2 The following information has been taken from the books of Lobelia Traders,

Transcribed Image Text: Q.3.2 The following information has been taken from the books of Lobelia Traders,
a general trading shop in Braamfontein, for the month of April 2020:
Lobelia Traders is a registered VAT vendor and trades only with registered
VAT Vendors.
The business charges 15% VAT on all its sales.
TRANSACTION JOURNAL
VAT
AMOUNT
AMOUNT
EXCLUDING AMOUNT
INCLUDING
VAT
VAT
Cash sales
CBR
35 000
A
B
Advertising
СВР
D
920
paid
Goods
СВР
E
750
F
purchased for
cash
Drawings of
GJ
500
G
H
Petty Cash
Credit sales
DJ
1 200
Q.3.2.1
Calculate the amounts for A to J
Q.3.2.2
Calculate the Input VAT Total
Q.3.2.3
Calculate the Output VAT total
Q.3.2.4
Calculate the Vat payable or refundable. Clearly indicate if it is
payable or refundable and if it is an asset or liability Transcribed Image Text: Clivia Traders, a stationery shop, situated in Sea Point is owned by Daisy Garden. The
business is a registered VAT vendor and trades only with other registered vendors. All
amounts include 15% VAT where applicable, except if otherwise indicated. They use a
perpetual inventory system and all goods are marked up at 20% above cost, before taking
into account any trade discounts. The business does not expect to award any settlement
discounts nor to qualify for any settlement discounts. All occurrences of settlement
discounts are therefore
incidental in nature.
All money received is banked daily.
The following transactions took place in the month of February 2020:
DATE
TRANSACTION
1
Owner contributed R5 000 cash
Cash sales R13 800 including VAT
Cash purchases R8 000 excluding VAT
10
Paid Telkom for telephone account R345
15
Paid R2 000 towards a loan settlement with Mzanzi Bank
20
Cash sales R5 750 including VAT
23
Cash purchases R4 600 including VAT
25
Paid wages R800
Q.4.1 Prepare the following subsidiary journals for Clivia Traders for February
2020:
Q.4.1.1
Cashbook payments
Q.4.1.2
Cashbook receipts
Note: Document numbers and folios are not required. Totals are also not needed.
Round to the nearest rand.
4)

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