please answer the question below without referencing a similar question to it$.$ just answer the given question accordingly and accuratley. please and thank you. Raw $($Pty$)$ Ltd$,$Raw$,$ is a company that sells organic nuts to the public. The company

is a registered VAT vendor and has a $30$ June financial year$-$end.

The following transactions occurred during the year ended $30$ June $2024$ and have

not been recorded yet: When posting the totals from the sales journal to the general

ledger at the end of August $2023,$ the sales column was posted as R$258000$ instead

of R$285000.$ All amounts, including VAT.

$1.$ Total credit sales for the year amounted to R$1450000($including VAT$).$

$2.$ Total cash sales for the year amounted to R$987000($including VAT$).$

$3.$ On $1$ August $2024$ a trade receivable, Nature Den Ltd paid their debt of R$7450$

$($including VAT$).$ This amount has been written off as irrecoverable in the year

$2023.$

$4.$ The one trade receivable, White Cat Ltd$,$ was declared insolvent in $2024.$ The

total debt owed by White Cat Ltd amounted to R$152000($including VAT$).$ White

Cat Ltd$\text{'}$s lawyers confirmed that White Cat Ltd$\text{'}$s creditors would receive $55$c for

each Rand owed to the business. Raw received the settlement in June $2024$

and decided to write the remainder of White Cat Ltd$.$s debt off as irrecoverable.

$5.$ During the year, Raw received R$2000000($including VAT$)$ from trade

receivables towards their accounts.

$6.$ On $30$ June $2024,$ a trade receivable amounting to R$8750($including VAT$)$ was

considered to be irrecoverable, and Raw decided to write the debt off as

irrecoverable.

$7.$ Raw reliably estimated that it was unlikely that $5\%$ of outstanding trade

receivables on $30$ June $2024$ would be collected.

Additional information:

$$ Trade receivables has an opening balance of R$1258000$ on $1$ July $2023.$

$$ Allowance for doubtful debts has an opening balance of R$50320$ on $1$ July $2023.$

REQUIRED:

ANNEXURE I: FORMATIVE ASSESSMENT $2$

$11$ HFAC$130-1-$Jul$-$Dec$2024-$FA$2-$AA$-$V$3-19072024$

$3\mathrm{.}1$ Prepare the general journal entries to account for transaction $3$ for the year

ended $30$ June $2024$ of Raw $($Pty$)$ Ltd$.$

$$ Remember to show your workings.

$$ Round up to the nearest rand where applicable.

$(4$ marks$)$

$3\mathrm{.}2$ Prepare the Trade Receivables general ledger account to account for the

transactions for the year ended $30$ June $2024$ of Raw $($Pty$)$ Ltd$.$

$$ Dates are not required.

$$ The account must be closed$-$off at the end of the month.

$$ Remember to show your workings.

$(17$ marks$)$

$3\mathrm{.}3$ Explain two advantages of allowing customers to purchase on credit. Give a

brief explanation of each advantage.

$(4$ marks$)$