What amount will be recorded in the trade receivables column of the cash receipts journal of Africa Traders on 27 April 2021?
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Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders buys and sells furniture and equipment for cash or on credit. On 1 March 2021, Africa Traders sold furniture on credit to Mrs A South to the amount of R25 300. On 27 April 2021, Mrs South paid R21 300,00 in full settlement of her account. On the same day Mrs South purchased a new coffee table on the clearance sale. The selling price of the coffee table was R3 600 (including VAT). Mrs South paid cash after receiving a further 20% cash discount on the selling price.
Required:
What amount will be recorded in the trade receivables column of the cash receipts journal of Africa Traders on 27 April 2021?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. You must enter cents even if it is 0 (eg .00)
4. Only show the amount, do not show the R (eg: 12141.72)
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- Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.On January 5, 2019, ShoeKing Corp. sells for cash 500 pairs of volleyball shoes to FootAction, a shoe retailer, for 70 each. FootAction has the right to return the shoes for any reason up to March 31, 2019, for a full refund. The cost of each pair of shoes is 32. ShoeKing predicts that it is probable that 40 pairs of the shoes will be returned. ShoeKing uses the perpetual method for inventory. Required: 1. Prepare ShoeKings journal entry on January 5, 2019, to account for this transaction. 2. Assume that FootAction returns 35 pairs of shoes on March 31, 2019. Prepare the journal entry to record this return.Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions take place during the current year. A. On July 3, the company purchases thirty fountains for $1,200 per fountain, on credit. Terms of the purchase are 2/10, n/30, invoice dated July 3. B. On August 3, Serene does not pay the amount due and renegotiates with Kirkland. Kirkland agrees to convert the debt owed into a short-term note, with an 8% annual interest rate, payable in two months from August 3. C. On October 3, Serene Company pays its account in full. Record the journal entries to recognize the initial purchase, the conversion, and the payment.
- Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders buys and sells furniture and equipment for cash or on credit. On 1 March 2021, Africa Traders sold furniture on credit to Mrs A South to the amount of R14 875. On 27 April 2021, Mrs South settled her account and received R685 discount for early settlement. On the same day Mrs South purchased a new coffee table and paid R1 360 cash after receiving a cash discount of R260. Required: What amount will be recorded in the trade receivables column of the cash receipts journal of Africa Traders on 27 April 2021? NB: Instructions 1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72) 2. Use a full stop to indicate any decimals (eg: 1000.01) 3. You must enter cents even if it is 0 (eg .00) 4. Only show the amount, do not show the R (eg: 12141.72) Answer:Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders buys and sells furniture and equipment for cash or on credit. On 1 March 2021, Africa Traders purchased furniture on credit from SA Suppliers to the amount of R29 560. On 27 April 2021, Africa Traders settled their account and received R1 165 discount for early settlement. On the same day Africa Traders purchased furniture on the clearance sale. The selling price of the furniture was R9 940 (excluding VAT). Africa Traders paid cash and received a further 8% cash discount on the selling price. Required: What amount will be recorded in the settlement discount received column of the cash payments journal of Africa Traders on 27 April 2021? NB: Instructions 1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72) 2. Use a full stop to indicate any decimals (eg: 1000.01) 3. You must enter cents even if it is 0 (eg .00) 4. Only show the amount, do not show the R…Africa Traders is a registered VAT vendor and uses a Periodic inventory system. Africa Traders buys and sells furniture and equipment to customers for cash or on credit. On 15 February 2021, Africa Traders bought the following furniture and equipment from RG wholesalers on credit (for the purpose of being traded and some for purpose of being used in the business): 2 Desks, with a total value of R950 and were purchased for the purpose of being traded. 1 Table, with a total value of R9 000 and was purchased for the purpose of being used in the office. Office stationery, with a total value of R600. 3 Photocopying machinery, with a total value of R15 000 and were purchased for the purpose of being traded. On 24 February 2021, All the above items were returned to RG Wholesalers and credit note number 5859 was received. All the above items are VAT exclusive and the VAT rate is 15% and RG Wholesalers is also a registered VAT Vendor. Which of the following subsidiary journal of Africa…
- Africa Traders is a registered VAT vendor and uses perpetual inventory system. Africa Traders buys and sells furniture and equipment to customers for cash or on credit. Africa Traders sold two microwaves to SA Dealers on 24 February 2021, one microwave was sold for cash and the other one was sold on account. Each microwave was sold for an amount of R15 731,52 (including VAT). These items were originally purchased by Africa Traders for trade purposes for an amount of R10 150 each excluding VAT Which of the following subsidiary journals of Africa Traders has been correctly prepared considering the above information by Africa Traders? Select one: a. SALES JOURNAL – February 2021 SJ1 Day Details Fol. VAT Output Sales Trade receivables Cost of sales 24 SA Dealers DL1 R2 051.94 R13 679.58 R15 731,52 R10 150.00 Totals R2 051.94 R13…Africa Traders is a registered VAT vendor and uses periodic inventory system. Africa Traders buys and sells furniture and equipment to customers for cash or on credit. Africa Traders sold the following items: Tables and chairs for an amount of R11 879,84 exclusive of VAT to Mrs. South Africa on 24 February 2021 on credit. These tables and chairs original cost to Africa Traders was R7 200 excluding VAT and these items were purchased for trade purposes. A Double door fridge for an amount of R9 104,91 exclusive of VAT to SA Dealers on 25 February 2021 on account. A Double door fridge original cost to Africa Traders was R6 500 excluding VAT and this item was purchased for trade purposes. Office Coffee table for an amount of R6 200,00 excluding VAT to Mr. South Africa on 26 February 2021 on account. Office Coffee table original cost to Africa Traders was R4 500 excluding VAT and it was previously purchased by Africa Traders for non-trade purposes. Which of the following options presents…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 7 Smart Street P O Box 3336 PRETORIA VAT registration number PRETORIA 0001 Tel (012) 429–3931 2277227756 Fax (012) 429–3424 Date: 24 February 2021 CREDIT NOTE No: 5859 To: Africa…
- Africa Traders, a registered VAT vendor, manufactures and sells face masks. The VAT rate is 15%. On 15 February 2021, Africa Traders issued a credit note to SA Traders, a registered VAT vendor, for face masks of R4 600 (VAT inclusive). These face masks were returned to Africa Traders by SA Traders and were previously purchased on credit. All goods are sold at a constant mark-up of 25% and Africa Traders uses the periodic inventory system. How will the above transaction be recorded in the applicable subsidiary journal of Africa Traders? Select one: a. Africa Traders Sales Returns Journal – February 2021 SRJ02 Doc no Day Details Fol VAT output Sales returns Trade receivables Cost of sales R R R R…Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders buys and sells furniture and equipment for cash or on credit. On 1 March 2021, Africa Traders sold furniture on credit to Mrs A South to the amount of R9 300. On 27 April 2021, Mrs South paid R8 765,25 in full settlement of her account. Required: What amount will be recorded in the VAT Input column of the cash receipts journal of Africa Traders on 27 April 2021? NB: Instructions 1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72) 2. Use a full stop to indicate any decimals (eg: 1000.01) 3. You must enter cents even if it is 0 (eg .00) 4. Only show the amount, do not show the R (eg: 12141.72) Answer:Platinum Ltd buys their inventory from Metro. To encourage quick payments from their account receivables, Metro offers a 10% discount when payment is made within 2 days of purchases. On 13 May 2021, Platinum Ltd purchased inventory valued at N$15,000, paid via EFT on the same day. How would this transaction be recognized in the general journal of Platinum Ltd? Platinum Ltd uses a periodic inventory keeping system. a. Dr Purchases – N$ 15,000; Cr Bank – N$ 15,000 b. Dr Purchases – N$13,500; CR Accounts Payable – N$13,500 c. Dr Inventory – N$ 15,000; Cr Bank – N$ 15,000 d. Dr Purchases – N$ 13,500; Cr Bank – N$ 13,500 e. Dr Inventory – N$ 15,000; Cr Accounts Payable – N$ 15,000 f. Dr Inventory – N$13,500; Cr Bank – N$13,500
