Opened: Friday, 22 September 2023, 10:00 AM
Closes: Tuesday, 26 September 2023, 10:00 PM
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During the preparation of the bank reconciliation statement, it is important to ensure that the
bank reconciliation statement retains the same format as your bank account in the general
ledger.
Mapungubwe Traders primary business is to buy and sell battery back-up systems and other
items to be used during load shedding. Mapungubwe Traders is NOT a registered VAT vendor
and applies the principles of the perpetual inventory system. On 1 April 2022, Mapungubwe
Traders purchased small solar lighting systems from a supplier (registered VAT vendor) to the
amount of R13 900 (VAT inclusive) and paid with a business debit card.
Required
a. Record the correct general ledger entries for the above transaction in the accounting records
of Mapungubwe Traders.
b. Indicate whether the VAT input or VAT output account was affected by the transaction or
neither (N/A) as well as the amount the applicable account was affected with.
NB: Instructions
Drag the correct answer into the correct space.
An option can be used more than once.
Purchases Bank
Purchases Trade receivables control
N/A
Trade receivables control and VAT Inventory and VAT
Inventory Bank and VAT
Purchases and VAT Bank
Trade payables control Trade payables control and VAT
Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders
buys and sells furniture and equipment for cash or on credit. On 1 March 2021, Africa Traders
purchased furniture on credit from SA Suppliers (registered VAT vendor) to the amount of
R24 750. On 27 April 2021, Africa Traders paid R22 473,00 in full settlement of their account. On
the same day Africa Traders purchased furniture on the clearance sale. The selling price of the
furniture was R12 700 (excluding VAT). Africa Traders paid cash and received a further 10% cash
discount on the selling price.
Required:
What amount will be recorded in the bank column of the cash payments journal of Africa Traders
on 27 April 2021?
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)
Answer: 11430
Question 4
Answer saved
Marked out of 2.00
Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders
buys and sells furniture and equipment for cash or on credit. On 1 March 2021, Africa Traders
purchased furniture on credit from SA Suppliers (registered VAT vendor) to the amount of
R17 750. On 27 April 2021, Africa Traders paid R16 255,00 in full settlement of their account.
Required:
What amount will be recorded in the settlement discount received column of the cash payments
journal of Africa Traders on 27 April 2021?
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)
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