Question: Inventories of Waka Traders amounted to R6 000 on 01 January 2020. Transactions during 2020 year were as follows: Credit purchases Returns out Credit

Inventories of Waka Traders amounted to R6 000 on 01 January 2020.

Inventories of Waka Traders amounted to R6 000 on 01 January 2020. Transactions during 2020 year were as follows: Credit purchases Returns out Credit sales R 10 000 1 000 000 2.2. 20 Required: 2.1. According to the periodic inventory system, if the closing inventories on 31 December 2020 amounted to R3 000: 2.1.1 Journalise the transactions for 2020. 2.1.2 Prepare the trading statement for the year ended 31 December 2020. According to the perpetual inventory system, if the gross profit percentage on sales in 30%: 2.2.1 Journalise the transactions for 2020. 2.2.2 Prepare the trading statement for the year ended 31 December 2020.

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Answer 21 Journal entries Date Accounts Debit Credit 1 Inventory 10000 Accounts Payable ... View full answer

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