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QUESTION 3 [15 MARKSI Your client, Dr Grace, sells his home for R1000 000 to Mr Ross. The following occur in connection to the sale:
QUESTION 3 [15 MARKSI Your client, Dr Grace, sells his home for R1000 000 to Mr Ross. The following occur in connection to the sale: Jan 1 3 4 8 12 14 Arrangement signed Mr Ross pays a deposit of R300 000 Stander Bank gives you a guarantee of R700 000 Mr Ross's cheque is dishonored Mr Ross pays a deposit of R300 000 as well as an amount of R120 000 for proforma cost. The cheque is cleared by special clearance for which the bank charged R200 Rates of R10 452 are paid to the Thulamela Municipality, transfer duty of R99 000 is paid to the South African Revenue Services and R19 764 is paid to Tshifhango Electrical for rewiring the property The property is transferred. Standard Bank pays guarantee of R700 000. Your Fees amount to R22 800( R 2 800 of which constitutes VAT ). You then account to the client 30 2 REQUIRED: Show all entries (with dates) in the ledger (T) accounts
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