit to Carl Niemand, R35 220 (including VAT). Realised that the previous invoice was undercast by R400 (including VAT). Mr Niemand was contacted in this regard and he accepted the corrected amount. 7 Carl Niemand settled his account balance as at 1 March 2020 (R22 580) and took advantage of the 2% settlement discount Harry's Meat Cart had offered him for prompt payment. Round to the nearest rand. 15 BBA Bank informed Harry's Meat Cart that Carl Niemand's cheque, received on the 7th was dishonoured due to insufficient funds. 23 Carl Niemand bought good on credit, R14 150pon Take-Home Exam 1.pdf X + X O File | C:/Users/Aneesa%20Salasa/Downloads/Take-Home%20Exam%201.pdf 7 of 12 +2 A) Read aloud | Draw v Erase Carl Niemand (Debtor) (D1250) Dr Balance R22 580 Q.3.1 The following transactions took place during the month of March 2020: Date Details of transaction 1 Sold goods on credit to Carl Niemand, R35 220 (including VAT). 4 Realised that the previous invoice was undercast by R400 (including VAT). Mr Niemand was contacted in this regard and he accepted the corrected amount. 7 Carl Niemand settled his account balance as at 1 March 2020 (R22 580) and took advantage of the 2% settlement discount Harry's Meat Cart had offered him for prompt payment. Round to the nearest rand. 15 BBA Bank informed Harry's Meat Cart that Carl Niemand's cheque, received on the 7th was dishonoured due to insufficient funds. 23 Carl Niemand bought good on credit, R14 150 excluding VAT. 28 Carl Niemand returned goods purchased on the 23rd for R2 750 (including VAT) 30 Carl Niemand's lawyer informed Harry's Meat Cart that Carl Niemand had been liquidated. His lawyer sent a cheque constituting a payment of 50 cents in the rand. The rest of the debt was written off

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting A Business Process Approach

Authors: Jane L Reimers

2nd Edition

131473867, 978-0131473867

More Books

Students also viewed these Accounting questions

Question

1. Background knowledge of the subject and

Answered: 1 week ago