Tomato carries on a business of tomato faming. Its financial year ends on the last day of February. In January 2018 Tomato sold, and delivered, tomatoes to a tomato-sauce producer for R 25 000. The amount due was settled as follows:

·        R 15 000 being paid on delivery (on 29 January 2018), and 

·        R 10 000 balance being paid six months later (on 29 July 2018)

Answer rating: 100% (QA)

As per the Accrual basis of accounting the assesse... View the full answer