Mzanzi Couture is owned by fashion designer Petro Stevens and is a registered VAT vendor. Mzanzi Couture only trades with other registered VAT vendors.
Mzanzi Couture is owned by fashion designer Petro Stevens and is a registered VAT vendor. Mzanzi Couture only trades with other registered VAT vendors.
The business charges 15% VAT on all its sales. All amounts are inclusive of 15% VAT unless VAT is not applicable (or stated otherwise).
The business uses the PERPETUAL inventory system and marks up its inventory at 25% on sales unless stated otherwise.
All cash received is deposited daily.
Transactions for the month of January 2023 are as follows:
DATE TRANSACTION
2 Petro Stevens contributed R10 000 cash
4 Cash sales R17 250
6 Paid R800 for petrol from Petty cash
10 Received R2 500 from ABS Bank for interest received on current account
12 EFT payment received for rent R2 000 (Exempt supply as dwelling is for private use)
17 Purchased stationery from PAS Stationers for R575 from petty cash
Balances at 31 December 2022 • Bank (unfavourable) - R12 000 •
Petty Cash - R3 500
The total of the bank column in the
Q.1
Prepare the following general ledger accounts using the informatin provided above
Bank
Petty Cash
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Solved in 3 steps
