Willy Wonka, a registered VAT vendor, is buying and selling chocolates to big retail outlets across the country. All retailers that the business trades with are also registered VAT vendors.
• Willy Wonka has a markup of 40% on cost.
• Willy Wonka does not use cheques for payments. He uses the business’s bank card to draw money when cash is needed and makes all other payments over the Internet.
• He records all supporting documents for ATM withdrawals as ATMs and all electronic transfers and payments as EFTs.
• All amounts include VAT at 15% unless VAT is not applicable.
The following transactions took place during March 2020:
2 Willy Wonka received R200 000 in the form of a loan from SUGAR Bank. The money was transferred directly into the business’s bank account.
4 Willy drew R1 500 at the ATM for the petty cash imprest amount.
5 Purchased chocolates for resale purposes from Sweethearts Wholesalers and made an EFT payment for R16 100.
7 Cash sales according to the cash register roll amounted to R23 000.
8 Made an Internet transfer to Teo tell for the telephone account, R1 679.
12 Paid T. Broom (the cleaner) her wage for the week, R1 100. She does not have a bank
account yet, so Willy drew cash from the ATM to pay her.
19 The cost price of the goods that were sold for cash for the day was R18 875.
Services rendered, R3 404. Issued invoice (INV 487) to S. Caroline in this regard.
28 The bank statement from DEF Bank showed bank charges for R253.
30 Paid B. Milk his monthly salary, R18 000.

Required:
Round off all calculations to the nearest rand.
6.1 Prepare the cash book receipts. (12)
6.2 Prepare the cash book payments. (13)

Answer rating: 100% (QA)

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