On 1 June 20.2 Mr G Smith opened a supermarket under the tradename GS Traders. GS Traders is a registered VAT vendor and the VAT rate applicable is 15%. GS Traders will use the periodic inventory system and entered into the following transactions during June 20.2:20.2   June3The owner, Mr G Smith, deposited R500 000 of his own funds directly into the bank account of the business and donated a second-hand delivery van to the value of R160 000 to the business.    Made a direct payment to the Midrand municipality to pay the water and electricity deposit, R1 500.  6Bought shop equipment from EQUIP on credit, R10 005, and paid R1 000 by credit card as a deposit.  9Purchased merchandise on credit from Big Wholesalers, R28 750.    Cash purchases of merchandise from Dairy Wholesalers, R13 800.  12Received R5 400 cash from tenant, Ms Z Blessing and issued receipt no:004. (Ignore VAT)    Cash sales of R13 800.    Credit sales to Letti's Florists of R2 300.  19Lettis Florists deposited R??? directly into the bank account of GS Traders in full settlement of account and was granted a 10% settlement discount.  20GS Traders sells biscuits on behalf of the Delicious Home Industry for which GS Traders receives 25% commission. A receipt for R1 250 was issued to Delicious Home Industry for commission received. (Ignore VAT) Instructions: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.  Don’t use any special characters (&) and don’t use bold in your answer. It will be marked incorrect.4.  Do not use any abbreviations.5.  Please remember the brackets around the amounts must be indicated by a negative amount [eg: (50) will be -50].6.  Keep the transactions strictly according to date sequence.7.  If an option has been provided and it is not applicable to the specific question, please put a 0 in the amount column and N/A in the detail column. You can also leave the blocks empty because no marks were allocated to the 0 and N/A columns. The answer will be marked incorrect, but you will not lose any marks because no marks were allocated to these columns.The transactions in the cash receipts journal of GS Traders for May 20.2 will be … GS TRADERSCASH RECEIPTS JOURNAL – JUNE 20.2                                                                            CRJ1DateDetailsFolAnalysis of receiptsBankTrade receivable controlSalesSettlement discount grantedVAT inputVAT outputSundry accountsAmountFolDetails      RRRRRRRR   3Answer    AnswerAnswerAnswerAnswerAnswerAnswerAnswer  Answer12Answer  AnswerAnswerAnswerAnswerAnswerAnswerAnswerAnswer  AnswerAnswer  AnswerAnswerAnswerAnswerAnswerAnswerAnswerAnswer  Answer19Answer    AnswerAnswerAnswerAnswerAnswerAnswerAnswer  Answer20Answer   Answer AnswerAnswerAnswerAnswerAnswerAnswerAnswer  Answer

On 1 May 20.2 Ms T Naidoo opened a supermarket under the tradename Better Traders. Better Traders is a registered VAT vendor and the VAT rate applicable is 15%. Better Traders will use the periodic inventory system and entered into the following transactions during May 20.2:20.2Day  DetailsMay1The owner, Ms T Naidoo, deposited R250 000 of her own funds directly into the bank account of the business.  Cash purchase of merchandise from Vice Suppliers for R24 150. 2Bought shop equipment from EQUIP on credit, R10 005, and paid R1 005 by credit card as a deposit. 3Purchased merchandise on credit from Big Wholesalers, R28 750.  Made an EFT of R7 980 to creditor, Green Stores and received a settlement discount of R1 035. 10Credit card sales of R3 105.  Cash sales of R4 600.  Credit sales to B Sullivan of R6 900 15B Sullivan deposited R5 750 directly into the bank account of Better Traders in full settlement of his account. 18Borrowed an amount of R50 000 from Better Bank. The amount must be paid back on 1 May 20.4. 25Ms T Naidoo withdrew R10 000 from the Better Traders business account to pay for her son's school fees.  Instructions: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.  Don’t use any special characters (&) and don’t use bold in your answer. It will be marked incorrect.4.  Do not use any abbreviations.5.  Please remember the brackets around the amounts must be indicated by a negative amount [eg: (50) will be -50].6.  Keep the transactions strictly according to date sequence.7.  If an option has been provided and it is not applicable to the specific question, please put 0 in the amount column and N/A in the detail column. You can also leave the blocks empty because no marks were allocated to the 0 and N/A columns. The answer will be marked incorrect, but you will not lose any marks because no marks were allocated to these columns. The transactions in the cash payments journal of Better Traders for May will be … BETTER TRADERSCASH PAYMENTS JOURNAL - MAY 20.2                                                                                                                                                                                                                  CPJ1 Documentnumbers Date Details Fol Bank Trade payables control Settlement discount received VAT input VAT output Purchases WagesSundry accountsAmountFolDetails    RRRRRRRR  P/R P0011Answer AnswerAnswerAnswerAnswerAnswerAnswerAnswerAnswer AnswerP/R P0053Answer AnswerAnswerAnswerAnswerAnswerAnswerAnswerAnswer AnswerP/R P00625Answer AnswerAnswerAnswerAnswerAnswerAnswerAnswerAnswer Answer

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

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.

Samoosse Traders (registered for VAT) is a newly founded business trading in safety products and equipment. The accounting policies of Samoosse Traders is as follows:1.       The perpetual inventory system is applied2.       Vehicles is depreciated over 6 years using the straight-line method3.       Furniture is depreciated at 10% per annum using the reducing balance methodOn 1 August 2020, Samoosse Traders purchased new office furniture to the amount of R17 250 (VAT exclusive).What will the carrying value on the new furniture be for the financial year ending on 28 February 2022?Select one:a.R12 712,50b.R14 619,37c.R13 972,50d.R12 150,00