Q.4.1   Prepare the following subsidiary journals for Clivia Traders for February 2020: Q.4.1.1 Cashbook payments (14) Q.4.1.2   Cashbook receipts (11)

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 11EA: Record the journal entry or entries for each of the following sales transactions. Glow Industries...
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Clivia Traders, a stationery shop, situated in Sea Point is owned by Daisy Garden. The

business is a registered VAT vendor and trades only with other registered vendors. All

amounts include 15% VAT where applicable, except if otherwise indicated. They use a

perpetual inventory system and all goods are marked up at 20% above cost, before taking

into account any trade discounts. The business does not expect to award any settlement

discounts nor to qualify for any settlement discounts. All occurrences of settlement

discounts are therefore

incidental in nature.

All money received is banked daily.

The following transactions took place in the month of February 2020 :

DATE TRANSACTION

1 Owner contributed R5 000 cash

4 Cash sales R13 800 including VAT

6 Cash purchases R8 000 excluding VAT

10 Paid Telkom for telephone account R345

15 Paid R2 000 towards a loan settlement with Mzanzi Bank

20 Cash sales R5 750 including VAT

23 Cash purchases R4 600 including VAT

25 Paid wages R800

Q.4.1   Prepare the following subsidiary journals for Clivia Traders for February

2020:

Q.4.1.1 Cashbook payments (14)

Q.4.1.2   Cashbook receipts (11)

   

Note: Document numbers and folios are not required

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