Question $5$

$($Marks: $25)$

Mzansi Manufacturers is a manufacturing business that produces products for the motor industry. Mzansi Manufacturers uses a perpetual inventory system. Mzansi Manufacturers is a registered VAT vendor and only deals with other VAT vendors. VAT of $15\%$ applies to all applicable transactions.

The following information is available for a creditor, VBS Brakes, for the month of June $2024.$

Balance owing to VBS Brakes as at $01$ June $2024$ was R$28700.$

Transactions for the month of June $2024$ as recorded in the journals

$\backslash$table$[[$Credit purchases$],[$Transaction date,Document number,R$],[05$ June $2024,$Invoice V$451,36248],[23$ June $2024,$Invoice V$465,7015]]$

$\backslash$table$[[$Credit returns$],[$Transaction date,Document number,$R_{?},],[09$ June $2024,$CN$215($Original invoice V$451),2875,]]$

$\backslash$table$[[$Payments$],[$Transaction date,Document number,R$],[02$ June $2024,$EFT#$547,$A $?]]$

The payment on $02$ June $2024$ was in settlement of the balance outstanding on $01$ June $2024.$ VBS Brakes gave Mzansi Manufacturers a $5\%$ discount on settlement of the balance $($JV$98).$

$\backslash$table$[[$General Journal$],[$Transaction date,Document number,$R_{?},],[02$ June $2024,$JV$98,$B $?,]]$

$($c$)$ The Independent Institute of Education $($Pty$)$ Ltd $2024$

Page $11$ of $13$

$24$

$2024$

Required:

Q$\mathrm{.}5\mathrm{.}1$ Calculate the missing values of A and $B$ in the journals above.

$(4)$

Remember to show all workings.

Q$\mathrm{.}5\mathrm{.}2$ Using the information in the question above, prepare the Creditors Ledger account

$(12)$

for VBS Brakes for the month of June $2024.$ Columns for Date, Document number, Folio, Debit and Credit and Balance are required. Codes are not required.