QUESTION 1 : JOURNALS AND CREDITORS LEDGER PEARL TRADERS The following information was extracted from the financial records of Pearl Traders, the owner is S Moses and the business uses a profit mark-up of 50%. The owner requested you to complete the financial records listed below for March 2021 REQUIRED 1.1 Prepare the following Journals: 1.1.1 Cash Payments Journal 1.1.2 Creditors Journal Creditors Allowances Journal 1.1.3 (8) 1.2. Prepare the creditors account of Jade Traders in the creditors Ledger of Pearl Traders. INFORMATION A. Extract from the Creditors List on 1 March 2021 : Rani Wholesalers Jade Traders CL1 CL2 5 200 6 600 D Transactions for March not yet recorded in the respective Journals: Dat Transactions e 2 Paid R2 000 to creditor Jade Traders via an EFT. 3 4 Purchased merchandise for R6 870 and Stationery, R1 450, from Top Stores and paid by EFT. EFT payment made for an office chair purchased for R450 from Point Stores. Paid wages directly into bank account of an employee, Mr Brown, R10 000 via EFT Unsatisfactory goods returned to Jade Traders, issued D/N No 124, R800. Settled our overdue account of R6 000 via EFT, S Pillay charged us interest. The acccount has not been paid for two months interest is charged at the rate of 10% p.a. 5 6 Made an electronic payment to Go Bank in part-payment of a loan, R7 000, plus interest on loan, interest on loan is charged at 9.5% p.a.and the repayments are Question paper Accounting Grade 10 Project: 2021 done quarterly. The current balance after payment) of loans R73 000 Note: The payment above exclude interest. Purchased stock, R3 200 and stationery, R200 on credit from Sunbird Stores invoice 56 8 9 Paid 60% of the amount owing to Jade Traders by EFT. Bought trading stock on credit from Rani Wholesalers for R5 000 a 10% trade discount was allowed on the invoice no. 270. 10 Bought goods on credit from Jade Traders, R4 000 per invoice 38. 24 marks