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TASK 1 ( 5 3 MARKS ) Manami Traders follows the perpetual inventory system. In 2 0 2 3 , the Bookkeeper produced the following
TASK MARKS
Manami Traders follows the perpetual inventory system. In the Bookkeeper produced the
following transaction for December Ignore VAT
December
TRANSACTION DETAILS
EFT made for the carriage on Purchases, R For Cash merchandise for R
Received rent in cash from Cosmos, R Also received R from Peters
settling his debt.
Cash purchase of goods for R and bought stationery on credit from KKK R
Paid for fuel for the owner's vehicle for, R
Sales for cash, R together with credit sales for R Markup of on
selling price.
Issued an invoice for goods bought by HHH R Cost price R Allowed a
discount of R to Melk who paid R to settle his account.
KKK issued a credit note for stationery, R
HHH delayed payment leading to R interest charges, but HHH paid R in full
settlement of his account
Invoiced a customer, R Markup on the cost price.
Required:
Record all the transactions in the general ledger and balance off each account.
TASK MARKS
The following transactions were extracted from the books of Khumalo Traders on March The
business uses the perpetual inventory system VAT inclusive where applicable
March
Made cash purchases from Sanders, R Bought stationery on account from Uso,
R after making cash sales, R Markup on selling price.
Zeyn who owed R on March from previous dealings, paid up his debt with
R interest on his overdue account
Mr Chingwa the owner, topped his personal cars fuel tank, R But also paid R
for carriage on business purchases
Cezary, who owed the business, Rsettled his account receiving an R
discount.; while Kings, a tenant paid rent, R On the same day Uso who was
owed R sent an R credit note. The business also issued an invoice for goods
to Reigns, R Cost price, R But Reigns was owing the business R at the
beginning of the month.
Received an R bank notification, in full settlement of his account, from Reigns as
a surprise. But then the following day the business discovered that the notification
was had declined a few minutes later.
Reigns then paid us R The balance became irrecoverable and, hence got written
off.
EFTs made into the business bank account for sales made, R There was a
markup of on the cost price.
It is noted that Uso was owed R on March In addition, Rakish and Solo were also
owed R & R respectively.
MFAC ASSIGNMENT SEM Page of
Using the following subheadings, you are required to record the above transactions in the correct
subsidiary journals: Note do not change the given order. Stick to the columns as indicated below:
BUT NAME THE JOURNALS APPROPRIATELY.
MARKS
Date Details Trading
account
Accounts
receivable
Accounts
payable
Settlement
discount
received
VAT Sundries Details
of
sundries
Bank
MARKS
Date Details Sales Cost of
sales
Accounts
receivable
Settlement
discount
allowed
VAT Sundries Details
of
sundries
Bank
NB: DRAW YOUR COLUMNS IN LANDSCAPE NOT PORTRATE. ANY BROCKEN WORK O marks
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