Question 4 [12] Assume that the following sundry transactions took place with regard to inventory during...

 

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Question 4 [12] Assume that the following sundry transactions took place with regard to inventory during January 2022. Blewit Enterprises uses the periodic inventory system VAT is 15%. All parties are VAT vendors. Date Transaction details 7 28 The owner, Mr Blewit, took merchandise with a VAT exclusive cost price of R600 for own use. JV11 was issued. Mr Blewit returned goods with a VAT exclusive cost price of R160, which he withdrew on 7 January. Required: Record the transactions in the General Journal for January 2022. Question 4 [12] Assume that the following sundry transactions took place with regard to inventory during January 2022. Blewit Enterprises uses the periodic inventory system VAT is 15%. All parties are VAT vendors. Date Transaction details 7 28 The owner, Mr Blewit, took merchandise with a VAT exclusive cost price of R600 for own use. JV11 was issued. Mr Blewit returned goods with a VAT exclusive cost price of R160, which he withdrew on 7 January. Required: Record the transactions in the General Journal for January 2022.

Answer rating: 100% (QA)

JV11 Dr Owners Drawings 600 Cr Inventory 600 Dr Inventory 160 Cr Owners Drawings 160 Given Ssino do ... View the full answer