QUESTION $3$

Palesa selis T$-$shirts online and has been doing very well since she opened her shop on $1$ July $2023.$

Palesa does not charge customers for delivery fees, but has it included in her mark$-$up percentage.

When customers place their order, they are re$-$directed to an online payment portal $-$ Payfast $-$

where they make an immediate payment. Customers pay a R$5$ service fee on each successful website

order. She gets an update from PayFast periodically that gives her the total of all orders, the number

of orders as well as the service fee that PayFast levies on each transaction. The PF levies are

recorded in the CPJ$.$

Palesa handles bulk orders separately on an invoice system. She offers $30-$day accounts for bulk

orders.

You do not need to complete the Analysis of Receipts column.

Palesa adds a $43\%$ mark$-$up on all her products. Round all answers off to the nearest Rand.

She asks for your help and presents you with incomplete Journals $($in the Annexure$)$ and the

following information:

November Transactions

Day Details

$1$ Issue Credit Invoice $102$ to T$-$Shirts Galore for R$19000$

$3$ PayFast report $1-2$ November $-$ PF$167$

Total received:

Sales $-$ R$4600,$ Website Expenses $($PF Fees$)-$ R$230$

Service Fee $-61$ orders $$ R$5=$ R$305$

Palesa purchases stock on credit from T$-$Shirt Wholesalers for R$120000$ and receives Credit

Invoice TSW$771$

Palesa only has one debtor $-$ T$-$Shirts Galore. They settle their $30-$day account via EFT with

the amount that is outstanding for $26$ days.

PayFast report $3-9$ November $-$ PF$174$

Total received:

Sales $-$ R$19566,$ Website Expenses $($PF Fees$)-$ R$978$

Service Fee $-168$ orders

Issue credit invoice to T$-$Shirts Galore Cost price: R$40000.$

Receive a mid$-$month bank statement $($No $74)$ from Capitec that indicates the following:

Interest on credit balance R$987$

T$-$Shirts Galore has a credit limit of R$50000.$ Receive a notification from the bank that the

amount that exceeds the credit limit has been deposited into the bank account.

$1($Dec$)$ PayFast report $10-30$ November $-$ PF$174$

Total received:

Sales $-$ R$78933,$ Website Expenses $($PF Fees$)-$ R$3945$

Service Fee $-642$ orders

CPJ Totals $30$ November $2023$

QUESTIONS

$3\mathrm{.}1$ Calculate the Cost of Sales and Bank balances on $1$ November $2023$ and write the balances

in the General Ledger $($in the Annexure$).$

$3\mathrm{.}2$ Complete and close off the: $($in the Annexure$)$

$3\mathrm{.}2\mathrm{.}1$ Cash Receipts Journal;