Africa Traders is a registered VAT vendor. Africa Traders sells furniture and equipment to customers for cash or on credit. The bookkeeper of Africa Traders has prepared the following purchases returns journal for the month ending 28 February 2024 and requires your assistance with regards to the month-end posting to the control account in the general ledger:

PURCHASES RETURNS JOURNAL – February 2024                                                                                  PRJ1

Africa Traders posts individual transactions to the relevant subsidiary ledgers daily and only posts from subsidiary journals to the control accounts at the end of the month in the general ledger.

Which one of the following options of the general ledger accounts reflects the correct posting of the above purchases returns journal for the month ending 28 February 2024 to the control account?

The following information relates to Mathole and Sons, an entity specializing in the selling of steel products. The business is a registered VAT vendor and uses the periodic system to account for inventory. (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).

Transactions during March 2024. Amounts include VAT of 15%, where applicable.

1 Received an electronic payment from V Majola, a debtor, for R13 500 (receipt no 41).

   Cash sales of steel products, R16 100 (cash register roll 1). 

7   The business obtained a loan from ABI Bank for R30 000 (receipt no 42).

13   Paid R12 500 to M Sibasa in part payment of the entity’s account with an electronic funds transfer (voucher no 33).

17   Purchased trading stock from Malamulela Wholesalers. Paid R3 450 by EFT, after receiving a cash discount of 10% (electronic funds transfer voucher no 34).

  19   Mathole, the owner, made an additional capital contribution by depositing R15 000 into the entity’s bank account (receipt no 43).

25   Paid the monthly salaries by electronic funds transfer (voucher no 35), R25 000.

26   Sold 12 steel doors and 18 steel window frames for cash, R16 675 (cash register roll 2).

31  Mathole paid Insurance Ltd R2 066 for insurance on the business assets of R1 610 and R456 for his private vehicle. The payment of the insurance premiums was done through an electronic funds transfer (voucher no 36), from the business bank account.

REQUIRED:

Record the above transactions in the following cash journals of Mathole and Sons for March 2024:

1.  Cash receipts journal            

1.  Cash 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")

The following transactions for the month ended 30 November 2024 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 2024

REQUIRED:

Record the above transactions of S Mathi Traders in the following subsidiary journals for November 2024:

• Cash receipts journal­­­

• Cash payments journal      

                                                                         

                     

Instructions for numeric responses:

1.  Use a full stop to indicate any decimals (eg: 1000.01)

2.  Round off to the 

3.  If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")

The following transactions for the month ended 30 November 2024 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 2024

REQUIRED:

Record the above transactions of S Mathi Traders in the following subsidiary journals for November 2024:

• Cash receipts journal­­­

• Cash payments journal      

                                                                         

                     

Instructions for numeric responses:

1.  Use a full stop to indicate any decimals (eg: 1000.01)

2.  Round off to the 

3.  If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")

Mr S Africa is the owner of SA Traders. On 31 March 2024, the following list of balances was extracted from the accounting records of SA Traders:

• Computer equipment - R327 480
• Trade payables - R64 960
• Short-term loan - R112 490
• Prepaid expenses - R11 830
• Unfavourable bank balance - R31 943

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)

5. If the net effect on the accounting equation is a decrease, please enter the amount as a negative (eg: -12141.72)

On 1 February 2025, B

Botha a sole proprietor opened a computer shop, Botha Computing. The entity is

registered as a VAT vendor and the applicable VAT rate is 15%. The perpetual

inventory system and control accounts are in use. On 10 February 2025, Botha computing issued invoice number 0012 for services rendered for R1 855 (VAT inclusive) and received the full amount through a debit card payment.

Required:

Complete the source document provided below based on the information for the transaction provided.

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)

Duplicate cash sales invoice

On 1 February 2025, O

Ramaoka a sole proprietor opened a computer shop, Big Ram Computing. The entity is

registered as a VAT vendor and the applicable VAT rate is 15%. 

On 15 February 2025, Big Ram Computing completed repairs on a server of a client and invoiced R14 099 (VAT exclusive) for the services rendered. The client paid immediately with a debit card and a receipt was issued.

Required:

Complete the amounts on the below source document relating to the provided transaction.