Willow Traders is a nursery in Diepkloof. It is owned by Violet who is studying part-time at Rosebank College. Willow Traders uses the perpetual inventory system to record inventory transactions. Mark-up is 20% on cost on all good sold. VAT can be ignored on all transactions. The following transactions took place in the month of August 2020: NO DATE TRANSACTION 2.1 1 Owner contributed a delivery vehicle valued at R200 000 2.2 4 Purchased goods for cash R10 000 and received a trade discount of 5% 2.3 Sold 10 Pecan Trees at R50 each for cash to Lilly Rogers 2.4 15 Paid R300 cash for an advert in the local newspaper 2.5 20 Violet took a rose tree as a birthday present for her sister. Rose trees are sold at R75 each

Willow Traders is a nursery in Diepkloof. It is owned by Violet who is studying part-time at Rosebank College. Willow Traders uses the perpetual inventory system to record inventory transactions. Mark-up is 20% on cost on all good sold. VAT can be ignored on all transactions. The following transactions took place in the month of August 2020: NO DATE TRANSACTION 2.1 1 Owner contributed a delivery vehicle valued at R200 000 2.2 4 Purchased goods for cash R10 000 and received a trade discount of 5% 2.3 Sold 10 Pecan Trees at R50 each for cash to Lilly Rogers 2.4 15 Paid R300 cash for an advert in the local newspaper 2.5 20 Violet took a rose tree as a birthday present for her sister. Rose trees are sold at R75 each

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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