ACCP02 - FashionWise (Pty) Company Case Study & Preliminary Reports Writing, VAT Amount - Accounting Assignment Help

Assignment Task

Question 1

Read the scenario below and answer the question that follows:    

You are the junior accountant of FashionWise (Pty) Ltd, a retail company that sells clothes. The company is registered for VAT. Amounts are VAT inclusive unless otherwise stated. Some transactions do not attract VAT.   

Transactions during September 2020:  

Date Details 

1 The owner contributed R80 000 as capital, consisting of cash of R50 000  and equipment worth R30 000, receipt REC001.  

3 Purchased equipment from One Time Furniture for R100 000 cash,  cheque 001.  

5 Purchased stationery from Stock-Mart, paid by cheque 002, R10 000.  8 Cashed cheque 003 to pay wages, with an amount of R15 000.  9 Sold goods on for cash for R120 000, REC 002.  

10 A new equipment was purchased on credit from ABV Limited, R80 500. Invoice 5600 was received. 

12 There was a fire in one of the warehouses. Based on the preliminary reports, inventory worth R17 000 was destroyed. 

14 Purchased inventory for R18 500 on credit from Marco Traders, invoice  10100 was received. 

15 Paid wages of R10 000 to several employees. 

15 Sold inventory on credit to PD Martins, R 8 600. Issued invoice no IN001.

17 Mr. DP Martins returned inventory worth R6 000, as it was damaged. Credit note no. 200 was issued. 

20 The owner of FashionWise (Pty) Ltd withdrew R4 000 from the business bank account for this own personal use. 

21 The company invested R5 000 in their fixed deposit account, which matures after five years. 

21 Mr. AL Josh, whose account was previously written off as bad debt, paid  R400, receipt REC003. 

22 Paid Tel Altec R1 000 for the telephone account with cheque 004.  26 Received interest on a fixed deposit from Top Bank, R5 600, receipt  REC004. 

28 Received R6 000 rent from the tenant, receipt REC005.  

Required:  

The above transactions took place in September 2020, but have not been recorded. You are required to record the entries in the various relevant subsidiary journals for the month of September 2020.

Please note: 

• Add up all the columns in the journals.  

• Round off to the nearest rand

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