we are required to do 4.1 and 4.2

CB.pdf - Adobe Acrobat Reader DC ain Assessment ... Main Assignment ... x X @ (T 5 19 (- + 75% Central University of FACULTY OF MANAGEMENT SCIENCES Technology, Free State QUESTION 4 (14 Marks) I MW Traders uses periodic system to record inventory. The business is a registered VAT vendor. The following amounts, among others, appeared in the trial balance as at 28 February 2018: R SARS (VAT) (Cr) 3 945 Purchases 180 500 Rates and taxes 8 760 Stationery on hand 1 520 Salaries and wages 57 860 Electricity and water 3 640 Sales 310 700 Return inwards 2 000 The following transactions occurred during March 2018: 1. Paid SARS the balance outstanding as at 01 March 2018. 2. MW Traders purchased inventory costing R3 135 from Steady Suppliers for cash. 3 MW Traders paid March wages amounting R7 752 by cheque. 4. Purchased stationery from Waltons, paid by cheque R570. 5. Sold inventory on credit for R7 809. The inventory on hand as at 31 March 2018 amounted to R75 000. There was no stationery on hand at the end of the March 2018. You are required to: 4 1 Prepare general journal for all 5 transactions above (show narratives) Round off to the nearest rand 4 2 Prepare VAT control account in the general ledger and indicate how much is payable or (7) receivable to SARS (Use the correct contra account) (7) e to search W