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

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 = $4500 \times 0.15 = \text{R}675$.