Question: Time left 1 : 5 5 : 5 1 On 1 November 2 0 . 2 Mr T Smith opened a supermarket under the tradename
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On November Mr T Smith opened a supermarket under the tradename TS Supermarket. TS Supermarket is a registered VAT vendor and the VAT rate applicable is TS Supermarket will use the periodic inventory system and entered into the following transactions during November :
tableDay,DetailsNovtableThe owner, Mr T Smith, deposited R of her own funds directly into thebank account of the business.tableMade an EFT of R to creditor, Green Traders and received a settlementdiscount of RtableBought shop equipment from EQUIP on credit, R and paid R bycredit card as a deposit.Purchased merchandise on credit from Big Wholesalers, RtableThe owner withdrew cash from the business bank account via the ATM for Rwhich will be used as petty cash.Credit card sales of RCash sales of RCredit sales to B Sullivan of RtableB Sullivan deposited R directly into the bank account of TS Supermarketin full settlement of his account.tableBorrowed an amount of R from Better Bank. The amount must be paidback on November Paid by EFT for merchandise purchased from Lindiwe Stores for R
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