Assume all amounts are VAT inclusive and all sales are on credit to a 75% mark-up...

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Assume all amounts are VAT inclusive and all sales are on credit to a 75% mark-up on selling price. Q.1.1 Arsene is a marketing start-up targeting stadium crowds. Arsene Ltd had the following balance at the beginning of May 2023: Fol Debtor DL1 DL2 DL3 Fol DL1 Guardio Barce Layster Creditor Bundes Amount owing R8 500 R8 625 R115 000 Amount owing R5 175 On 2/5 arsene purchased stock of 10 units for R230 each from Bundes. Transport was calculated at R17,25 per unit paid through petty cash. CINO14 On 2/5 Barce settled their account in full and a settlement discount of 25% was granted RC033 On 3/5 Guardio purchased 4 units on credit payable in ten days or interest on overdue account will be charged at 20% of the invoice. INV4002 On 15/5 arsene was approached by the lawyers of Layster. Layster was declared insolvent by the bank and could only settle 5 cents (VAT excl.) for every rand owed. JV001 On 16/5 Bundes sent a statement to Arsene, the statement was understated by R1 150. This transaction has not been recorded by Arsene, and Bundes has calculated all balances correctly. DN001 On 18/5 Halaahd purchased 5 units from Arsene on credit, a trade discount of 10% was granted immediately. INV4003 On 20/5 Arsene paid Bundes R9 200 CRO20 On 23/5 Barce ordered 10 units, however Arsene only had 1 unit. Barce accepted the sale of 1 unit and a credit note CN001 (10) Arsene has hired Luwadosti as a contracted accounts intern. Luwadosti is paid R55 per hour and 1.5 times the normal rate for overtime. Luwadosti worked 50 hours for the week, 40 hours were considered normal time UIF and SDL are both levied paid at 1% Medical aid is R1500 per month and Arsene contributes rand for rand for medical aid. Assume a PAYE tax rate of 20% Required Q.1.1.1 Prepare all the journal recordings for the transactions above Q.1.1.2.A Prepare the Debtor's ledger and creditor's ledger for Arsene Ltd Q.1.1.2.B Prepare the general ledgers for: Sales Cost of sales VAT control Profit or loss Q.1.1.4 Debtor's control Creditor's Control Prepare the post-adjustment trial balance for Arsene for May 2023 Assume all amounts are VAT inclusive and all sales are on credit to a 75% mark-up on selling price. Q.1.1 Arsene is a marketing start-up targeting stadium crowds. Arsene Ltd had the following balance at the beginning of May 2023: Fol Debtor DL1 DL2 DL3 Fol DL1 Guardio Barce Layster Creditor Bundes Amount owing R8 500 R8 625 R115 000 Amount owing R5 175 On 2/5 arsene purchased stock of 10 units for R230 each from Bundes. Transport was calculated at R17,25 per unit paid through petty cash. CINO14 On 2/5 Barce settled their account in full and a settlement discount of 25% was granted RC033 On 3/5 Guardio purchased 4 units on credit payable in ten days or interest on overdue account will be charged at 20% of the invoice. INV4002 On 15/5 arsene was approached by the lawyers of Layster. Layster was declared insolvent by the bank and could only settle 5 cents (VAT excl.) for every rand owed. JV001 On 16/5 Bundes sent a statement to Arsene, the statement was understated by R1 150. This transaction has not been recorded by Arsene, and Bundes has calculated all balances correctly. DN001 On 18/5 Halaahd purchased 5 units from Arsene on credit, a trade discount of 10% was granted immediately. INV4003 On 20/5 Arsene paid Bundes R9 200 CRO20 On 23/5 Barce ordered 10 units, however Arsene only had 1 unit. Barce accepted the sale of 1 unit and a credit note CN001 (10) Arsene has hired Luwadosti as a contracted accounts intern. Luwadosti is paid R55 per hour and 1.5 times the normal rate for overtime. Luwadosti worked 50 hours for the week, 40 hours were considered normal time UIF and SDL are both levied paid at 1% Medical aid is R1500 per month and Arsene contributes rand for rand for medical aid. Assume a PAYE tax rate of 20% Required Q.1.1.1 Prepare all the journal recordings for the transactions above Q.1.1.2.A Prepare the Debtor's ledger and creditor's ledger for Arsene Ltd Q.1.1.2.B Prepare the general ledgers for: Sales Cost of sales VAT control Profit or loss Q.1.1.4 Debtor's control Creditor's Control Prepare the post-adjustment trial balance for Arsene for May 2023

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Q111 Journal Entries for the Transactions Purchase from Bundes Inventory DL1 230000 Transport Expense 17250 Petty Cash 247250 Date Account Debit Credi... View the full answer