ement discount Oak General Dealers had offered her for prompt payment. Round to the nearest rand. 9 Sold goods on credit to Mr Mimosa, R9 200 (including VAT). 10 A rebate of R200 (excluding VAT) was granted on the goods purchased by Mr Mimosa. 15 Best Bank informed Oak General Dealers that Miss Marigold’s EFT processed on the 8th March was unsuccessful due to insufficient funds. 18 Miss Zinnia bought goods on credit, R15 000 (excluding VAT). 23 Miss Zinnia returned goods purchased on the 18th for R2 875 (including VAT). 31 Miss Marigold’s lawyer informed Oak General Dealers that Miss Marigold had been liquidated. Her lawyer made an EFT payment constituting a
ement discount Oak General Dealers had offered her for prompt payment. Round to the nearest rand. 9 Sold goods on credit to Mr Mimosa, R9 200 (including VAT). 10 A rebate of R200 (excluding VAT) was granted on the goods purchased by Mr Mimosa. 15 Best Bank informed Oak General Dealers that Miss Marigold’s EFT processed on the 8th March was unsuccessful due to insufficient funds. 18 Miss Zinnia bought goods on credit, R15 000 (excluding VAT). 23 Miss Zinnia returned goods purchased on the 18th for R2 875 (including VAT). 31 Miss Marigold’s lawyer informed Oak General Dealers that Miss Marigold had been liquidated. Her lawyer made an EFT payment constituting a
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 4EB: Laminate Express extended credit to customer Amal Sunderland in the amount of $244,650 for his...
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Question
Date
Details of transaction
1
Sold goods on credit to Miss Marigold, R46 000 (including VAT).
5
Realised that an error was made on the previous invoice. The invoice was undercast by R4 000 (excluding VAT). Miss Marigold was contacted in this regard and she accepted the corrected amount.
8
Miss Marigold settled her account balance as at 5 March 2021 and took advantage of the 2% settlement discount Oak General Dealers had offered her for prompt payment. Round to the nearest rand.
9
Sold goods on credit to Mr Mimosa, R9 200 (including VAT).
10
A rebate of R200 (excluding VAT) was granted on the goods purchased by Mr Mimosa.
15
Best Bank informed Oak General Dealers that Miss Marigold’s EFT processed on the 8th March was unsuccessful due to insufficient funds.
18
Miss Zinnia bought goods on credit, R15 000 (excluding VAT).
23
Miss Zinnia returned goods purchased on the 18th for R2 875 (including VAT).
31
Miss Marigold’s lawyer informed Oak General Dealers that Miss Marigold had been liquidated. Her lawyer made an EFT payment constituting a payment of 30 cents in the rand. The rest of the debt was written off.
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