Question
Question 1 (Amounts are 14% VAT inclusive, where applicable. All calculations are to be done to the nearest cent) Required Record the transactions in the
Question 1 (Amounts are 14% VAT inclusive, where applicable. All calculations are to be done to the nearest cent) Required Record the transactions in the correct subsidiary journals, post to the general ledger, debtors ledger and creditors ledger, and draw up a trial balance. On 1 January 2007, Pets Traders had the following balances: Stock R1 500 -Capital R2 287 Bank (favourable)R 1 200 - VAT control (Cr.) R900 Debtors: A. Adams R171 Debtors:B. Brown R855 Creditors: F.Farmell R1197 Creditors: P.Peters R342 Furniture R1 000 The following transactions took place during January 2007: Cash sales - Cash Register Date Jan. 7- R228 Jan.14- R342 Jan. 21 -R456 Jan. 28 -R 570 Original credit invoices received: Date Jan. 4- P. Smith for goods R684 Jan 8. -Lotz for stationery 57 Jan10 -S. Pretorius for office desk R285 Jan 16 - F. Farmell for goods R2 052 Duplicate credit invoices issued: Date Jan. 11- A. Adams for goods R1 026 Jan 17 - B. Snell for goods R1 482 Duplicates of receipts issued: Date Jan. 4- No. 10 - B. Brown in settlement less 5% discount Jan.10 - No 11 -H. Owner for rent of the shop R570 Jan.18- No 12 - A. Debt for an account written off as bad debt during November 1995 R 228 Jan.25 -13 - S. Swart for old furniture sold R57 Credit notes received for goods returned: Date Jan. 8- P. Peter R114 Cheques issued: Date Jan. 2 -No. 40 - F. Farmell in settlement less 5% discount Jan.4- No 41 Cash for petty cash imprest R100 Jan 5- No42 - Makro for goods R570 Jan.10- No 43 -SABC for advertising R342 Jan. 15- No 44 - P. Peter for goods R2 280 Jan. 20- No 45- City council for electricityR 228 Jan.20 - No 46 -SARS (VAT) R900 Jan.25 -No 47 -P. Flat for rent of private house of the owner R456 Sundry transactions: Jan. 31 Items on the bank statement, but not in the cash book: (a) Service fees R50 (b) Interest on savings account R30 (c) Cheque from S. Swart unpaid (refer January 25) Closing stock: Goods 4 500
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