QUESTION 4 (33 Marks) Regals Nails is a popular nail shop which sells nail care products like nail polish nail clippers and nail polish remover to the public. Jerry, the owner of Regals Nails is also an accountant, and he uses Pastel Partner to record the business transactions. Regals Nails' 2021 financial year ends on the last day of July 2021, and the business is a registered VAT vendor. The current VAT rate is 15%. Regals Nails has only one customer (Tom) that is allowed to buy on credit. Tom qualifies for 5% early payment discount (also called settlement discount) if full payment is received within 10 days from period end Tom always makes only one payment per period fully pay his outstanding amount within 10 days from period end deduct the early payment discount from his payment. The following is a screen print from Regal Nails Pastel Partner accounting software: ocational NG REGALS NAILS REGAL HLE EDIT PROCESS VIEW CHANGE SETUP UTILITY WINDOW FAVOURITES HELP 2D Process Cash Books Cash Book / MISAK Batch Type Balance w Da Per Discount Pro 1 2 03 03 os 03 03 103 D 02/10/20 09/10/20 01/10/20 03/10/20 06/10/20 15/10/20 GCS Account Race Description Te 1000/00 15345 Categies 15 1000/00 N 25.346 Categister sales 15 2750/00 5342 Inese Received 00 t1 548 Payment Thank Yo00 1000/00 N 85149 Chris 15 - 61000/00N 25350 Caires 15 Bank Exclusive 4072 302522 22.00 8740.00 503470 78040 Bank hdus 450.000 3.490000 10000 B700.000 5790.000 8 975.00 og 4 TO SONHO HINZOUT SEP OCT 2021 QUESTION 4 (continued) 4.2.5. Which 'button will be used to move money from the ABSA Bank' cash book to the "petty cash' cash book? (1) 4.2.6. What does the letter 'N' in the "R" column of the receipt cash book journal indicates? (1) 43. Refer to the Pastel Partner screen print, especially the transaction for TOM001 (line 4) and the case study information 4.3.1. Jerry always reviews the transactions before updating the batch and according to him the transaction for TOM001 (line 4) is not correctly recorded. The amount received in the bank account from customer TOMO01 was R8740. Refer to the case study Information Draw the table below in your answer book. Now use this table to write the correct data entries with regards to TOM001 (line 4) only for the data fields indicated in the table below. Show the detail of any calculations as part of your answer. (4) Bank inclusive Discount 4.3.2 The trial balance of Regal Nails gave you the following additional general ledger account numbers and account descriptions. Account number Account description 8000/000 Customer Control Account 9000/000 Supplier Control Account 9500/000 Vat/Tax Control Account 1000/000 Sales 3400/000 Early payment discount received 5800/000 Early payment discount granted QUESTION 4 (continued) Draw the table below in your answer book. Use this table to record the accounting entries into the general ledger master file for the correct TOMO01 (line 4) transaction, as reflected on the Pastel Partner screen on the previous page and taking your answer in question 4.3.1 into account. Note: You should show all the applicable accounting entries. General ledger account number Debit/Credit Amount Tip: draw the T-accounts for yourself as rough work in your answer book to help ensure your debits and credits are correct (12) 4,4 What is the maximum number of customer categories you can create in Pastel Partner? (1) (33) QUESTION 4 (33 Marks) Regals Nails is a popular nail shop which sells nail care products like nail polish nail clippers and nail polish remover to the public. Jerry, the owner of Regals Nails is also an accountant, and he uses Pastel Partner to record the business transactions. Regals Nails' 2021 financial year ends on the last day of July 2021, and the business is a registered VAT vendor. The current VAT rate is 15%. Regals Nails has only one customer (Tom) that is allowed to buy on credit. Tom qualifies for 5% early payment discount (also called settlement discount) if full payment is received within 10 days from period end Tom always makes only one payment per period fully pay his outstanding amount within 10 days from period end deduct the early payment discount from his payment. The following is a screen print from Regal Nails Pastel Partner accounting software: ocational NG REGALS NAILS REGAL HLE EDIT PROCESS VIEW CHANGE SETUP UTILITY WINDOW FAVOURITES HELP 2D Process Cash Books Cash Book / MISAK Batch Type Balance w Da Per Discount Pro 1 2 03 03 os 03 03 103 D 02/10/20 09/10/20 01/10/20 03/10/20 06/10/20 15/10/20 GCS Account Race Description Te 1000/00 15345 Categies 15 1000/00 N 25.346 Categister sales 15 2750/00 5342 Inese Received 00 t1 548 Payment Thank Yo00 1000/00 N 85149 Chris 15 - 61000/00N 25350 Caires 15 Bank Exclusive 4072 302522 22.00 8740.00 503470 78040 Bank hdus 450.000 3.490000 10000 B700.000 5790.000 8 975.00 og 4 TO SONHO HINZOUT SEP OCT 2021 QUESTION 4 (continued) 4.2.5. Which 'button will be used to move money from the ABSA Bank' cash book to the "petty cash' cash book? (1) 4.2.6. What does the letter 'N' in the "R" column of the receipt cash book journal indicates? (1) 43. Refer to the Pastel Partner screen print, especially the transaction for TOM001 (line 4) and the case study information 4.3.1. Jerry always reviews the transactions before updating the batch and according to him the transaction for TOM001 (line 4) is not correctly recorded. The amount received in the bank account from customer TOMO01 was R8740. Refer to the case study Information Draw the table below in your answer book. Now use this table to write the correct data entries with regards to TOM001 (line 4) only for the data fields indicated in the table below. Show the detail of any calculations as part of your answer. (4) Bank inclusive Discount 4.3.2 The trial balance of Regal Nails gave you the following additional general ledger account numbers and account descriptions. Account number Account description 8000/000 Customer Control Account 9000/000 Supplier Control Account 9500/000 Vat/Tax Control Account 1000/000 Sales 3400/000 Early payment discount received 5800/000 Early payment discount granted QUESTION 4 (continued) Draw the table below in your answer book. Use this table to record the accounting entries into the general ledger master file for the correct TOMO01 (line 4) transaction, as reflected on the Pastel Partner screen on the previous page and taking your answer in question 4.3.1 into account. Note: You should show all the applicable accounting entries. General ledger account number Debit/Credit Amount Tip: draw the T-accounts for yourself as rough work in your answer book to help ensure your debits and credits are correct (12) 4,4 What is the maximum number of customer categories you can create in Pastel Partner? (1) (33)