15 UILAWE I D20 PRO Question 2 (Marks: 25) Willow Traders is a nursery in Diepkloof. It is owned by Violet who is studying part-time at Rosebank College. Willow Traders uses the perpetual inventory system to record inventory transactions. Mark-up is 20% on cost on all good sold. VAT can be ignored on all transactions. The following transactions took place in the month of August 2020: NO DATE TRANSACTION 2.1 1 Owner contributed a delivery vehicle valued at R200 000 2.2 Purchased goods for cash R10 000 and received a trade discount of 5% 2.3 Sold 10 Pecan Trees at R50 each for cash to Lilly Rogers 2.4 Paid R300 cash for an advert in the local newspaper 20 Violet took a rose tree as a birthday present for her sister. Rose tree 2.5 are sold at R75 each

15 UILAWE I D20 PRO Question 2 (Marks: 25) Willow Traders is a nursery in Diepkloof. It is owned by Violet who is studying part-time at Rosebank College. Willow Traders uses the perpetual inventory system to record inventory transactions. Mark-up is 20% on cost on all good sold. VAT can be ignored on all transactions. The following transactions took place in the month of August 2020: NO DATE TRANSACTION 2.1 1 Owner contributed a delivery vehicle valued at R200 000 2.2 Purchased goods for cash R10 000 and received a trade discount of 5% 2.3 Sold 10 Pecan Trees at R50 each for cash to Lilly Rogers 2.4 Paid R300 cash for an advert in the local newspaper 20 Violet took a rose tree as a birthday present for her sister. Rose tree 2.5 are sold at R75 each

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question 1 Superfan retails one type of premium computer fans which it sells for $72.6 (GST Inclusive) per unit. The following events took place during the month of September 2021: September 8 Superfan purchased 100 fans at $38.5 (GST Inclusive) per unit in cash. September 15 SuperFan purchased 160 fans at $37.4 (GST Inclusive) per unit on credit. September 20 Superfan sold 330 fans to FansAreUs on credit. September 23 FansAreUs returned 30 fans sold on 20 September which were damaged and written off by SuperFan. September 30 Stocktake revealed 28 fans on hand. Additional information: 1. Superfan had 100 fans valued at $3,100 on hand on 1 September 2021. It uses the moving average cost flow assumption and the perpetual inventory method to account for its inventory movement. 2. The opening balance for the allowance for doubtful debts account was $250 credit on 1 September 2021. SuperFan assumes 2% of all monthly net credit sales to be irrecoverable. Required: Record September 2021…
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