Prepare the Creditors Journal for Cream Traders using a periodic inventory system, with all amounts inclusive of 15% VAT.

April 23, 2026Accounting

ScanSolve AI Answer

April 23, 2026

Answer

R5,217.39$

Here are the solutions to the questions based on the provided transactions.

Q.2.1. Creditors Journal (using a periodic inventory system)

When using a periodic inventory system, purchases of merchandise are recorded in the Purchases account. All amounts are inclusive of 15% VAT.

Calculations for Creditors Journal:

Date 12 (Cream Traders):
- Amount (incl. VAT): R6 000
- Purchases (excl. VAT): $\frac{R6\,000}{1.15} = R5\,217.39$
- VAT Input: $\text{R}6,00

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Quick Answer

Date 12 (Cream Traders): Amount (incl. VAT): R6 000 Purchases (excl.

Asked on April 23, 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 23, 2026

Here are the solutions to the questions based on the provided transactions. --- Q.2.1. Creditors Journal (using a periodic inventory system) When using a periodic inventory system, purchases of merchandise are recorded in the Purchases account. All amounts are inclusive of 15% VAT. Calculations for Creditors Journal: Date 12 (Cream Traders): Amount (incl. VAT): R6 000 Purchases (excl. VAT): R6\,0001.15 = R5\,217.39 VAT Input: $R6\,00