Jabulani Jomo, a sole trader, owns Jomo Entreprises. The entity is a general dealer which uses the Perpetual Inventory System and is not a Registered VAT Vendor. (i.e. ignore VAT) Jomo Entreprises marks up all their goods at a constant mark-up of 15% on cost. Ledger Account balances, amongst others, on 1 May 2019: Bank (favourable) R42 655 Debtors Control R312 000 The Debtors List consists of: Nancy Jones R55 000; Katlego Dlamini R127 000 and Brandon van der Merwe R130 000 Credit Losses R23 560 Sales R457 500 Transactions, amongst others, for May 2019: Receipt R76 was issued to Katlego Dlamini who paid R55 000 in full settlement of the amount he owed as at 1 April 2019, R58 000. A prompt settlement discount was granted and JV77 was completed. 3 Cash sales according to the cash register roll amounted to R424 925. The tenant, Susie Snyman, paid her rent directly into the entity's current bank account, R17 000. NEED Bank returned Katlego Dlamini's cheque (see 1 May 2019) marked R/D. 8 Sold goods on credit to Nancy Jones R37 490 (Cost Price R32 600). Credit Invoices C735 was issued. Sold goods on credit to Brandon van der Merwe R25 599 (Cost Price R22 260). Credit 00

Jabulani Jomo, a sole trader, owns Jomo Entreprises. The entity is a general dealer which uses the Perpetual Inventory System and is not a Registered VAT Vendor. (i.e. ignore VAT) Jomo Entreprises marks up all their goods at a constant mark-up of 15% on cost. Ledger Account balances, amongst others, on 1 May 2019: Bank (favourable) R42 655 Debtors Control R312 000 The Debtors List consists of: Nancy Jones R55 000; Katlego Dlamini R127 000 and Brandon van der Merwe R130 000 Credit Losses R23 560 Sales R457 500 Transactions, amongst others, for May 2019: Receipt R76 was issued to Katlego Dlamini who paid R55 000 in full settlement of the amount he owed as at 1 April 2019, R58 000. A prompt settlement discount was granted and JV77 was completed. 3 Cash sales according to the cash register roll amounted to R424 925. The tenant, Susie Snyman, paid her rent directly into the entity's current bank account, R17 000. NEED Bank returned Katlego Dlamini's cheque (see 1 May 2019) marked R/D. 8 Sold goods on credit to Nancy Jones R37 490 (Cost Price R32 600). Credit Invoices C735 was issued. Sold goods on credit to Brandon van der Merwe R25 599 (Cost Price R22 260). Credit 00

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 8PA: Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions...

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