Activity 1 the periodic inventory system. Bought goods for cash, R540 Account to credit OE No. Account to debit Bank -540 -540 e.g. Purchases Transactions 1 Paid R75 from petty cash for the delivery of stock to the shop 2 Bought goods on credit for R900 less 5% trade discount. 3 Sold goods for cash, R105. The cost price on these goods was Rso 4 The owner took goods for personal use, R12o. 5 Returned to the supplier goods that were not according to the sample, R395. 6 Sold goods on credit to R. Ntuli for R400. The cost price was R200 7 R. Ntuli returned damaged goods, R8o. B Issued a cheque for trading stock, R520. - The physical stock count at year end revealed stock on hand of R9 780.
Activity 1 the periodic inventory system. Bought goods for cash, R540 Account to credit OE No. Account to debit Bank -540 -540 e.g. Purchases Transactions 1 Paid R75 from petty cash for the delivery of stock to the shop 2 Bought goods on credit for R900 less 5% trade discount. 3 Sold goods for cash, R105. The cost price on these goods was Rso 4 The owner took goods for personal use, R12o. 5 Returned to the supplier goods that were not according to the sample, R395. 6 Sold goods on credit to R. Ntuli for R400. The cost price was R200 7 R. Ntuli returned damaged goods, R8o. B Issued a cheque for trading stock, R520. - The physical stock count at year end revealed stock on hand of R9 780.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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How to prepare a periodic invetory system
Transcribed Image Text:Activity 1
the periodic inventory system.
Bought goods for cash, R540
Account to credit
OE
No. Account to debit
Bank
-540
-540
e.g. Purchases
Transactions
1 Paid R75 from petty cash for the delivery of stock to the shon
2 Bought goods on credit for R900 less 5% trade discount.
3 Sold goods for cash, R105. The cost price on these goods was Rso
4 The owner took goods for personal use, R120.
5 Returned to the supplier goods that were not according to the
sample, R395.
6 Sold goods on credit to R. Ntuli for R400. The cost price was R200.
7 R. Ntuli returned damaged goods, R80.
8 Issued a cheque for trading stock, R520.
9 The physical stock count at year end revealed stock on hand of
R9 780.
xample 3
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