Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. instructions: all answers must be typed in and all

Instructions: All answers must be typed in and all workings must be shown. ...

70.2K

Verified Solution

Question

Accounting

Instructions: All answers must be typed in and all workings must be shown.

image

QUESTION FIVE Sizwe General Dealers is a business engaged in the retail of household cleaning products. The business is a registered VAT vendor. The perpetual inventory system is used to record all trading stock transactions. VAT is applicable at 15%. The following transactions took place during July 2020: 1. Purchased trading stock for R38 00 (exclusive of VAT) and paid by EFT. 2. Sold trading stock for R34 500 (inclusive of VAT) to a customer who had already paid by EFT. The cost price of the goods sold was R20 000. 3. A Stock take revealed that trading stock on hand on 31 July 2020 was valued at R18 600. There was no stock on hand at 1 July 2020. 4. You may assume that the above were the only trading stock transactions that took place during July 2020. Required: Record the above transactions in the general journal of Sizwe General Dealers for July 2020. Show workings for all calculations. A brief narration is required

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A store has 5 years remaining on its lease in a mall. Rent is $2,100 per...

Finance
Q

The Yurdone Corporation wants to set up a private cemetery business. According to the CFO, Barry...

Finance
Q

Part 1 of 3 a The results of a recent statewide test suggested that the...

Statistics
Q

f x 7x 5x 63x 45 a List all rational zeros that are possible according...

Algebra
Q

Sundown Chiefs FC has recently implemented a major maintenance project to prepare its grounds for...

Accounting
Q

Based on the following data for the current year, what is the accounts receivable turnover?...

Accounting
Q

The Stair Company sells computer parts through a retail store that it operates. The firm's...

Accounting
Q

Young School for Wee People Introduction Young School for Wee People (YSWP) had been running...

Accounting
Q

Administration, recruitment, time and attendance, training and development, pension administration, employment equity, performance evaluation, compensation...

Accounting
Q

On January 1, 2020, Underworld Ltd acquires real property at a cost of $4,642,442. Of...

Accounting
Q

Extra Ch. 10. Zugar Company is domiciled in a country whose currency is the dinar....

Accounting
Q

On July 1, Jones Corporation had the following capital structure: Common Stock, par $1; 8,000,000...

Accounting