TOPIC: FINANCIAL LITERACY

ACTIVITY $3\mathrm{.}6$

Flower Stores sells goods for cash as well as on account. Use the information provided below to prepare the Cash Receipts Journal and the Debtors' Joumal for Flower Stores for April $2012.$ Flower Stores uses a $25\%$ mark$-$up on cost$.$

Transactions for April $2012$:

Z$.$ Zikwa was issued with invoice for goods purchased with a cost price of R$1600.$

$7$ Issued invoice $65$ to V$.$ Vila for R$3750.$

$15$ Issued receipt $044$ to ABSA for R$27$ for interest received on current account.

$18$ Sold goods on credit to T$.$ Tim, issued invoice $66$ for R$1500.$

$19$ Cash sale of goods with a cost price of R$540.$

$26$ Sold goods on credit to M$.$ Marine, issued invoice $67$ for R$2750.$

$28$ Cash sale to Z$.$ Zikwa, R$1225.$

$29$ V$.$Vila was issued invoice $68$ for R$200$ for goods bought on credit.

Debtors' Journal of Flower Stores for April $2012$

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