MCS purchased computer parts on account amounting to R115 000 from a supplier which is a registered VAT vendor. MCS sold inventory for R92 000 cash. The cost of inventory sold is R60 000. MCS uses a perpetual inventory system to account for inventory movements. • MCS purchased a motor car on credit from a local dealer for R250 000. • MCS paid fuel costs of R4 600 for the month of April. Fuel is a zero rated supply. On 30 April entertainment costs of R13 800 were paid to registered VAT-vendors. • Salaries of R57 500 for April 2021 were paid to staff members.
MCS purchased computer parts on account amounting to R115 000 from a supplier which is a registered VAT vendor. MCS sold inventory for R92 000 cash. The cost of inventory sold is R60 000. MCS uses a perpetual inventory system to account for inventory movements. • MCS purchased a motor car on credit from a local dealer for R250 000. • MCS paid fuel costs of R4 600 for the month of April. Fuel is a zero rated supply. On 30 April entertainment costs of R13 800 were paid to registered VAT-vendors. • Salaries of R57 500 for April 2021 were paid to staff members.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Do all parts otherwise I will give you downvote
Transcribed Image Text:Accounting
USE THIS INFORMATION TO ANSWERS QUESTIONS 30 TO 36
Myburgh Computer Solutions (Pty) Ltd ('MCS') is a local company
that sells computer parts. The company is a registered VAT vendor.
The following transactions relate to April 2021:
• MCS purchased computer parts on account amounting to
R115 000 from a supplier which is a registered VAT vendor.
• MCS sold inventory for R92 000 cash. The cost of inventory
sold is R60 000. MCS uses a perpetual inventory system to
account for inventory movements.
• MCS purchased a motor car on credit from a local dealer for
R250 000.
• MCS paid fuel costs of R4 600 for the month of April. Fuel is a
zero rated supply.
• On 30 April entertainment costs of R13 800 were paid to
registered VAT-vendors.
• Salaries of R57 500 for April 2021 were paid to staff members.
30 – 36: The journal entries required for transactions above
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