SECTION 5 INVESTORY SYSTEM
SECTION 5 (A)
(15 MARKS)
The following inventory transaction is recorded in the book of Spurgs Wholesalers in t
he year 2024.
January 3: Spurgs Wholesalers bought stock of goods from Cape Town for R11 500
inclusive of Vat and paid by EFT
January 8: Paid railway for delivery of the stock of goods from Cape Town to Mthath
a R2 300 Vat inclusive via bank EFT.
February 1: Spurgs Wholesalers marks all goods up by 50% on costs. The stocks of g
oods were invoiced to Kei Cash Retailers (invoice 231) for R17250 Vat inclusive.
February 28: Spurgs Wholesalers paid salaries via EFT amounting to R4 600.00.
Required:
1. Journalize using the perpetual inventory system (Perpetual method)
2. Journalized using the periodic inventory system (Periodic method)
​