Samuel Samson, is the owner of Father Board Electronics, a business trading in computers and related goods. Father Board Electronics is a registered VAT vendor and trades only with registered VAT vendors that can provide tax invoices. The business charges 15% VAT on all its sales. All amounts include VAT, unless VAT is not applicable.

Father Board Electronics trades on a cash basis only. The business uses the perpetual inventory system and uses a constant mark-up of 25% on cost.

The following transactions, amongst others, took place during January 2018:

2 )Purchased goods from Digital Suppliers and paid R165 984 by cheque C080.

4 )Cash sales of merchandise, R242 820, CBR76.

7 )Paid R17 100, to Business Magazine, by cheque for a series of advertisements which will be published over the next three months.

14 )Cashed a cheque to pay the week's wages, R5 700. Cash sales of inventory, R423 500 (excluding VAT).

Samuel Samson used a business cheque to pay his son's school fees, R4 500, to TheBestSchool.

23 )Received R6 270 cash from J. Rowling a tenant who rents a storeroom at the back of the entity.

25 )Received the bank statement from ABBA Bank reflecting a stop order for R570 for the

monthly insurance premium.

31 )Purchased inventory from Digital Suppliers, R236 000 (excluding VAT) and paid by cheque.

Additional information:

Father Board Electronics banked monies received on 14 and 23 January.

Required:

Use the relevant transactions from those given above to complete 2.1 2.2 for Father Board Electronics for the month of January 2018.

Total only the bank and VAT columns at the end of the month; and round all amounts to the nearest rand. Source document are not required.

2.1 Cashbook receipts (CBR)

2.2 Cashbook payments (CBP)