Londiwe Enterprises entered into the following transactions with Gringo Fashions (GF) (C109), a supplier, during March...
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Londiwe Enterprises entered into the following transactions with Gringo Fashions (GF) (C109), a supplier, during March 2017. All amounts include VAT where applicable. The following coding system is used by Londiwe Enterprises in their creditors ledger Code no, 01: Credit purchases according to original credit invoices. Increases in previously received credit invoice by means of an Code no. 02: original debit note. Code no. 03: Cash payments to creditors (cheque counterfoils). Settlement discount received on prompt settlements. Returns/rebates according to original credit note. Code no. 04: Code no. 05: Code no. 06: Interest charged by creditors on our overdue accounts Code no. 07: Promotional discount on positive balance. The following subsequent transactions affecting Gringo Fashions account took place (journal reference number 3 for March 2017). Details of transactions a) On 1 March, it was noted Londiwe Enterprises has paid in advance and GF stil has to supply merchandise worth R4 630.67 b) Purchased merchandise on 2 March on credit for R14 640.43 less 13% bulk discount. Invoice C032 was received. This was 'off-set with the balance amount. c) Received debit note D04 on 4 March from GF, being for an 'under-cast' of R250.70 (excluding VAT) on invoice C032. d) On 5 March, Londiwe Enterprises was not happy with merchandise worth R301.59. (excluding VAT) which she returned to GF and received their credit note B34. e) On 10 March, Londiwe Enterprises issued a cheque (no. 45) of R13 902.44 to GF. A prompt discount of 2% was allowed (journal voucher V53 was issued). ) On 31 March, GF issued to account, a credit note B51 to Londiwe Enterprises for having a positive account balance. GF awards a 4% token of appreciation of the positive balance above R5 000. This means that if the balance is less than RS 000, the client does not receive a token of appreciation. Required: Use the above information, and prepare the individual account for Gringo Fashions as it would appear in the books of Londiwe Enterprises from 1 March 2017 until 30 March 2017. Provide workings were applicable. Londiwe Enterprises entered into the following transactions with Gringo Fashions (GF) (C109), a supplier, during March 2017. All amounts include VAT where applicable. The following coding system is used by Londiwe Enterprises in their creditors ledger Code no, 01: Credit purchases according to original credit invoices. Increases in previously received credit invoice by means of an Code no. 02: original debit note. Code no. 03: Cash payments to creditors (cheque counterfoils). Settlement discount received on prompt settlements. Returns/rebates according to original credit note. Code no. 04: Code no. 05: Code no. 06: Interest charged by creditors on our overdue accounts Code no. 07: Promotional discount on positive balance. The following subsequent transactions affecting Gringo Fashions account took place (journal reference number 3 for March 2017). Details of transactions a) On 1 March, it was noted Londiwe Enterprises has paid in advance and GF stil has to supply merchandise worth R4 630.67 b) Purchased merchandise on 2 March on credit for R14 640.43 less 13% bulk discount. Invoice C032 was received. This was 'off-set with the balance amount. c) Received debit note D04 on 4 March from GF, being for an 'under-cast' of R250.70 (excluding VAT) on invoice C032. d) On 5 March, Londiwe Enterprises was not happy with merchandise worth R301.59. (excluding VAT) which she returned to GF and received their credit note B34. e) On 10 March, Londiwe Enterprises issued a cheque (no. 45) of R13 902.44 to GF. A prompt discount of 2% was allowed (journal voucher V53 was issued). ) On 31 March, GF issued to account, a credit note B51 to Londiwe Enterprises for having a positive account balance. GF awards a 4% token of appreciation of the positive balance above R5 000. This means that if the balance is less than RS 000, the client does not receive a token of appreciation. Required: Use the above information, and prepare the individual account for Gringo Fashions as it would appear in the books of Londiwe Enterprises from 1 March 2017 until 30 March 2017. Provide workings were applicable.
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Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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