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 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

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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