Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 6 [16] The following transactions relate to R. Chinhanga, a debtor of Status Pictures, for the month of October 2021 . R. Chinhanga owed

image text in transcribed

Question 6 [16] The following transactions relate to R. Chinhanga, a debtor of Status Pictures, for the month of October 2021 . R. Chinhanga owed Status Pictures R850 at the end of September 2021. Day Transactions 1 Status Pictures charged R65 interest on R. Chinhanga's account, because it was more than 30 days overdue. 3 Sold goods on credit to R. Chinhanga for R600. Involice no. INV 765 was issued. 5R. Chinhanga settled his current outstanding balance. Receipt no. REC 123 was issued to R. Chinhanga. 7 After an investigation Status Pictures realised that they have understated involce no. INV 765 by R500. Status Pictures contacted R. Chinhanga and he accepted the debit note (DNO5) for this amount. 10 R. Chinhanga retumed some of the goods sold to him on 3 October 2021 because the goods were damaged. Credit note CN 54 was issued for R250. 15 R. Chinhanga settled the outstanding amount. Because he is a long-standing customer, Status Pictures gave him a 10% discount on the outstanding amount. Receipt no. REC 158 and journal voucher JV15 were issued. Required: Prepare the Debtors Ledger account of R. Chinhanga for October 2021. Ignore VAT

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Multicriteria Decision Making Systems Modeling Risk Assessment And Financial Analysis For Technical Projects

Authors: Timothy Havranek, Doug MacNair, James Wolf

3110765640, 978-3110765649

More Books

Students also viewed these Accounting questions