Question 4 (Marks: 50) Neverland Traders, a children's book retailer, entered into the transactions below during February 2020. The business is a registered VAT vendor and trades only with other registered vendors. All amounts include 15% VAT where applicable, except if otherwise indicated. They use a periodic inventory system and all goods are marked up at 40% above cost, before taking into account any trade discounts. The business does not expect to award any settlement discounts nor to qualify for any settlement discounts. All occurrences of settlement discounts are therefore incidental in nature. The following payments were made from the bank account: Day Transaction 3 Purchased inventory from Suess traders and paid R13 800. 7 Paid R10 000 (excluding VAT) to W Landlords for monthly rental of premises. 9 Paid R4 000 towards settlement of a loan with BAC Bank. 17 Purchased inventory from M&M traders for R8 050. M&M traders has allowed a trade discount of 5% on the transaction that still needs to be accounted for. 27 The bank statement from BAC bank showed bank charges of R57.50. 28 Restored the petty cash to its imprest amount R1 638. 28 Paid R14 000 to P. Pig towards settlement of an outstanding creditors account. The following payments were made from the petty cash box