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Q.4.1 Cashbook Receipts (Cash is banked on the day of receipt.) Q.4.2 Create individual columns for Debtors Control, Sales, and Output VAT. Petty Cash Create individual columns for Stationery, Input VAT and Staff Entertainment.

Q.4.1 Cashbook Receipts (Cash is banked on the day of receipt.) Q.4.2 Create individual columns for Debtors Control, Sales, and Output VAT. Petty Cash Create individual columns for Stationery, Input VAT and Staff Entertainment.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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· ● The business charges 15% VAT on all its sales. All amounts are inclusive of VAT, unless VAT is not applicable (or stated otherwise). The business uses the PERPETUAL inventory system and marks up their inventory at 20% on sales unless stated otherwise. MegaBucks Traders does not expect to award any settlement discounts, nor does it expect to qualify for any settlement discounts. All settlement discounts are therefore deemed to be incidental in nature. Transactions for the month of April 2022: Date 3 5 15 17 25 26 28 30 Description Cash sales of inventory for the day amounted to R23 580. Used R500 from petty cash to pay for fuel from Total. Received the monthly rental income of R20 520 for the office building from the lessee - T. Joubert. (It was a direct deposit into the bank account.) Bought coffee and tea from Spar for the staff for R150 and paid using petty cash. M. Pillay, a debtor, made a direct deposit of R103 000 in full settlement of his account of R112 576. Bought printing paper for the Local Office Supplier and paid using petty cash, R180. Cash sale of trading inventory - R70 965. The inventory was nearing expiry and was sold at a mark-up of 10% on selling price. The cash was banked on the same day. Received interest on the bank balance from ABC Bank of R342. Activ Go to S
Transcribed Image Text:· ● The business charges 15% VAT on all its sales. All amounts are inclusive of VAT, unless VAT is not applicable (or stated otherwise). The business uses the PERPETUAL inventory system and marks up their inventory at 20% on sales unless stated otherwise. MegaBucks Traders does not expect to award any settlement discounts, nor does it expect to qualify for any settlement discounts. All settlement discounts are therefore deemed to be incidental in nature. Transactions for the month of April 2022: Date 3 5 15 17 25 26 28 30 Description Cash sales of inventory for the day amounted to R23 580. Used R500 from petty cash to pay for fuel from Total. Received the monthly rental income of R20 520 for the office building from the lessee - T. Joubert. (It was a direct deposit into the bank account.) Bought coffee and tea from Spar for the staff for R150 and paid using petty cash. M. Pillay, a debtor, made a direct deposit of R103 000 in full settlement of his account of R112 576. Bought printing paper for the Local Office Supplier and paid using petty cash, R180. Cash sale of trading inventory - R70 965. The inventory was nearing expiry and was sold at a mark-up of 10% on selling price. The cash was banked on the same day. Received interest on the bank balance from ABC Bank of R342. Activ Go to S
Q.4.1 Q.4.2 Cashbook Receipts (Cash is banked on the day of receipt.) Create individual columns for Debtors Control, Sales, and Output VAT. Petty Cash Create individual columns for Stationery, Input VAT and Staff Entertainment.
Transcribed Image Text:Q.4.1 Q.4.2 Cashbook Receipts (Cash is banked on the day of receipt.) Create individual columns for Debtors Control, Sales, and Output VAT. Petty Cash Create individual columns for Stationery, Input VAT and Staff Entertainment.
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