olesalers issued the following credit note: RG WHOLESALERS
Africa Traders is a registered VAT vendor and uses a Perpetual inventory system. Africa Traders buys and sells furniture and equipment to customers for cash or on credit. On 24 February 2021, Africa Traders issued a debit note and returned a portable air conditioner that was purchased on credit from RG wholesalers for a total amount of R5 199 (excluding VAT). Upon the receipts of the debit note and a Portable air conditioner on the 24 February 2021, RG wholesalers issued the following credit note:
RG WHOLESALERS |
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7 Smart Street P O Box 3336 PRETORIA VAT registration number PRETORIA 0001 Tel (012) 429–3931 2277227756 Fax (012) 429–3424 |
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Date: 24 February 2021 |
CREDIT NOTE |
No: 5859 |
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To: Africa Traders, 499 Tshwane Drive Pretoria |
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Code |
Description |
Qty |
Amount credited (R) |
|
PA025 |
Portable Air Conditioner |
1 |
5 199,00 |
|
Subtotal |
5 199,00 |
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VAT @ 15% |
779,85 |
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Total credit due |
5 978,85 |
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E & OE |
|
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Which of the following subsidiary journal of Africa Traders has been correctly updated after considering the above credit note received by Africa Traders?
PURCHASES RETURNS JOURNAL – February 2021 PRJ1
Doc no |
Day |
Details |
Fol |
VAT input |
Inventory |
Trade payables |
5859 |
24 |
RG Wholesalers |
CL1 |
R779,85 |
R5 199,00 |
R5 978,85 |
PURCHASES RETURNS JOURNAL – February 2021 PRJ1
Doc no |
Day |
Details |
Fol |
VAT Output |
Purchases returns |
Trade payables |
5859 |
24 |
RG Wholesalers |
CL1 |
R779,85 |
R5 199,00 |
R5 978,85 |
SALES RETURNS JOURNAL – February 2021 SRJ1
Doc no |
Day |
Details |
Fol |
VAT output |
Sales returns |
Trade receivables |
5859 |
24 |
RG Wholesalers |
CL1 |
R779,85 |
R5 199,00 |
R5 978,85 |
PURCHASES JOURNAL – February 2021 PJ1
Doc no |
Day |
Details |
Fol |
VAT input |
Purchases |
Trade payables |
5859 |
24 |
RG Wholesalers |
CL1 |
R779,85 |
R5 199,00 |
R5 978,85 |
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