Question $1$ Question $3$

The following Post$-$adjustment Trial Balance was provided by JJG Traders as at $29$ February $2024$

which is the end of the financial year for his business. Additional information:

The owner contributed a vehicle to the value of R$550000$ during the year.

Required:

Based on the information above you are required to prepare the following:

a$.$ Closing transfers in the general journal

b$.$ Current assets and Current Liabilities for the Statement of Financial Position:

i$.$ Trade and other receivables

ii$.$ Trade and other payables

iii. Cash and cash equivalents

c$.$ Statement of changes in equity

A customer bought goods from a grocer and paid R $14000$ in cash. The amount was inclusive of

VAT and the grocer marks up his goods at $20\%$ on cost$.$

Based on the transaction above calculate the following:

a$.$ The VAT amount charged to the customer.

b$.$ The selling price exclusive of VAT

c$.$ The cost price of the goods