please help answer OBJstores, a dairy shop, entered into the following Petty Cash transactions during March 2020. Thebusiness is a registered VAT vendor and trades only with other registered vendors. They use aperpetual inventory system, and all goods are marked up at 40% above cost, before taking intoaccount any trade discounts. A VAT rate of 15% is applicable DateTransaction details4Purchased 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 pettycash. 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 pettycash. PCV02 was used.Paid R800 for petrol for the delivery vehicle from petty cash. PCV03 was used.13Paid bi-weekly wages of R300 from petty cash. PCV04 was used.20The owner Mrs Daisy took R200 from the petty cash for her own use. PCV05 was used.Purchased printing paper for R30 and cooldrinks for the staff of R60, from Pick n Payand paid using petty cash. PCV06 was used.29Paid bi-weekly wages of R300 from petty cash. PCV07 was used.30To celebrate Mrs. Daisy's birthday a cake was bought for the staff for R250. PCV08 wasused.Required:Prepare the Petty cash journal for March 2020. You are not required to total the journal at the endof the month. Round to two decimal places.269

The petty cash journal is a summary of the payments from a petty cash fund.

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

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

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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OBJ stores, 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. Required:Prepare the Petty cash journal for March 2020. You are not required to total the journal at the end of the month. Round to two decimal places DATE TRANSACTION DETAILS 4 Purchased 20 cheese wheels @R10 each(excl VAT) from J Creamery a local entreprenuer and pay from petty cash the goods will be used as inventory .PCV01 was used 7 Purchased tea and coffee from local cafe for R80 and paid using petty cash . PCV02 was used. 9 Paid R800 for petrol for the delivery vehicle from petty cash .PCV03 13 Paid bi-weekly wages of R300 from petty cash .PCV04 was used 20 The owner Mrs Daisy took R200 from petty cash for her…
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