The following transactions for the month ended 30 November 2024 relate to S Math...
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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
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Cash sales per cash register roll, R20 000.
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Received a direct deposit for R6 000 from C Crawl in full settlement of his account.
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Credit sales of R30 000 to a debtor R Rose.
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Purchased inventory worth R12 000 on credit from B Bryn.
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Cash sales as per cash register roll, R11 000.
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Purchased inventory from, S Sam, and paid R2 875 in cash.
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Paid Inner-city Municipality for water and electricity consumed, R4 900.
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Interest of R850, received from ZM Bank on a fixed deposit, was recorded as R650 in the cash receipts journal.
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Bank charges for November 2022 amounts to R300 and must still be recorded.
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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")
Cash Receipts journal of S Mathi Traders for November 2024
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CRJ
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Date
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Details
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Analyses
of receipt
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Bank
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Sales
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VAT
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Trade receivables control
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Sundry accounts
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Amount
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Details
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2
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6
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15
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29
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Cash payments journal of S Mathi Traders for November 2024
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CPJ
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Date
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Details
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Bank
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VAT
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Sundry accounts
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Amount
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Details
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22
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25
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30
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Please answer all parts of the question.
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