TASK $1(53$ MARKS$)$

Manami Traders follows the perpetual inventory system. In $2023,$ the Bookkeeper produced the

following transaction for December $($Ignore VAT$)$

$2023$

December

TRANSACTION DETAILS

$1$ EFT made for the carriage on Purchases, R$720$ For Cash merchandise for R$42000$

$2$ Received rent in cash from Cosmos, R$15000.$ Also received R $12000$ from Peters

settling his debt.

$4$ Cash purchase of goods for R$42000,$ and bought stationery on credit from KKK$,$ R$700$

$5$ Paid for fuel for the owner's vehicle for, R$60.$

$6$ Sales for cash, R$14500$ together with credit sales for R$40000.$ Mark$-$up of $25\%$ on

selling price.

$7$ Issued an invoice for goods bought by HHH$,$ R$14500.$ Cost price R$6000$ Allowed a

discount of R$112$ to Melk who paid R$10000$ to settle his account.

$15$ KKK issued a credit note for stationery, R$50$

$22$ HHH delayed payment leading to R$100$ interest charges, but HHH paid R$14500$ in full

settlement of his account

$25$ Invoiced a customer, R$17600.$ Mark$-$up$,10$ on the cost price.

Required:

Record all the transactions in the general ledger and balance off each account.

TASK $2(47$ MARKS$)$

The following transactions were extracted from the books of Khumalo Traders on $1$ March $2024.$ The

business uses the perpetual inventory system $($VAT inclusive where applicable$).$

March

$3$

Made cash purchases from Sanders, R$7500.$ Bought stationery on account from Uso,

R$700$ after making cash sales, R$14500.$ Mark$-$up$,25\%$ on selling price.

$8$ Zeyn who owed R$41500$ on $1$ March from previous dealings, paid up his debt with

R$100$ interest on his overdue account

$11$ Mr$.$ Chingwa the owner, topped his personal car$$s fuel tank, R$700.$ But also paid R$700$

for carriage on business purchases

$15$ Cezary, who owed the business, R$17900$settled his account receiving an R$112$

discount.; while Kings, a tenant paid rent, R$1500,$ On the same day Uso who was

owed R$14200,$ sent an R$50$ credit note. The business also issued an invoice for goods

to Reigns, R$480.$ Cost price, R$370.$ But Reigns was owing the business R$7600$ at the

beginning of the month.

$21$ Received an R$7900$ 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.

$25$ Reigns then paid us R$7,000.$ The balance became irrecoverable and, hence got written

off.

$31$ EFTs made into the business bank account for sales made, R $17600.$ There was a

mark$-$up of $10\%$ on the cost price.

It is noted that Uso was owed R$14200$ on $1$ March $2024.$ In addition, Rakish and Solo were also

owed R$5800$ & R$35000$ respectively.

MFAC$5111$ ASSIGNMENT SEM $12024$ Page $3$ of $3$

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.

$2\mathrm{.}1(17$ MARKS$)$

Date Details Trading

account

Accounts

receivable

Accounts

payable

Settlement

discount

received

VAT Sundries Details

of

sundries

Bank

$2\mathrm{.}2(30$ 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