Hint: Remember to total the journals. Document numbers are not required. Q.2.1.1 Debtors Journal Q.2.1.2 Debtors Allowances Journal Calculate the amount outstanding by Pinky Leshaba at the end of February
Hint: Remember to total the journals. Document numbers are not required. Q.2.1.1 Debtors Journal Q.2.1.2 Debtors Allowances Journal Calculate the amount outstanding by Pinky Leshaba at the end of February
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Good day , please may you kindly assist with this question
Regards
![Nerina Traders, a gift shop, situated in Illovo is owned by Serena Lopez. The business is a
registered VAT vendor and trades only with other registered vendors. All amounts
including 15% VAT where applicable, except if otherwise indicated. They use a periodic
inventory system and all goods are marked up at 20% above cost, before considering 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.
Debtors balances as at 31 January 2020:
Pinky Leshaba R3 500.
The following transactions took place in the month of February 2020 :
DATE
TRANSACTION
1
Sold goods on credit to Pinky Leshaba for R2 500 excluding
VAT
4
The invoice provided to Pinky Leshaba on the 1st February was
overcast by R230 including VAT. Pinky Leshaba has accepted
this amount and the error needs to be corrected. Hint: this
should be treated in a similar way as a rebate.
6
Goods sold on credit to Siya Khumalo for R920 including VAT
10
Siya Khumalo returned damaged goods R100 excluding VAT
15
Goods sold on credit to Pinky Leshaba R1 000 excluding VAT
21
Charged Pinky Leshaba interest on overdue account R50
27
Pinky Leshaba paid R1 000 in part settlement of her balance
owing
© The Independent Institute of Education (Pty) Ltd 2021
21
Q.2.1
Prepare the following subsidiary journals for Nerina Traders for February
2020:
Hint: Remember to total the journals. Document numbers are not required.
Q.2.1.1
Debtors Journal
Q.2.1.2
Debtors Allowances Journal
Q.2.2.
Calculate the amount outstanding by Pinky Leshaba at the end of February
2020.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe5f88aff-1f29-408f-8e23-4cd69e21f144%2F351be03f-0569-4e87-8c10-b6f77e2e5f8d%2F663iito_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Nerina Traders, a gift shop, situated in Illovo is owned by Serena Lopez. The business is a
registered VAT vendor and trades only with other registered vendors. All amounts
including 15% VAT where applicable, except if otherwise indicated. They use a periodic
inventory system and all goods are marked up at 20% above cost, before considering 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.
Debtors balances as at 31 January 2020:
Pinky Leshaba R3 500.
The following transactions took place in the month of February 2020 :
DATE
TRANSACTION
1
Sold goods on credit to Pinky Leshaba for R2 500 excluding
VAT
4
The invoice provided to Pinky Leshaba on the 1st February was
overcast by R230 including VAT. Pinky Leshaba has accepted
this amount and the error needs to be corrected. Hint: this
should be treated in a similar way as a rebate.
6
Goods sold on credit to Siya Khumalo for R920 including VAT
10
Siya Khumalo returned damaged goods R100 excluding VAT
15
Goods sold on credit to Pinky Leshaba R1 000 excluding VAT
21
Charged Pinky Leshaba interest on overdue account R50
27
Pinky Leshaba paid R1 000 in part settlement of her balance
owing
© The Independent Institute of Education (Pty) Ltd 2021
21
Q.2.1
Prepare the following subsidiary journals for Nerina Traders for February
2020:
Hint: Remember to total the journals. Document numbers are not required.
Q.2.1.1
Debtors Journal
Q.2.1.2
Debtors Allowances Journal
Q.2.2.
Calculate the amount outstanding by Pinky Leshaba at the end of February
2020.
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