homas Trading, a registered VAT vendor, uses the periodic inventory system. The VAT rate is 15%.The following is an extract from the financial records of Thomas Trading for January 2024: RTrade receivables: opening balance (1 January)55 000Credit sales182 300Cash receipts journal: Trade receivables column total (31 January)93 600Sales returns journal: Trade receivables column (31 January)10 400 At month's end, the Bookkeeper completed a debtor’s reconciliation and found the following:On 10 January, a client returned goods sold to him on credit in the amount of R1 020. This transaction was incorrectly recorded in the Purchases returns journal instead of the Sales returns journal.The trade receivables column in the cash receipts journal was undercast by R1 400.On 18 January, goods sold on credit in the amount of R7 600 were recorded in the sales journal as R6 700. No journal entry has been made to correct this error.On 15 January 2024 Thomas Trading was informed that S Cook, a debtor who owed the entity R1 500, had been declared insolvent. The amount must be written off as irrecoverable.On 31 January 2024 Thomas Trading charged interest on overdue clients’ accounts of R170. Required:Complete the trade receivables account in the general ledger of Thomas Trading for the month ending 31 January 2024. Instructions:Use a full stop to indicate any decimals (eg: 1000.01)Round off to the second decimal after the full stop (eg: 50.56)If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")  Dr Trade receivables control Cr2024   R2024   RJan1Balanceb/dAnswerJan1Balanceb/dAnswer 31AnswerAnswerAnswer 31AnswerAnswerAnswer  Answer AnswerAnswer   AnswerAnswer   Answer           AnswerAnswerAnswer    Balance  c/d  Answer    Balance  c/d  Answer    Answer    AnswerFeb1Balanceb/dAnswerFeb1Balanceb/dAnswer

Nickel Traders is a book retailer and makes use of the periodic inventory system to account for its trade inventory. Nickel Traders and all of its suppliers are registered VAT vendors and a VAT rate of 15% is applicable. Nickel Traders uses the retail method of inventory valuation and they maintain a gross profit margin of 20% on sales. The following information was obtained from the trial balance of Nickel Traders for the period 1 January 2019 to 28 April 2019. R Inventories (1 January 2019) 500 000 Sales 1 600 000 Purchases 1 000 000 Sales returns 100 000 Purchase returns 250 000 Import duty 150 000 Freight (in) 200 000 Freight (out) 250 000 On 28 April 2019 a fire destroyed most of the inventories in the shop except for inventories with a selling price of R113 850 (VAT inclusive) which were kept on another premises. Nickel Traders is insured for R460 000 for “loss of inventories” and the policy contains an average clause. REQUIRED: a) Calculate the amount that can be claimed from the insurance company in respect of the cost of inventories destroyed in the fire on 28 April 2019.

The following transactions for the month ended 30 November 2022 relate to S Mathi Traders. S Mathi Traders is a registered VAT vendor and uses the periodic inventory system (When using the periodic inventory system all inventory purchased is recorded in the purchases account (expense). No entry is made on date of sale for the cost price. You will learn more about the topic in learning unit 6 and 7) . Where applicable VAT is included in all amounts at a rate of 15%. Transactions by S Mathi Traders for November 2022 Cash sales per cash register roll, R20 000. Received a direct deposit for R6 000 from C Crawl in full settlement of his account. Credit sales of R30 000 to a debtor R Rose. Purchased inventory worth R12 000 on credit from B Bryn. Cash sales as per cash register roll, R11 000. Purchased inventory from, S Sam, and paid R2 875 in cash. Paid Inner-city Municipality for water and electricity consumed, R4 900. Interest of R850, received from ZM Bank on a fixed deposit, was recorded as R650 in the cash receipts journal. Bank charges for November 2022 amounts to R300 and must still be recorded.  REQUIRED:Record the above transactions of S Mathi Traders in the following subsidiary journals for November 2022: Cash receipts journal­­­Cash payments journal                                                                                                   Instructions for numeric responses:1.  Use a full stop to indicate any decimals (eg: 1000.01)2.  Round off to the  second decimal after the full stop (eg: 50.56)3.  If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")                                 Cash Receipts journal of S Mathi Traders for November 2022CRJDateDetailsAnalysesof receiptBankSalesVATAnswerTrade receivables controlSundry accountsAmountDetails2 AnswerAnswerAnswerAnswerAnswer   6Answer  Answer  Answer Answer Answer  15 AnswerAnswerAnswerAnswerAnswer   29 Answer     Answer   Answer Answer   Answer Answer    AnswerAnswerAnswerAnswerAnswer           Cash payments journal of S Mathi Traders for November 2022CPJDateDetailsBankAnswerVATAnswerSundry accountsAmountDetails22 AnswerAnswerAnswerAnswer   25 AnswerAnswer AnswerAnswer Answer30 AnswerAnswer Answer Answer  Answer   AnswerAnswerAnswerAnswer  Please answer all parts of the question.

Zack’s Hardware, a registered VAT vendor, makes use of the periodic inventory system. The VAT rate is 15%.The following is an extract from the financial records of Zack’s Hardware for January 2023: RTrade receivables: opening balance (1 January)33 000Credit sales131 200Cash receipts journal: Trade receivables column total (31 January)64 600Sales returns journal: Trade receivables column (31 January)6 200 On month end, the auditors completed a debtors reconciliation and found the following:On 10 January, Mr Zack returned goods sold to him for cash to the amount of R550. This transaction was incorrectly recorded in the sales returns journalThe trade receivables column in the cash receipts journal were overcast by R400.On 18 January, goods sold on credit to the amount of 8 500 was recorded in the sales journal as R5 300. No journal entry has been made to correct this error. Required:Complete the trade receivables account in the general ledger of Zack’s Hardware for the month ending 31 January 2023. Instructions:Use a full stop to indicate any decimals (eg: 1000.01)Round off to the second decimal after the full stop (eg: 50.56)If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")  Dr Trade receivables control Cr2023   R2023   RJan1Balanceb/dAnswerJan1Balanceb/dAnswer 31AnswerAnswerAnswer 31AnswerAnswerAnswer       AnswerSRJAnswer  Balancec/dAnswer  Balancec/dAnswer    Answer    AnswerFeb1Balanceb/dAnswerFeb1Balanceb/dAnswer

SA Traders is registered as a VAT vendor. The applicable VAT rate is 15%. The periodic inventory system and control accounts are used by the entity.On 5 March 2022 SA Printers completed printing for SA Traders to the value of R3 420,00 and was paid with an electronic funds transfer.The entry will be recorded in the journal with columns for bank, purchases, creditors, wages, VAT input, VAT output (cr) and sundry accounts as follows:Select one:a.In the bank column - R3 420,00, in the VAT output column - R446,09 and in the sundry accounts column - printing expense of R2 973,91.b.In the bank column - R3 420,00, in the VAT input column - R446,09 and in the sundry accounts column - printing expense of R2 973,91c.In the bank column - R3 420,00, in the VAT input column – R513,00 and in the sundry accounts column - printing expense of R2 907,00.d.In the bank column - R3 420,00, in the printing expense column - R2 973,91 and in the VAT input column - R446,09.e.In the bank column - R3 420,00, in the printing expense column - R2 973,91 and in the VAT output column - R446,09.

SA Traders operates as a hardware store and is a registered VAT vendor. The applicable tax rate is 15%. SA Traders makes use of the periodic inventory system, as well as control accounts. The transaction amounts are VAT inclusive where applicable.On 4 February 2022, SA Traders purchased stationery for use in the office and paid R1 120 in cash. The transaction will be entered into the .... as book of first entry.Select one:a.cash receipts journalb.purchases journalc.cash payments journald.general journal