Description
FAC1502 Assignment 3 2026 | Due 8 April 2026 – Distinction Guaranteed. KK Trading is a registered VAT vendor and makes use of the periodic inventory system.
The following information relates to K Mathi, one of the creditors of KK Trading.
K Mathi’s balance as per the trade payables ledger as at 30 June 2024 was R9 180.
The following information had not been considered in correcting of the trade payables ledger:
An invoice of R1 140 (VAT exclusive) in respect of goods purchased from K Mathi was erroneously omitted from the
purchases journal.
Required:
Prepare the corrected account of the creditor in the trade payables ledger
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. Only show the amount, do not show the “R” (eg: 1000)
4. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero (“0”)
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