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QUESTION 1 (36 marks) The following are miscellaneous transactions for Zestra Stores for September 20.12. Ignore VAT. The business uses the perpetual inventory method with a mark-up of 33.333% on cost. Business's Financial year on 30 September each year. Date Transaction details 1 The owner took a product from stock for personal use, selling price = R7 000.00. 14 Purchased an office computer on credit from Simplex Computers (Pty) Ltd, R 14 500.00. 15 Credit sales of trading inventory, selling price = R 21 470.00. 27 A debtor returned some of the goods purchased from Zestra Stores on 26 September 20.12. The cost price of the goods in question was R 4 200.00. 30 Rent for September for R8 600 is not yet paid by the end of September 20.12 30 Allowance for credit losses needs to be increase by R300. 30 Accrued wages of R3 500 for September 20.12 are not yet recorded. Make the necessary adjustments. Required 1.1 Show how the above transactions will affect the accounting equation and enter how the accounts in the general leger will be affected (36) QUESTION 2 (14 marks) Assume that all parties involved are registered VAT vendors, that the product involved is standard-rated throughout, and that the VAT rate is 15%. Required 2.1. Complete the following table: Wholesaler M Cost of the % product in Selling price Gross Gross margin of the product in rand value profit Mark-up attained (as a %) earned per attained Rand value product sold in Rand value (including VAT) (including VAT) ________—______________________._._———————————— Introduction to Financial Accounting Individual Assignment Page 3 of 3 Damelin©

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QUESTION 1 (36 marks) The following are miscellaneous transactions for Zestra Stores for September 20. Ignore VAT. The business uses the perpetual...
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