sold at a constant mark-up of 25% and the entity uses the periodic inventory system. AFRICA TRADERS 700 Narrow Drive P O Box 217 PRETORIA PRETORIA 0001 Tel (012) 433–1615 Fax (012) 433–1616
Africa Traders, which is not a registered VAT vendor, manufactures and sells coffee machines. The VAT rate is 15%. All goods are sold at a constant mark-up of 25% and the entity uses the periodic inventory system.
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AFRICA TRADERS |
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700 Narrow Drive P O Box 217 PRETORIA PRETORIA 0001 Tel (012) 433–1615 Fax (012) 433–1616 |
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Date: 7 February 2021 |
INVOICE |
No: 345 |
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To: SA Traders 169 Tshwane Drive Pretoria VAT registration number 4960225750 |
Payment method Cheque/debit card Cash Credit card Account |
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|
Code |
Description |
Qty |
Total price |
|
CM01 |
Coffee machines
|
500 |
460 000,00 |
|
460 000,00 |
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|
Invoice total |
460 000,00 |
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|
Amount tendered |
0,00 |
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|
Amount due |
460 000,00 |
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E & OE |
How will the above source document be recorded in the applicable subsidiary journal of Africa Traders?
Africa Traders
Sales Journal – February 2021 SJ02
|
Doc no |
Day |
Details |
Fol |
VAT output |
Sales |
Trade receivables |
|
|
|
|
|
|
R |
R |
R |
|
|
|
7 |
SA Traders |
|
|
460 000 |
460 000 |
|
|
|
|
|
|
|
|
|
|
Africa Traders
Sales Journal – February 2021 SJ02
|
Doc no |
Day |
Details |
Fol |
VAT output |
Sales |
Trade receivables |
Cost of sales |
|
|
|
|
|
R |
R |
R |
R |
|
|
7 |
SA Traders |
|
60 000 |
400 000 |
460 000 |
320 000 |
|
|
|
|
|
|
|
|
|
Africa Traders
Purchases Journal – February 2021 PJ02
|
Doc no |
Day |
Details |
Fol |
VAT input |
Purchases |
Trade payables |
|
|
|
|
|
|
R |
R |
R |
|
|
|
7 |
SA Traders |
|
|
460 000 |
460 000 |
|
|
|
|
|
|
|
|
|
|
Africa Traders
Purchases Journal – February 2021 PJ02
|
Doc no |
Day |
Details |
Fol |
VAT input |
Inventory |
Trade payables |
|
|
|
|
|
|
R |
R |
R |
|
|
|
7 |
SA Traders |
|
60 000 |
400 000 |
460 000 |
|
|
|
|
|
|
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