QUESTION $3(30$ marks$)$ Bees Books $($Pty$)$ Ltd $($Bees Books$)$ is a bookstore in Cape Town with a $30$ November financial year$-$end. Bees Books make use of the perpetual inventory system. Bees Books is a registered VAT vendor. Account Debit $($R$)$ Credit $($R$)$ Trade debtors $145000$ Bank $/($overdraft$)4500$ Inventory $755200$ Trade payables $226560$ VAT payable $12500$ The following transactions have not yet been recorded for the financial year ended $30$ November $2024$: $1.$Bees Books sold $100$ books on credit in October $2024$ with an invoiced amount of R$36000($including VAT$).$ The cost price of these books sold was R$15000($excluding VAT$).2\mathrm{.}15$ of the books sold in October had water damage and the customers returned these books within one week of purchase. $3.$At the end of October $2024,$ Bees Books received R$28000$ cash from outstanding debtors. $4.$In November $2024,$ Bees Books sold $250$ books on credit with a total selling price of R$62500($excluding VAT$)$ and a cost price of R$150($excluding VAT$)$ per book. Bees Books wanted to encourage debtors to pay the amount owing and offered a settlement discount of $10\%$ if they pay within $10$ days of purchase. Bees Books believes that all customers who bought books in November $2024$ will make use of the discount. $5.$Within $10$ days of purchase all the customers who bought the $250$ books during November $2024$ made use of the settlement discount. $6.$On $20$th of November $2024$ Bees Books received an email from a lawyer stating that E Brooks, a debtor with an outstanding balance of R$3000,$ is insolvent and that a settlement of $20$ cents in the Rand would be paid on the $15$th of November $2024.$ The remaining balance should be written off as irrecoverable. $7.$Management of Bees Books estimated that $5\%$ of the outstanding trade receivable balance on $30$ November $2024$ would be irrecoverable. There was no allowance for doubtful debt for the year ending $30$ November $2023.$ REQUIRED: Prepare the general journal entries for all the transactions that occurred during the $2024$ financial year in the accounting records of Bees Books $($Pty$)$ Ltd$.$ Journal dates and narrations are not required. Show all calculations and references accordingly. Round off to the nearest Rand where applicable. $(3$QUESTION $3$

Bees Books $($Pty$)$ Ltd $("$Bees Books"$)$ is a bookstore in Cape Town with a $30$ November

financial year$-$end. Bees Books make use of the perpetual inventory system.

Bees Books is a registered VAT vendor.

The following transactions have not yet been recorded for the financial year ended $30$

November $2024$:

Bees Books sold $100$ books on credit in October $2024$ with an invoiced amount of R$36$

$000($including VAT$).$ The cost price of these books sold was R$15000($excluding VAT$)$

$15$ of the books sold in October had water damage and the customers returned these

books within one week of purchase.

At the end of October $2024,$ Bees Books received R$28000$ cash from outstanding

debtors.

In November $2024,$ Bees Books sold $250$ books on credit with a total selling price of

R$62500($excluding VAT$)$ and a cost price of R$150($excluding VAT$)$ per book. Bees

Books wanted to encourage debtors to pay the amount owing and offered a settlement

discount of $10\%$ if they pay within $10$ days of purchase. Bees Books believes that all

customers who bought books in November $2024$ will make use of the discount. $.$

Within $10$ days of purchase all the customers who bought the $250$ books during

November $2024$ made use of the settlement discount ${?}_i.$

On ${20}^{th}$ of November $2024$ Bees Books received an email from a lawyer stating that E

Brooks, a debtor with an outstanding balance of R$3000,$ is insolvent and that a

settlement of $20$ cents in the Rand would be paid on the ${15}^{th}$ of November $2024.$ The

remaining balance should be written

ANNEXWREF: FORMATIVE ASSESSMENT $1$

Management of Bees Books estimated that $5\%$ of the outstanding trade receivable

balance on $30$ November $2024$ would be irrecoverable. There was no allowance for

doubtful debt for the year ending $30$ November $2023.$

REQUIRED:

Prepare the general journal entries for all the transactions that occurred during the $2024$

financial year in the accounting records of Bees Books $($Pty$)$ Ltd$.$

Journal dates and narrations are not required.

Show all calculations and references accordingly.

Round off to the nearest Rand where applicable. $.$