Question

Sold goods to Elsa traders on credit with an original selling price of R3 542. A trade discount of 5% was awarded and still needs to be taken into account.

Answer 1

Answer-

CASH A/C
Date	Particulars	Amount	Date	Particulars	Amount
3-Feb	To suess traders	13800
7-Feb	To Rent	10000
9-Feb	To BAC Bank loan	4000
17-Feb	To M&M Traers	7647.5
17-Feb	To Bank Charges	57.5
28-Feb	To Petty Cash	1638
28-Feb	To Outstanding Creditors	14000
	Total	51143		Total
PETTY CASH A/C
Date	Particulars	Amount	Date	Particulars	Amount
4-Feb	To Fuel	750	28-Feb	By bank	1638
9-Feb	To Staff Refereshment	500
12-Feb	To Paper Reams	138
23-Feb	To Casual Worker	250
	Total	1638		Total	1638
DEBTORS A/C
Date	Particulars	Amount	Date	Particulars	Amount
2-Feb	To Sales to Sophia	9660	4-Feb	By sales return Sophia	966
16-Feb	To sales to Olaf Trades	20930	21-Feb	By sales return Elsa	3364.9
20-Feb	To sales to Elsa Traders	3364.9
				By Balance C/D	29624
	Total	33954.9		Total	33954.9
DEBTORS ALLOWANCE A/C
Date	Particulars	Amount	Date	Particulars	Amount
4-Feb	To Sophia Traders	966
21-Feb	To Elsa Traders	3364.9
				By Balance C/D	4330.9
	Total	4330.9		Total	4330.9
A4.2
Cost of sales to Sophia Traders:
	Sale Value Including VAT	9660
	Vat	15%
	sales Value Before VAT	8400	(9660/115*100)
	Margin included	40%
	Cost of sales	6000	(8400/140*100)