we only complete the required accounts

QUESTION 4 (14 Marks) 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) (CT) 3 945 Purchases Rates and taxes 180 500 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 (7) 4.2 Prepare VAT control account in the general ledger and indicate how much is payable or receivable to SARS (Use the correct contra account) (7)6 19 75% QUESTION 5 (16 Marks) Dalem and Sons is a firm in the wholesaler trade which deals exclusively in high-quality portable radios and tape recorders. The firm accounts for inventory using a perpetual recording system and always uses first-in-first-out (FIFO) basis of valuation. At 1 January 2019, the firm's entire inventory consisted of 100 radios valued at R400 each. The following are the firm's trading transactions, in chronological order, for 2019: 1. Sold 80 of the radios on hand at the beginning of the period for R64 000 on credit. 2. Purchased 50 radios priced at R400 each and 80 tape recorders priced at R500 each. The transaction was on credit and a trade discount of 20% on the above prices was allowed by the supplier. 3. Sold 50 of the radios for R30 000 and 10 of the tape recorders for R8 000 on credit, to a customer. 4 Received a cheque for R38 000 from a customer 5. Bought 40 radios for R340 each for cash and paid an extra R400 for railage inwards. 6. Paid the supplier an amount of R38 000 7. Four of the radios and one of the tape recorders sold under point 3, above, were returned by the customer who was given a credit note. Two of the radios had defects and were returned to the supplier for credit, two radios were returned to inventory, and Mr Dalem kept the tape recorder for his own personal use. All the radios returned had been part of the opening inventory. 8. The cheque from the customer was returned unpaid from the bank A physical count on 31 December 2019 revealed that 61 radios and 70 tape recorders were on hand! You are required to: Show the analysis of Dalem and Sons inventory, to see whether their records of inventory on hand do balance with your record, If it does not balance, indicate the shortage or surplus of inventory and show all values as well. (Show all your workings)