Africa Traders, a registered VAT vendor, manufactures and sells gardening equipment. On 9 April 2021, Africa Traders sold gardening equipment of R8 050 (VAT exclusive) to SA Traders for cash. The VAT rate is 15%. SA Traders is a registered VAT vendor which buys and sells gardening equipment. How will the above transaction be recorded in the applicable subsidiary journal of SA Traders? Select one: a. SA Traders Cash Receipts Journal – April 2021 CRJ04 Doc no Day Details Fol Analysis of receipts Bank Sales VAT output Sundry accounts Amount Fol Details 9 Africa Traders R8 050 R8 050 R7 000 R1 050 b. SA Traders Cash Receipts Journal – April 2021 CRJ04 Doc no Day Details Fol Analysis of receipts Bank Sales VAT output Sundry accounts Amount Fol Details 9 Africa Traders R9 257,50 R9 257,50 R8 050 R1 207,50 c. SA Traders Cash Payments Journal – April 2021 CPJ04 Doc no Day Details Fol Bank Purchases VAT input Sundry accounts Amount Fol Details 9 Africa Traders R8 050 R7 000 R1 050 d. SA Traders Cash Payments Journal – April 2021 CPJ04 Doc no Day Details Fol Bank Purchases VAT input Sundry accounts Amount Fol Details 9 Africa Traders R9 257,50 R8 050 R1 207,50
Africa Traders, a registered VAT vendor, manufactures and sells gardening equipment. On 9 April 2021, Africa Traders sold gardening equipment of R8 050 (VAT exclusive) to SA Traders for cash. The VAT rate is 15%. SA Traders is a registered VAT vendor which buys and sells gardening equipment.
How will the above transaction be recorded in the applicable subsidiary journal of SA Traders?
SA Traders
Cash Receipts Journal – April 2021 CRJ04
Doc no |
Day |
Details |
Fol |
Analysis of receipts |
Bank |
Sales |
VAT output |
Sundry accounts |
||
Amount |
Fol |
Details |
||||||||
|
9 |
Africa Traders |
|
R8 050 |
R8 050 |
R7 000 |
R1 050 |
|
|
|
SA Traders
Cash Receipts Journal – April 2021 CRJ04
Doc no |
Day |
Details |
Fol |
Analysis of receipts |
Bank |
Sales |
VAT output |
Sundry accounts |
||
Amount |
Fol |
Details |
||||||||
|
9 |
Africa Traders |
|
R9 257,50 |
R9 257,50 |
R8 050 |
R1 207,50 |
|
|
|
SA Traders
Cash Payments Journal – April 2021 CPJ04
Doc no |
Day |
Details |
Fol |
Bank |
Purchases |
VAT input |
Sundry accounts |
||
Amount |
Fol |
Details |
|||||||
|
9 |
Africa Traders |
|
R8 050 |
R7 000 |
R1 050 |
|
|
|
SA Traders
Cash Payments Journal – April 2021 CPJ04
Doc no |
Day |
Details |
Fol |
Bank |
Purchases |
VAT input |
Sundry accounts |
||
Amount |
Fol |
Details |
|||||||
|
9 |
Africa Traders |
|
R9 257,50 |
R8 050 |
R1 207,50 |
|
|
|
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