Part B $[$Marks: $1527$ Minutes$]$

Saudi Traders $($ST$)$ is a sole trader that sells wedding gifts and is presently not registered for VAT. The business premises are in Tzaneen and have a financial year$-$end of $31$ July, and the general ledger is updated irregularly. ST$$s owner$-$manager has prepared notes regarding business transactions. The $31$ July $2023$ statement of the financial position of ST$,$ prepared by an external accountant, showed accounts receivable of R$500000$ and a credit balance in allowance for expected credit losses of R$20000.$ During the financial year that ended $31$ July $2024,$ the following transactions occurred but have not been incorporated in the ledger account:

$($i$)$ Sales on credit and as per sales journal on $30$ July $2024,$ R$1345000.$

$($ii$)$ sales returns and allowances from customers and as per notes shared on $31$ March $2024,$ R$48,000$;

$($iii$)$ customer cash collections, as shown in the cash receipts journal$$s column, totals on $31$ July $2024,$ R$1215000.$

$($iv$)$ customer accounts are written off on $31$ March $2024$ as uncollectible, given notes from the owner$-$manager, R$25000$;

$($v$)$ Recovered previously written$-$off accounts R$5000$ on $31$ May $2024.$

Based on experience, the ST$$s management calculates, and records credit loss expenses, which should leave the balance on the allowance for expected credit losses account at $4$ per cent of the confirmed accounts receivable balance.

You are required to: Marks

$($i$)$ Prepare general journal entries to record transactions for the financial year ending on $31$ July $2024.$

Effective communication: journal entry narrations provided and numbering of each entry $[12]$

$[3]$

$($ii$)$ Prepare, in T$-$ledger account format, Accounts Receivable and Allowance for Estimated Credit losses Account as they would appear after posting the journal entries in Part B$($ii$)$

$[15]$

Total marks for Part B $[30]$