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SPIKIRI Traders is registered as a VAT vendor. The applicable VAT rate is 1 5 % . The periodic inventory system and control accounts are
SPIKIRI Traders is registered as a VAT vendor. The applicable VAT rate is The periodic inventory system and control accounts are used by the entity.
The following transactions took place in Spikiri Traders for June
Mr Kekana was declared insolvent and his outstanding account of R must be written off as Irrecoverable
Mr ZK Legodi's account of R was five months overdue and simple interest was charged at per annum.
It was discovered that repairs done to the delivery vehicle for R was incorrectly debited to the stationery account. This error must still be corrected.
Printing done by ZK Printers for R was paid for with EFT no
The owner, J Spikirl, increased his capital contribution with R Recelpt no was issued to him.
Cleaning material was purchased from TP Cleaners for R and paid for with EFT no
The total cash sales as per cash register roll no amounted to R
Merchandise was purchased from GD Traders for and paid for by cheque no
EFT no to the amount of R to pay the week's wages.
Recelved a direct deposit from D Maluleka in payment of his account of R Receipt no was issued.
EFT no to the amount of R was made to settle the account of BP Suppliers.
The total cash sales as per cash register roll no amounted to
REQUIRED
Record the above transactions in the following subsidiary journals of Spikiri Traders for June :
a Cash receipts journal columns for analysis of receipts, bank, sales, VAT output, trade receivables control and sundry accounts
b Cash payments journals columns for bank, purchases, trade payables control, wages, VAT input and sundry accounts
Note: You do not have to close off the journals at the end of the month. Show all your calculations.
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