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24 2024 Question 6 (Marks:20) The following Information relates to the accounting records of Mr Tem Makerane who operates his business as Materane Supplies. He uses the periodic Inventory system. Makerane Supplies is a VAT registered vendor. A stock count on 31 August 2024 revealed that the Inventory balance on hand was R140 000. Journals for the financial year end August 2024 are as follows: Transaction in August 2024 Journal Amount (R) Inventory opening balance 1 September 2023 210 000 Total cash purchases of Inventory for the year CBP 788 900 (including VAT) Total credit purchases of inventory for the year CJ 550 000 (excluding VAT) Total purchases returns for the year CAJ 20 000 (excluding VAT) Total Inventory taken by Mrs Yokohama G 8000 Mrs Yokohama returned inventory she took home in GI 2000 (excluding VAT) (excluding VAT) error Total Import duties paid on inventory CBP 60 000 (excluding VAT) Total transport costs on purchases CBP Settlement discount received from creditors on prompt 75 000 (excluding VAT) 3.000 (excluding VAT) payment of accounts REQUIRED Q.6.1 Prepare the Purchases Account in the General Ledger of Makerane Supplies at year end 31 August 2024. Total the account. Assume the periodic Inventory system is being used for this question. (81 Q.6.2 Prepare the Trading Inventory Account in the General Ledger Makerane Supplies at year end 31 August 2024. Delance the account. Assume the perpetual inventory system is being used forthis question. (12) END OF PAPER

24 2024 Question 6 (Marks:20) The following Information relates to the accounting records of Mr Tem Makerane who operates his business as Materane Supplies. He uses the periodic Inventory system. Makerane Supplies is a VAT registered vendor. A stock count on 31 August 2024 revealed that the Inventory balance on hand was R140 000. Journals for the financial year end August 2024 are as follows: Transaction in August 2024 Journal Amount (R) Inventory opening balance 1 September 2023 210 000 Total cash purchases of Inventory for the year CBP 788 900 (including VAT) Total credit purchases of inventory for the year CJ 550 000 (excluding VAT) Total purchases returns for the year CAJ 20 000 (excluding VAT) Total Inventory taken by Mrs Yokohama G 8000 Mrs Yokohama returned inventory she took home in GI 2000 (excluding VAT) (excluding VAT) error Total Import duties paid on inventory CBP 60 000 (excluding VAT) Total transport costs on purchases CBP Settlement discount received from creditors on prompt 75 000 (excluding VAT) 3.000 (excluding VAT) payment of accounts REQUIRED Q.6.1 Prepare the Purchases Account in the General Ledger of Makerane Supplies at year end 31 August 2024. Total the account. Assume the periodic Inventory system is being used for this question. (81 Q.6.2 Prepare the Trading Inventory Account in the General Ledger Makerane Supplies at year end 31 August 2024. Delance the account. Assume the perpetual inventory system is being used forthis question. (12) END OF PAPER

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 9PB: On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as...
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24 2024 Question 6 (Marks:20) The following Information relates to the accounting records of Mr Tem Makerane who operates his business as Materane Supplies. He uses the periodic Inventory system. Makerane Supplies is a VAT registered vendor. A stock count on 31 August 2024 revealed that the Inventory balance on hand was R140 000. Journals for the financial year end August 2024 are as follows: Transaction in August 2024 Journal Amount (R) Inventory opening balance 1 September 2023 210 000 Total cash purchases of Inventory for the year CBP 788 900 (including VAT) Total credit purchases of inventory for the year CJ 550 000 (excluding VAT) Total purchases returns for the year CAJ 20 000 (excluding VAT) Total Inventory taken by Mrs Yokohama G 8000 Mrs Yokohama returned inventory she took home in GI 2000 (excluding VAT) (excluding VAT) error Total Import duties paid on inventory CBP 60 000 (excluding VAT) Total transport costs on purchases CBP Settlement discount received from creditors on prompt 75 000 (excluding VAT) 3.000 (excluding VAT) payment of accounts REQUIRED Q.6.1 Prepare the Purchases Account in the General Ledger of Makerane Supplies at year end 31 August 2024. Total the account. Assume the periodic Inventory system is being used for this question. (81 Q.6.2 Prepare the Trading Inventory Account in the General Ledger Makerane Supplies at year end 31 August 2024. Delance the account. Assume the perpetual inventory system is being used forthis question. (12) END OF PAPER
Transcribed Image Text:24 2024 Question 6 (Marks:20) The following Information relates to the accounting records of Mr Tem Makerane who operates his business as Materane Supplies. He uses the periodic Inventory system. Makerane Supplies is a VAT registered vendor. A stock count on 31 August 2024 revealed that the Inventory balance on hand was R140 000. Journals for the financial year end August 2024 are as follows: Transaction in August 2024 Journal Amount (R) Inventory opening balance 1 September 2023 210 000 Total cash purchases of Inventory for the year CBP 788 900 (including VAT) Total credit purchases of inventory for the year CJ 550 000 (excluding VAT) Total purchases returns for the year CAJ 20 000 (excluding VAT) Total Inventory taken by Mrs Yokohama G 8000 Mrs Yokohama returned inventory she took home in GI 2000 (excluding VAT) (excluding VAT) error Total Import duties paid on inventory CBP 60 000 (excluding VAT) Total transport costs on purchases CBP Settlement discount received from creditors on prompt 75 000 (excluding VAT) 3.000 (excluding VAT) payment of accounts REQUIRED Q.6.1 Prepare the Purchases Account in the General Ledger of Makerane Supplies at year end 31 August 2024. Total the account. Assume the periodic Inventory system is being used for this question. (81 Q.6.2 Prepare the Trading Inventory Account in the General Ledger Makerane Supplies at year end 31 August 2024. Delance the account. Assume the perpetual inventory system is being used forthis question. (12) END OF PAPER
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