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

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

CPD Hardware is registered as a VAT vendor. All the suppliers of the entity are also registered for VAT.  All goods are sold at a constant mark-up of 25% on cost and a perpetual inventory system is in use. The following is an extract from the subsidiary journals of CPD Hardware for the month ended 30 June 2023: Purchases journal RVAT Input2 250Inventory15 000Trade payables control17 250  Purchases returns journal RVAT Input345Inventory2 300Trade payables control2 645  Sales journal RVAT Output1 170Sales7 800Trade receivables control8 970Cost of sales?  Sales returns journal RVAT Output330Sales returns2 200Trade receivables control2 530Cost of sales? Required: Post the applicable totals from the above subsidiary journals to the inventory account in the general ledger of CPD Hardware for the month ended 30 June 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")   DrInventoryCr2023   R2023   RJun30AnswerAnswerAnswerJun30AnswerAnswerAnswer  AnswerAnswerAnswer  AnswerAnswerAnswer  Balancec/dAnswer  Balancec/dAnswer    Answer    AnswerJul1Balanceb/dAnswerJul1Balanceb/dAnswer

Nickel Traders is a book retailer and makes use of the periodic inventory system to account for itstrade inventory. Nickel Traders and all of its suppliers are registered VAT vendors and a VAT rate of15% is applicable.Nickel Traders uses the retail method of inventory valuation and they maintain a gross profit marginof 20% on sales.The following information was obtained from the trial balance of Nickel Traders for the period1 January 2019 to 28 April 2019.RInventories (1 January 2019) 500 000Sales 1 600 000Purchases 1 000 000Sales returns 100 000Purchase returns 250 000Import duty 150 000Freight (in) 200 000Freight (out) 250 000On 28 April 2019 a fire destroyed most of the inventories in the shop except for inventories with aselling 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 averageclause.REQUIRED:a) Calculate the value of the inventories destroyed in the fire on 28 April 2019. (11)

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

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.