Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 2 [30 MARKS) Tammy Tailor, a registered VAT vendor, has been practicing as an attorney since 1 March 2018. The following took place in

image text in transcribed

QUESTION 2 [30 MARKS) Tammy Tailor, a registered VAT vendor, has been practicing as an attorney since 1 March 2018. The following took place in the month of November 2020. 1 5 6 16 17 T Tshilam pays Tammy a deposit of R45 000 to cover her divorce proceeding T Turner giver Tammy a cheque for R25 000 to cover costs in respect of a purchase of a house from Jackman. You are advised by the bank that the cheque received from TTshilam has is dishomoured. Tammy Tailor pays legal counsel R18 400 (vat inclusive) in respect of a Consulatation that T Tshilam had with counsel. Tammy Tailor pays transfer duty of R15 000 and bond registration costs of R5 000 on behalf of T Turner T Tshilam gives Tammy a cheque of R 27 500 Tammy Tailor transfers the money she is entitled to Tammy Tailor charges the following fees (inclusive of Vat) T Tshilam R 9 100 T Turner R 8 625 Tammy transfers all the monies she is entitled to 1 18 20 15 27 You are required to: (i) Show the ledger (T) accounts (business & trust) in Tammy Tailors books in respect of the above transactions that took place in September () show the transfer journals you would make. (show dates clearly) QUESTION 2 [30 MARKS) Tammy Tailor, a registered VAT vendor, has been practicing as an attorney since 1 March 2018. The following took place in the month of November 2020. 1 5 6 16 17 T Tshilam pays Tammy a deposit of R45 000 to cover her divorce proceeding T Turner giver Tammy a cheque for R25 000 to cover costs in respect of a purchase of a house from Jackman. You are advised by the bank that the cheque received from TTshilam has is dishomoured. Tammy Tailor pays legal counsel R18 400 (vat inclusive) in respect of a Consulatation that T Tshilam had with counsel. Tammy Tailor pays transfer duty of R15 000 and bond registration costs of R5 000 on behalf of T Turner T Tshilam gives Tammy a cheque of R 27 500 Tammy Tailor transfers the money she is entitled to Tammy Tailor charges the following fees (inclusive of Vat) T Tshilam R 9 100 T Turner R 8 625 Tammy transfers all the monies she is entitled to 1 18 20 15 27 You are required to: (i) Show the ledger (T) accounts (business & trust) in Tammy Tailors books in respect of the above transactions that took place in September () show the transfer journals you would make. (show dates clearly)

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

Accounting Information Systems Understanding Business Processes

Authors: Brett Considine, Alison Parkes, Karin Olesen, Michael Lee, Derek Speer

3rd Edition

1742165559, 978-1742165554

More Books

Students also viewed these Accounting questions

Question

3. I know I will be able to learn the material for this class.

Answered: 1 week ago

Question

How effective have these groups been in the past?

Answered: 1 week ago

Question

What are their reputations?

Answered: 1 week ago

Question

How serious a response is warranted to this situation?

Answered: 1 week ago