Purchased 20 Cheese wheels @ R10 each (excluding VAT) as well as 10 boxes of cream @R30 Each (excluding VAT) from J Creamery a local entrepreneur and pay from petty cash. The goods will be used as inventory. PCV01 was used. Purchased coffee and tea for the staff from The Local Café for R80 and paid using petty cash. PCV02 was used. Paid R800 for petrol for the delivery vehicle from petty cash. PCV03 was used. Paid bi-weekly wages of R300 from petty cash. PCV04 was used. 13 20 The owner Mrs Daisy took R200 from the petty cash for her own use. PCVO5 was used. 26 Purchased printing paper for R30 and cooldrinks for the staff of R60, from Pick n Pay and paid using petty cash. PCV06 was used. Paid bi-weekly wages of R300 from petty cash. PCV07 was used. 29 30 To celebrate Mrs. Daisy's birthday a cake was bought for the staff for R250. PCV08 was used.
Purchased 20 Cheese wheels @ R10 each (excluding VAT) as well as 10 boxes of cream @R30 Each (excluding VAT) from J Creamery a local entrepreneur and pay from petty cash. The goods will be used as inventory. PCV01 was used. Purchased coffee and tea for the staff from The Local Café for R80 and paid using petty cash. PCV02 was used. Paid R800 for petrol for the delivery vehicle from petty cash. PCV03 was used. Paid bi-weekly wages of R300 from petty cash. PCV04 was used. 13 20 The owner Mrs Daisy took R200 from the petty cash for her own use. PCVO5 was used. 26 Purchased printing paper for R30 and cooldrinks for the staff of R60, from Pick n Pay and paid using petty cash. PCV06 was used. Paid bi-weekly wages of R300 from petty cash. PCV07 was used. 29 30 To celebrate Mrs. Daisy's birthday a cake was bought for the staff for R250. PCV08 was used.
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 21MC: You just posted a debit to ABC Co. in the accounts receivable subsidiary ledger. Which special...
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QUESTION:
OBJstores, a dairy shop, entered into the following Petty Cash transactions during March 2020. The
business is a registered VAT vendor and trades only with other registered vendors. They use a
perpetual inventory system, and all goods are marked up at 40% above cost, before taking into
account any trade discounts. A VAT rate of 15% is applicable
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