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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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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