Mafube Traders uses a periodic inventory system. Prepare the Cash Receipts Journal for February 2012, calculating any missing figures. Show mark-up and VAT.

April 13, 2026Accounting

ScanSolve AI Answer

April 13, 2026

Answer

$4500 \times 0.15 = R675$ .

Here are the ledger accounts for Mafube Traders for February 2012, rounded to the nearest rand.

First, we need to calculate the missing values in the subsidiary journals. Given: Mark-up of 20% on cost price. VAT of 15%.

1. Calculate Missing Values in Subsidiary Journals:

CASH RECEIPTS JOURNAL
- Sales (VAT exclusive) = R4 500. Cost of sales = R3 750. (Check: $3750 \times 1.20 = 4500$ , correct).
- VAT on Cash Sales = $4500 \times 0.15 = R675$ .

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Mark-up of 20% on cost price. VAT of 15%.

Asked on April 13, 2026Accounting

This accounting problem is solved step by step below, with detailed explanations to help you understand the method and arrive at the correct answer.

ScanSolve AI AnswerAnswered on April 13, 2026

Here are the ledger accounts for Mafube Traders for February 2012, rounded to the nearest rand. First, we need to calculate the missing values in the subsidiary journals. Given: Mark-up of 20% on cost price. VAT of 15%. 1. Calculate Missing Values in Subsidiary Journals: CASH RECEIPTS JOURNAL Sales (VAT exclusive) = R4 500. Cost of sales = R3 750. (Check: 3750 × 1.20 = 4500, correct). VAT on Cash Sales = 4500 × 0.15 = R675.