ASSIGNMENT 6 (QUESTION - CONTINUED) AC Entity's records K87 Payable GH Date Contra accounts Document Dr Cr Balance 20.7 1 Jul Balance bd 115 300 115 300 3 Jul Inventories and VAT-input GH 1080 129 960 245 260 7 Jul Bank EFT 181 115 300 129 960 14 Jul Inventories and VAT-input GH 1109 85 215 215 175 16 Jul Inventories and VAT-input GH 1121 137 826 "353 001 22 Jul Bank EFT 199 137 826 215 175 25 Jul Inventories and VAT-input GK 602 75 525 290 700 On 3 August 20.7, the following statement was received electronically from Payable GH: GH Entity Street address Postal address Telephone Fax e-mail Statement of AC Entity 31 July 20.7 Date Contra accounts Document Dr Cr Balance 1 Jul Balance bd 393 300 393 300 2 Jul Reversal of incorrect debit GH 1070 96 900 296 400 2 Jul Bank EFT 167 181 100 115 300 3 Jul Sales and VAT-output GH 1080 136 800 252 100 9 Jul Bank EFT 181 115 300 136 800 14 Jul Sales and VAT-output GH 1109 85 215 "222 015 16 Jul Sales and VAT-output GH 1121 141 360 363 375 23 Jul Bank EFT 199 137 826 "225 549" 31 Jul Returns (in) and VAT-output GH/KN 89 13 794 "211 755 ADDITIONAL INFORMATION: 1 The following information represents the reconciliation, as at 30 June 20.7, between the account for Payable GH with the statement for June 20.7 received from Payable GH Payables reconciliation as at 30 June 20.7 20.7 Dr Cr Balance 30 Jun Balance as per statement 393 300 393 300 30 Jun Payment not accounted for - EFT 167 181 100 212 200 30 Jun Incorrect debit Invoice GH1070 96 900 115 300 Invoice GH 1080 reflects inter alia the following amounts: A listed price of R120 000 and trade discount of R6 000 (both amounts exclude VAT). Invoice GH 1121 reflects inter alia the following amounts: A listed price of R124 000 (excluding VAT). Furthermore, a settlement discount of 2.5% will be granted if payment is received within 10 days from the date of the invoice (16 July 20.7). AC Entity's payment history indicates that the entity usually makes use of the settlement discount. 4 Invoice GK 602 does not relate to Payable GH, but relates to Payable GK