Take%20Home%20Exam96: Take620Home%20Exam96 ECONOMICS%20ASSIGNM Take%20Home%20Exa X Assignment%201.pdf Exam9%20Answer%20bookl + X file:///C:/Users/Lerato/Desktop/Rosebank%20College/ACBP%205111w%20-%202020%20-%20BSC%201w%20-%20RCNA2/Take%20Home, [!!] * the correct name of the document, document numbers and transaction codes are not required. Question 4 (Marks: 40] Hollow Oaks Dealers is run by Harry Hollow, a sole trader. Hollow Oaks Dealers is a general dealer who uses the perpetual inventory system. A constant mark-up of 20% on cost price is used. The business is a registered VAT vendor and trades only with registered VAT Vendors. The business charges 15% VAT on all its sales. All amounts are inclusive of VAT unless VAT is not applicable. They deposit any monies received on the same day. Hollow Oaks Dealers do not expect to award any settlement discounts, nor does it expect to qualify for any settlement discounts. All settlement discounts are therefore deemed to be incidental in nature. Transactions, amongst other for March 2020: Date Details of the transactions sold inventory on credit to Nandi Traders Ltd, credit invoice CI03) for R 45 000 (excluding VAT). 3 Received business rent from G. Howard, R6 540. Weekly cash sales of inventory, R258 000. Nandi Traders Ltd returned unwanted goods, R3 200 (excluding VAT) see 1 March 2020. 15 Owner took inventory for own use, cost R 15 400. The Independent Institute of Education (Pty] Ltd 2020 Fage 8 of 12 20 2020 e Ed A BOOGIE 01:25 27/08/2020Take%20Home%20Exam96: Take620Home%20Exam96 ECONOMICS%20ASSIGNM Take%20Home%20Exa X Assignment%201.pdf Exam9%20Answer%20bookl + X file:///C:/Users/Lerato/Desktop/Rosebank%20College/ACBP%205111w%20-%202020%20-%20BSC%201w%20-%20RCNA2/Take%20Home? ! * 23 Sold Inventory on credit to R. Lathebe, R76 430. 27 Nandi Traders paid R 27 800 towards her outstanding account. 30 R. Lathebe has been declared insolvent. A cheque of 40 cents in the rand for the amount purchased on 23 March was sent by his lawyer on 30 March 2020. The balance will need to be written off Required: Use the relevant transactions given above, to complete the following journals and general ledger accounts: Document numbers are NOT required. Round to the nearest rand. Q.4.1 The Debtors Journal for March 2020. Total only the sales and cost of sales (8) columns. 2.4.2 The Debtors Allowances Journal for March 2020. Total only the sales and cost of (3)) sales columns. Q.4.3 The Cashbook Receipts for March 2020. Total only the sales and cost of sales (1114) columns. (Analysis of receipts not required.) Remember they deposit any monies received on the same day. Q.4.4 The Sales Account, which has an opening balance of R 242 340 (10) Balance the account. Settlement discounts amounting to R2 870 (including VAT) has also been granted to debtors during March 2020. Q.4.5 The Cost of Sales Account which has an opening balance of R152 000. No (7) balancing of this account required. e A BOOGIE 01:25 27/08/2020