On 1 June 20.2 Mr G Smith opened a supermarket under the tradename GS Traders. GS Traders is a registered VAT vendor and the VAT rate applicable is 15%. GS Traders will use the periodic inventory system and entered into the following transactions during June 20.2:
20.2
June
3
The owner, Mr G Smith, deposited R500 000 of his own funds directly into the bank account of the business and donated a second-hand delivery van to the value of R160 000 to the business.
Made a direct payment to the Midrand municipality to pay the water and electricity deposit, R1 500.
6
Bought shop equipment from EQUIP on credit, R10 005, and paid R1 000 by credit card as a deposit.
9
Purchased merchandise on credit from Big Wholesalers, R28 750.
Cash purchases of merchandise from Dairy Wholesalers, R13 800.
12
Received R5 400 cash from tenant, Ms Z Blessing and issued receipt no:004. (Ignore VAT)
Cash sales of R13 800.
Credit sales to Letti's Florists of R2 300.
19
Lettis Florists deposited R??? directly into the bank account of GS Traders in full settlement of account and was granted a 10% settlement discount.
20
GS Traders sells biscuits on behalf of the Delicious Home Industry for which GS Traders receives 25% commission. A receipt for R1 250 was issued to Delicious Home Industry for commission received. (Ignore VAT)
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. Don’t use any special characters (&) and don’t use bold in your answer. It will be marked incorrect.
4. Do not use any abbreviations.
5. Please remember the brackets around the amounts must be indicated by a negative amount [eg: (50) will be -50].
6. Keep the transactions strictly according to date sequence.
7. If an option has been provided and it is not applicable to the specific question, please put a 0 in the amount column and N/A in the detail column. You can also leave the blocks empty because no marks were allocated to the 0 and N/A columns. The answer will be marked incorrect, but you will not lose any marks because no marks were allocated to these columns.
The transactions in the cash receipts journal of GS Traders for May 20.2 will be …
GS TRADERS
CASH RECEIPTS JOURNAL – JUNE 20.2 CRJ1
Date
Details
Fol
Analysis of receipts
Bank
Trade receivable control
Sales
Settlement discount granted
VAT input
VAT output
Sundry accounts
Amount
Fol
Details
R
R
R
R
R
R
R
R
3
Answer
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12
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19
Answer
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20
Answer
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Answer
