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Clivia Traders, a stationery shop, situated in Sea Point is owned by Daisy Garden. The business is a registered VAT vendor and trades only with other registered vendors. All amounts include 15% VAT where applicable, except if otherwise indicated. They use a perpetual inventory system and all goods are marked up at 20% above cost, before taking into account any trade discounts. The business does not expect to award any settlement discounts nor to qualify for any settlement discounts. All occurrences of settlement discounts are therefore incidental in nature. All money received is banked daily. The following transactions took place in the month of February 2020 : DATE TRANSACTION 1 Owner contributed R5 000 cash 4 Cash sales R13 800 including VAT 6. Cash purchases R8 000 excluding VAT 10 Paid Telkom for telephone account R345 15 Paid R2 000 towards a loan settlement with Mzanzi Bank 20 Cash sales R5 750 including VAT 23 Cash purchases R4 600 including VAT 25 Paid wages R800

Clivia Traders, a stationery shop, situated in Sea Point is owned by Daisy Garden. The business is a registered VAT vendor and trades only with other registered vendors. All amounts include 15% VAT where applicable, except if otherwise indicated. They use a perpetual inventory system and all goods are marked up at 20% above cost, before taking into account any trade discounts. The business does not expect to award any settlement discounts nor to qualify for any settlement discounts. All occurrences of settlement discounts are therefore incidental in nature. All money received is banked daily. The following transactions took place in the month of February 2020 : DATE TRANSACTION 1 Owner contributed R5 000 cash 4 Cash sales R13 800 including VAT 6. Cash purchases R8 000 excluding VAT 10 Paid Telkom for telephone account R345 15 Paid R2 000 towards a loan settlement with Mzanzi Bank 20 Cash sales R5 750 including VAT 23 Cash purchases R4 600 including VAT 25 Paid wages R800

FINANCIAL ACCOUNTING
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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Prepare the following subsidiary journals for Clivia Traders for February  

- Cashbook receipts as per attached journals

Clivia Traders, a stationery shop, situated in Sea Point is owned by Daisy Garden. The business is a registered VAT vendor and trades only with other registered vendors. All amounts include 15% VAT where applicable, except if otherwise indicated. They use a perpetual inventory system and all goods are marked up at 20% above cost, before taking into account any trade discounts. The business does not expect to award any settlement discounts nor to qualify for any settlement discounts. All occurrences of settlement discounts are therefore incidental in nature. All money received is banked daily. The following transactions took place in the month of February 2020 : DATE TRANSACTION 1 Owner contributed R5 000 cash 4 Cash sales R13 800 including VAT 6. Cash purchases R8 000 excluding VAT 10 Paid Telkom for telephone account R345 15 Paid R2 000 towards a loan settlement with Mzanzi Bank 20 Cash sales R5 750 including VAT 23 Cash purchases R4 600 including VAT Paid wages R800 25
Transcribed Image Text:Clivia Traders, a stationery shop, situated in Sea Point is owned by Daisy Garden. The business is a registered VAT vendor and trades only with other registered vendors. All amounts include 15% VAT where applicable, except if otherwise indicated. They use a perpetual inventory system and all goods are marked up at 20% above cost, before taking into account any trade discounts. The business does not expect to award any settlement discounts nor to qualify for any settlement discounts. All occurrences of settlement discounts are therefore incidental in nature. All money received is banked daily. The following transactions took place in the month of February 2020 : DATE TRANSACTION 1 Owner contributed R5 000 cash 4 Cash sales R13 800 including VAT 6. Cash purchases R8 000 excluding VAT 10 Paid Telkom for telephone account R345 15 Paid R2 000 towards a loan settlement with Mzanzi Bank 20 Cash sales R5 750 including VAT 23 Cash purchases R4 600 including VAT Paid wages R800 25
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