Africa Traders is a registered VAT vendor and uses perpetual inventory system. Africa Traders buys and sells furniture and equipment to customers for cash or on credit. Africa Traders sold two microwaves to SA Dealers on 24 February 2021, one microwave was sold for cash and the other one was sold on account. Each microwave was sold for an amount of R15 731,52 (including VAT). These items were originally purchased by Africa Traders for trade purposes for an amount of R10 150 each excluding VAT Which of the following subsidiary journals of Africa Traders has been correctly prepared considering the above information by Africa Traders? Select one: a. SALES JOURNAL – February 2021 SJ1 Day Details Fol. VAT Output Sales Trade receivables Cost of sales 24 SA Dealers DL1 R2 051.94 R13 679.58 R15 731,52 R10 150.00 Totals R2 051.94 R13 679.58 R15 731,52 R10 150.00 CASH RECEIPTS JOURNAL- February 2021 CRJ1 Day Details Fol. Bank Sales Vat output Cost of sales 24 SA Dealers DL1 R13 679.58 R15 731,52 R2 051.94 R10 150.00 Totals R13 679.58 R15 731,52 R2 051.94 R10 150.00 b. SALES JOURNAL – February 2021 SJ1 Day Details Fol. VAT Output Sales Trade receivables Cost of sales 24 SA Dealers DL1 R2 051.94 R13 679.58 R15 731,52 R10 150.00 Totals R2 051.943 R13 679.58 R15 731,52 R10 150.00 CASH RECEIPTS JOURNAL- February 2020 CRJ1 Day Details Fol. Bank Sales Vat output Cost of sales 24 SA Dealers DL1 R15 731,52 R13 679.58 R2 051.94 R10 150.00 Totals R15 731,52 R13 679.58 R2 051.94 R10 150.00 c. SALES JOURNAL – February 2021 SJ1 Day Details Fol. VAT Output Sales Trade receivables 24 SA Dealers DL1 R2 051.94 R13 679.58 R15 731,52 24 SA Dealers DL1 R2 051.94 R13 679.58 R15 731,52 R4 103,88 R27 359,16 R31 463,04 d. SALES JOURNAL – February 2021 SJ1 Day Details Fol. VAT Output Sales Trade receivables 24 SA Dealers DL1 R2 359,73 R15 731,52 R18 091,25 24 SA Dealers DL1 R2 359,73 R15 731,52 R18 091,25 Totals R4 719,46 R31 463,04 R36 182,50

Africa Traders is a registered VAT vendor and uses perpetual inventory system. Africa Traders buys and sells furniture and equipment to customers for cash or on credit. Africa Traders sold two microwaves to SA Dealers on 24 February 2021, one microwave was sold for cash and the other one was sold on account. Each microwave was sold for an amount of R15 731,52 (including VAT). These items were originally purchased by Africa Traders for trade purposes for an amount of R10 150 each excluding VAT Which of the following subsidiary journals of Africa Traders has been correctly prepared considering the above information by Africa Traders? Select one: a. SALES JOURNAL – February 2021 SJ1 Day Details Fol. VAT Output Sales Trade receivables Cost of sales 24 SA Dealers DL1 R2 051.94 R13 679.58 R15 731,52 R10 150.00 Totals R2 051.94 R13 679.58 R15 731,52 R10 150.00 CASH RECEIPTS JOURNAL- February 2021 CRJ1 Day Details Fol. Bank Sales Vat output Cost of sales 24 SA Dealers DL1 R13 679.58 R15 731,52 R2 051.94 R10 150.00 Totals R13 679.58 R15 731,52 R2 051.94 R10 150.00 b. SALES JOURNAL – February 2021 SJ1 Day Details Fol. VAT Output Sales Trade receivables Cost of sales 24 SA Dealers DL1 R2 051.94 R13 679.58 R15 731,52 R10 150.00 Totals R2 051.943 R13 679.58 R15 731,52 R10 150.00 CASH RECEIPTS JOURNAL- February 2020 CRJ1 Day Details Fol. Bank Sales Vat output Cost of sales 24 SA Dealers DL1 R15 731,52 R13 679.58 R2 051.94 R10 150.00 Totals R15 731,52 R13 679.58 R2 051.94 R10 150.00 c. SALES JOURNAL – February 2021 SJ1 Day Details Fol. VAT Output Sales Trade receivables 24 SA Dealers DL1 R2 051.94 R13 679.58 R15 731,52 24 SA Dealers DL1 R2 051.94 R13 679.58 R15 731,52 R4 103,88 R27 359,16 R31 463,04 d. SALES JOURNAL – February 2021 SJ1 Day Details Fol. VAT Output Sales Trade receivables 24 SA Dealers DL1 R2 359,73 R15 731,52 R18 091,25 24 SA Dealers DL1 R2 359,73 R15 731,52 R18 091,25 Totals R4 719,46 R31 463,04 R36 182,50

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Which of the following subsidiary journals of Africa Traders has been correctly prepared considering the above information by Africa Traders?

Select one:

SALES JOURNAL – February 2021 SJ1

Day	Details	Fol.	VAT Output	Sales	Trade receivables	Cost of sales
24	SA Dealers	DL1	R2 051.94	R13 679.58	R15 731,52	R10 150.00
	Totals		R2 051.94	R13 679.58	R15 731,52	R10 150.00

CASH RECEIPTS JOURNAL- February 2021 CRJ1

Day	Details	Fol.	Bank	Sales	Vat output	Cost of sales
24	SA Dealers	DL1	R13 679.58	R15 731,52	R2 051.94	R10 150.00
	Totals		R13 679.58	R15 731,52	R2 051.94	R10 150.00

SALES JOURNAL – February 2021 SJ1

Day	Details	Fol.	VAT Output	Sales	Trade receivables	Cost of sales
24	SA Dealers	DL1	R2 051.94	R13 679.58	R15 731,52	R10 150.00
	Totals		R2 051.943	R13 679.58	R15 731,52	R10 150.00

CASH RECEIPTS JOURNAL- February 2020 CRJ1

Day	Details	Fol.	Bank	Sales	Vat output	Cost of sales
24	SA Dealers	DL1	R15 731,52	R13 679.58	R2 051.94	R10 150.00
	Totals		R15 731,52	R13 679.58	R2 051.94	R10 150.00

SALES JOURNAL – February 2021 SJ1

Day	Details	Fol.	VAT Output	Sales	Trade receivables
24	SA Dealers	DL1	R2 051.94	R13 679.58	R15 731,52
24	SA Dealers	DL1	R2 051.94	R13 679.58	R15 731,52
			R4 103,88	R27 359,16	R31 463,04

SALES JOURNAL – February 2021 SJ1

Day	Details	Fol.	VAT Output	Sales	Trade receivables
24	SA Dealers	DL1	R2 359,73	R15 731,52	R18 091,25
24	SA Dealers	DL1	R2 359,73	R15 731,52	R18 091,25
	Totals		R4 719,46	R31 463,04	R36 182,50

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