Topaz Traders is a wholesaler that purchases and sells goods for cash and on credit. Topaz...
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Topaz Traders is a wholesaler that purchases and sells goods for cash and on credit. Topaz Traders is a registered VAT Vendor and only transacts with other VAT Vendors. The applicable VAT rate is 15% You have been provided with the following list of transactions of Topaz Traders relating to the purchase and sale of good for the month of May 2022: Date 1 3 5 20 Source Document Original credit invoice from Ruby Wholesalers (C1203) Original credit note from Ruby Wholesalers (CN13) Duplicate credit invoice to Diamond Traders (IN45) Original credit invoice from Sapphire Dealers (RE33) Additional information: Amount R17 250 (including VAT) VAT) EFT Confirmation to Ruby Wholesalers in full settlement of R13 455 account (EFT12) R2 300 (including VAT) R10 000 (excluding VAT) R20 000 (excluding Topaz Traders uses the perpetual inventory system. All goods are sold with a mark-up of 15% on cost. Topaz Traders received a 10% settlement discount on the 20th of May from Ruby Wholesalers. Q.3.3.1 Creditors Journal Q.3.3.2 Creditors allowances Journal Q.3.3 Use the relevant transactions from those given above to complete 3.3.1 and 3.3.2 for Topaz Traders for the month of May 2022. (10) (5) Topaz Traders is a wholesaler that purchases and sells goods for cash and on credit. Topaz Traders is a registered VAT Vendor and only transacts with other VAT Vendors. The applicable VAT rate is 15% You have been provided with the following list of transactions of Topaz Traders relating to the purchase and sale of good for the month of May 2022: Date 1 3 5 20 Source Document Original credit invoice from Ruby Wholesalers (C1203) Original credit note from Ruby Wholesalers (CN13) Duplicate credit invoice to Diamond Traders (IN45) Original credit invoice from Sapphire Dealers (RE33) Additional information: Amount R17 250 (including VAT) VAT) EFT Confirmation to Ruby Wholesalers in full settlement of R13 455 account (EFT12) R2 300 (including VAT) R10 000 (excluding VAT) R20 000 (excluding Topaz Traders uses the perpetual inventory system. All goods are sold with a mark-up of 15% on cost. Topaz Traders received a 10% settlement discount on the 20th of May from Ruby Wholesalers. Q.3.3.1 Creditors Journal Q.3.3.2 Creditors allowances Journal Q.3.3 Use the relevant transactions from those given above to complete 3.3.1 and 3.3.2 for Topaz Traders for the month of May 2022. (10) (5)
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Q331 Creditors Journal Credit Purchase from Ruby Wholesalers C1203 Debit Excluding VAT R17250 Credit ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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