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Inventory and Receivables Accounting Summary

The document outlines various financial transactions involving assets, liabilities, and equity, including entries for inventory, trade receivables, and bank transactions. It details the corresponding debit and credit amounts for each transaction, as well as the impact on sales income, cost of sales, and bad debts. The summary includes calculations for input and output VAT related to these transactions.

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kholekanoluthandomkize
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7 views9 pages

Inventory and Receivables Accounting Summary

The document outlines various financial transactions involving assets, liabilities, and equity, including entries for inventory, trade receivables, and bank transactions. It details the corresponding debit and credit amounts for each transaction, as well as the impact on sales income, cost of sales, and bad debts. The summary includes calculations for input and output VAT related to these transactions.

Uploaded by

kholekanoluthandomkize
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

ASSET

Transaction Account Sign & Amount DR/CR


- 7 435
INVENTORY (171*50) X 100/115 CR
-1 115
1 INPUT VAT (171*50) x 15/115 CR
+ 4 874
BANK (50% X 9 747) DR
2 TRADE RECEIVABLES - 4 874 CR
CONSUMABLES ASSET + 960 DR
+ 131
INPUT VAT (960 * 15/100) DR
1 091
3 BANK (960 + 131) CR
+ 5 353
INVENTORY (6 156 * 100/115) DR
+ 803
4 INPUT VAT (6 156 * 15/115)
+ 7 452
(360 X 180/100) X
TRADE RECEIVABLES 115/100 X 10 DR
- 3 600
5 INVENTORY (360 * 10) CR
- 3 726
TRADE RECEIVABLES (7 452 * 5/10) CR
+ 1800
6 INVENTORY (3 600 * 5/10) DR
7 BANK - 8 000 CR
9 BANK - 900 CR
+ 1 597
VEHICLES (1 836 X 100/115) DR
+ 239
INPUT VAT (1 836 X 15/115) DR
10 BANK - 1 836 CR

+ 1 863
BANK (7 452 - 3 726) X 50% DR
11 TRADE RECEIVABLES - 1 863 CR

12 TRADE RECEIVABLES - 1 863 CR


ALLOWANCE FOR DOUBTFUL - 500
13 DEBTS (10 000 X 5%) CR
EQUITY LIABILITIES
Account Sign & Amount DR/CR Account

TRADE PAYABLES

TRADE PAYABLES

+ 6 480
SALES INCOME (360 X 180/100) X 10 CR OUTPUT VAT

COST OF SALES - 3 600 DR


- 3 240
SALES INCOME (6 480 X 5/10) DR OUTPUT VAT

COST OF SALES + 1 800 CR


TRADE PAYABLES
FUEL EXPENSE - 900 DR

- 1 620
BAD DEBTS (1 863 X 100/115) DR OUTPUT VAT

BAD DEBTS - 500 DR


LIABILITIES
Sign & Amount DR/CR
+ 8 550
(171*50) DR

+ 6 156 CR

+ 972
(6 480 X 15/100) CR

- 486
(972 X 5/10) DR

- 8000 DR

- 243
(1 863 X 15/115) DR
Tx NO Description/ Account Debit Credit
1 Trade payables (African Leather) 8,550
(SOFP)
Inventory (SOFP) 7,435
Input VAT (SOFP) 1,115

2 Bank (SOFP) 4,874


Trade receivables (Truworth) 4,874
(SOFP)

3 Consumables on hand (SOFP) 960


Input VAT (SOFP) 144
Bank (SOFP) 1,104

3b Consumables (SOPL) 500


Consumables on hand (SOFP) 500

4 Inventories (SOFP) 5,353


Input VAT (SOFP) 803
Trade payables (O-la-la) 6,156
(SOFP)

5a Trade receivables (Rosebank 7,452


Boutique) (SOFP)
Sales (SOPL) 6,480
Output-VAT (SOFP) 972

5b Cost of sales (SOPL) 3,600


Inventories (SOFP) 3,600

6a Sales (SOPL) 3,240


Output VAT (SOFP) 486
Trade receivables (Rosebank 3,726
Boutique) (SOFP)

6b Inventories (SOFP) 1,800


Cost of sales (SOPL) 1,800

7 Trade payables (African Leather) 8,000


(SOFP)
Bank (SOFP) 8,000

8 Petrol expense/diesel (SOPL) 900


Bank (SOFP) 900

9 Vehicles (SOFP) 1,611


Input VAT (SOFP) 225
Bank (SOFP) 1,836

10 Bank (SOFP) 1,863


Trade receivables (Rosebank 1,863
Boutique) (SOFP)

11 Bad Debts (SOPL) 1,620


Output VAT (SOFP) 243
Trade receivables (Rosebank 1,863
Boutique) (SOFP)

12 Bad Debts (SOPL) 500


Allowance for doubtful debt 500
(SOFP)
(R10 000 * 5%)

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