Please help! QUESTION 2 (60 marks) The following transactions relate Zinzi Traders. The...

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QUESTION 2 (60 marks) The following transactions relate Zinzi Traders. The entity is registered for VAT and sells only for cash. All payments are made by cheque and a petty cash is kept for small payments. Unless otherwise stated, you can accept that all suppliers of goods and services to the entity are registered as VAT vendors and the VAT rate is 15%. Use your own document numbers. February 20.19: 1 Mr M Makwe started the entity and deposited R150 000 as capital, Into the entity's bank account 2 Bought furniture and equipment from Bombay Stores for R8 550 and paid by cheque. Purchased inventory from Moosa Wholesalers for R30 780 and paid by cheque. 4 Pald the monthly rental to Idibala Builders by cheque - R6 156. Sold goods for R5 472 (cost price R2 160) for cash. 7 Drew cash amounting to R750 to pay for paint 8 Bought stationery for R684 and paid by cheque. Cash sales - R8 208 (cost price R3 240). 10 Paid the painter, R Ngwenya, R210 for touch-up work done from petty cash. 11 Drew a cash cheque to pay wages, R1 215. Bought refreshments for R96 from KK Spaza Shop (not a VAT-vendor) and paid from petty cash. 16 Sold goods for R13 290 (cost price R4 455) for cash. Used money from the petty cash to buy postage stamps - R185 17 Sold goods with a cost price of R4 390 for R9 800 cash. 21 Paid by cheque for inventory, R10 260, purchased from Sugar Stores 22 Bought stationery from 2 Ngulube, a street vendor who is not registered for VAT, for R171 and paid from petty cash 25 Drew a cheque for R675 to pay wages. 28 Paid S Manzi his salary of R12 000 by cheque. 29 Cash sales - R9 405 (cost price R3 711). Paid the telephone account of R684 to MTN SA (Ltd)

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