Chapter 1: Theory - Consumo Publishersconsumo.co.za/wp-content/uploads/2015/07/Gr-9-Teachers... ·...

1

Chapter 1: Theory

Activity 1:

1 Why is Accounting important?

___Accounting is important because it forms the basis on which decisions about the future of the

business is taken. ___

2 Provide a definition of Accounting in your own words.

___ Accounting is the keeping of accurate records of all the information that has an effect on the financial

position of the business. This is done by the recording of all transactions in an orderly manner so that

financial statements can be prepared [the Statement of Comprehensive Income (Income Statement) and the

Statement of Financial Position (Balance Sheet)]. These statements are then analyzed and interpreted to

assist the management of the company to make better financial decisions and thus to manage the business

better.___

Activity 2:

1 Write a complete sentence to indicate when each of the following documents will be used:

Cheque counterfoil: ___The cheque counterfoil is the source document used to record company payments

made by cheque in the Cash Payments Journal.__

Cash Register roll: ___The Cash Register Roll (tape) is the source document used to record the daily cash

sales in the Cash Receipts Journal.__

Deposit slip: ___The deposit slip is the source document used to record amounts deposited into the

business's bank account in the Cash Receipts Journal.__

Receipt: __The duplicate receipt is the source document used to record cash received such as rental

payments and payments from debtors in the Cash Receipts Journal.___

2

2 Circle the correct words in the word maze below to complete the missing words in the

Accounting cycle.

… are used to record … that place in the different … At the end of the …, the totals in the CRJ

and CPJ are added up and posted to the …. A … is now prepared when the balances and

total of each account are used. Now follows the drafting and analysis of the …

m w c s g b m f v i q j m m b r c g g w

k g x s t h g i s u y q j l r j g f i r

r z v q o r q n t d t y c m e a u y a i

f s x k a u a a n a s n a u g x o e m k

u s k j o u r n a l s c e i d u r r m l

q l l z c z i c s h o o r b e a f c t c

o h s z e e m i e a x z h p l j g q j p

h q a v c e f a k d c l d h l k r a e c

m h p r q q n l y q o t e t a m v b e z

a o j m m r b s r l n c i n r q v i x m

q o t s y q m t t g q a u o e r x t w z

x g f r w o u a l f t o g m n r c v b v

y l x h x r a t t h s p j r e s y f u t

e g r p j t f e z g f n z p g n i g a i

w o t k z j t m i x w w l l b i t d c v

v o n c v f q e c n a l a b l a i r t j

i j v g p b q n p m u f o t o r g q n c

c v t i f p m t g g d d n a i i b f k f

h i i a d t b s a y k f j u j y q x t c

h o b r p x l h p p q g m u r p g k i m

3 Select the transaction in column A, which is the right one for the document in column B. Write

1 or 2 etc. in the answer column.

A TRANSACTION B DOCUMENT ANSWER

1 Buy Stationery on credit a CRR 3

2

Arrange an overdraft with the bank

manager b Duplicate receipt 6

3 Renders a service to a customer for cash c Bank Statement 5

4 Pay the manager's Salary d Cheque counterfoil 4

5

Owner deposits capital directly into

the bank account e Duplicate invoice 7

6 Receive rent from the tenant f No document 2

7 Sell goods on credit g Original invoice 1

3

Activity 3:

Classify the following as Owner’s equity, Non-current assets, Current assets, Non-current liabilities,

Current liabilities, Income or Expenses.

Fixed deposit __Non-current asset___

Vehicles __Non-current asset___

Cash float __Current asset___

Wages __Expense___

Inventory __Current asset___

Computers __Non-current asset___

Creditors control __Current liability___

Rental income __Income___

Drawings __Owner’s equity___

Advertising __Expense___

Bank __Current asset___

Debtors __Current asset___

Land and Buildings __Non-current asset ___

Trade creditors __Current liability___

Rent received __Income___

Revenue from services rendered __Income___

Capital __Owner’s equity___

Fixed deposit __Non-current asset ___

Interest on loan __Expense___

Salaries __Expense___

Stationery __Expense____

Equipment __Non-current asset ___

Insurance __Expense___

Mortgage: ABSA __Non-current liability ___

4

Activity 4:

1 Write in full: IFRS.

___International Financial Reporting Standards__

2 Write in full: GAAP.

___Generally Accepted Accounting Principles__

3 Indicate which of the GAAP principles apply:

3.1 That what is really important to understand the business's financial position better, must

be shown separately.

__Materiality concept___

3.2 No asset in the General Ledger may be shown at market value.

___Historical cost concept___

3.3 When the company's financial statements are done, it is always assumed that the business

will continue to exist in the immediate future.

__The continuing concern concept___

3.4 If the business still owes two months' rent at the end of the financial year it has to be included

in the Income Statement even though it is not paid yet.

__the Matching principle__

5

Chapter 2: Accounting Equation

Activity 5:

Complete the following sentences:

1 Assets increase on the __debit_ side.

2 Liabilities decrease on __debit_ side.

3 Owner's equity increases on the _credit_ side.

4 Income increase on the _credit_ side.

5 Expenses increase on the _debit_ side.

6 When income increases, Owner’s equity _increases_.

7 Owner’s equity _decreases_ as spending on expenses increases.

6

Activity 6:

No. Account

debited

Account

credited

ASSETS Owner’s EQUITY

LIABILITIES

+ - - + - +

1 Bank Capital 35 0000 35 0000

2 Rent expense Creditor’s control 28 000 28 000

3 Advertisement Bank 5 000 5 000

4 Bank Current income 50 0000 50 0000

5 Equipment Creditor’s control 10 700 10 700

6 Drawings Bank 500 500

7 Creditor’s control Bank 11 200 11 200

7

Activity 7:

No. Account

debited

Account

credited


LIABILITIES

+ - - + - +

1 Bank Interest received 300 300

2 Telephone Bank 1200 1200

3 Repairs & Maintenance Bank 15000 15000

4 Bank Current income 120000 120000

5 Bank Capital 300000 300000

6 Wages Bank 2000 2000

7 Refreshments Bank 8000 8000

8

Activity 8:

No. Account

debited

Account

credited


LIABILITIES

+ - - + - +

1 Advertisement Bank 12000 12000

2 Telephone Bank 4890 2890

Drawings 2000

3 Salaries Bank 10000 10000

4 Equipment Bank 15000 15000

5 Wages Bank 7000 7000

Advertisement Bank 15000 15000

Bank Current income 180000 180000

9

Activity 9:

No.

Account

debited

Account

credited


LIABILITIES

+ - - + - +

1 Trading Inventory Bank 5456 5456

2 Bank Loan: ABC Bank 75000 75000

3 Drawings Bank 5200 5500

Trading Inventory 300

4 Drawings Trading Inventory 1000 1000

5 Water and Electricity Bank 2550 2550

6 Petty cash Bank 600 600

7 Stationery Petty cash 45 45

10

Activity 10:

Transactions:

1 Receive R10 000 cash as rent income.

2 Buy trading stock valued at R15 500. Pay R5 500 cash and receive the balance on account.

3 Cash a cheque to pay wages of R6 000.

4 The owner contributes R50 000 as capital.

5 Receive training jerseys (Equipment) worth R2 000 as a donation.

6 The owner took R600 cash for his own use.

11

Chapter 3: General Ledger: Services business (Grade 8 review)

Activity 11:

General Ledger of Hip Hop Shop

Balance Sheet section

Capital B1

Feb 1 Balance b / d 400 000 -

28 Bank CRJ 25 000 -

425 000 -

Drawings B2


28 Bank CPJ 15 000 -

45 000

Loan: ABSA B3

Feb 28 Bank CPJ 15 000 - Feb 1 Balance b / d 60 000 -

Balance c / f 45 000 -

60 000 - 60 000 -

Mch 1 Balance b / d 45 000 -

Bank B4

Feb 1 Balance b / d 75 000 - Feb 28 Total Payments CPJ 95 000 -

28 Total Receipts CRJ 60 000 - Balance c / f 40 000 -

135 000 - 135 000 -


Equipment B5


28 Bank CPJ 52 000 -

152 000

12

Nominal section

Current Income N1

Feb 1 Total b / d 35 000 -

28 Bank CRJ 35 000 -

70 000 -

Stationery N2

Feb 1 Total b / d 11 000 -

28 Bank CPJ 13 000 -

24 000 -

13

Activity 12:

General Ledger of Big Mouth Party Organizers


Capital B1

Apr 1 Balance b / d 620 000 -

Drawings B2


30 Bank CPJ 22 000 -

45 000 -

Bank B3

Apr 1 Total receipts CRJ 225 000 - Apr 1 Balance b / d 5 000 -

30 Total payments CPJ 48 000 -

Balance c / f 172 000 -

225 000 - 225 000 -

May 1 Balance b / d 172 000 -

Nominal section

Current Income N1

Apr 1 Total b / d 105 000 -

30 Bank CRJ 220 000 -

325 000 -

Rent expense N2

Apr 1 Total b / d 16 000 -

30 Bank CPJ 15 000 -

31 000 -

Donation N3

Apr 5 Bank CRJ 5 000 -

Refreshments N4

Apr 1 Total b / d 11 000 -

30 Bank CPJ 6 000 -

17 000 -

14

Activity 13:

General Ledger of Gerda's Gymnasium


Capital

Jan 1 Balance b / d 990 000 -

2 Bank CRJ 105 000 -

109 5000 -

Drawings


15 Bank CPJ 780 -

23 780 -

Bank

Jan 1 Balance b / d 88 000 - Jan 31 Total payments CPJ 48 270 -

31 Total receipts CRJ 221 630 - Balance c / f 261 360 -

309 630 - 309 630 -


Equipment


31 Bank CPJ 27 350 -

117 350 -

Nominal section

Current Income

Jan 1 Total b / d 90 000 -

31 Bank CRJ 105 555 -

195 555 -

Water and Snacks

Jan 1 Total b / d 11 000 -

31 Bank CPJ 16 020 -

27 020 -

Rental income

Jan 1 Total b / d 25 000 -

8 Bank CRJ 10 500 -

35 500 -

Repairs & Maintenance

Jan 1 Total b / d 500 -

30 Bank CPJ 1 320 -

1 820 -

15

Chapter 4: Trade Enterprises

Activity 14:

cost Profit% selling price

R700 30% R910

R4000 50% R6 000

R18 000 66.67% R30 000

R30 33 ⅓% R40

R7 600 25% R9 500

R4 125 10% R4 537.50

R8 333.33 20% R10 000

R50 100% R100

R650 40% R910

R4 100 100% R8 200

R800 87.5% R1 500

R250 15% R287,50

R4 687.50 60% R7 500

R3 500 75% R6 125

R6 000 33

R8 000

16

Chapter 5: Trade Enterprises with credit transactions

Activity 15:

Creditor’s Journal of Fancy Franchiser for September 2015 CJ

Doc

D

Name of Creditor

Fol

Creditors control

Trading Inventory Equipment

Sundry

Amount Fol Details

F169 3 Dumbo Dealers C1 37 718 - 37 380 - 338 - Stationery

F170 16 Dumbo Dealers C1 8 555 - 8 555 -

F171 20 Zoo Moo C3 18 000 - 18 000 -

F172 27 Zoo Moo C3 1 950 - 1 950 - Advertisement

66 223 - 8 555 - 55 380 - 2 288 -

17

Creditor’s Allowance Journal of Fancy Franchiser for September 2015 CAJ

Doc

D

Name of Creditor

Fol

Creditors control


Sundry

Amount Fol Details

K111 11 Dumbo Dealers C1 3 120 - 3 120 -

K112 28 Zoo Moo Traders C3 195 - 195 - Advertisement

3 315 - 3 120 - 195 -

Cash Payments Journal of Fancy Franchiser for September 2015 CPJ

Doc

D

Details

Fol Bank

Trading Inventory

Creditors control

Sundry

Amount Fol Details

B/S 10 Zoo Moo Traders C3 19 455 - 19 455 -

209 12 Molefe's Shop C2 7 639 50 3 520 - 3 119 50 1 000 - Packaging

B/S 24 Molefe's Shop 2 500 - 2 500 - Stationery

B/S 29 Dumbo Dealers C1 1 000 - 1 000 -

30 594 50 3 520 - 23 574 50 3 500 -

18

Creditors Ledger of Fancy Franchiser

Dumbo Dealers C1

Date

Details Fol Debit (-)

Credit (+)

Balance

Sep 1 Account rendered (Balance) 20 125 -

3 Invoice F169 CJ 37 718 - 57 843 -

11 Credit Note K111 CAJ 3 120 - 54 723 -

16 Invoice F170 CJ 8 555 - 63 278 -

29 Bank statement CPJ 1 000 - 62 278 -

Molefe's Shop C2

Sep 1 Account rendered 31 195 -

12 Cheque 209 CPJ 3 119 50 28 075 50

Zoo Moo Traders C3

Sep 1 Account rendered 38 910 -


20 Invoice F171 CJ 18 000 - 37 455 -

27 Invoice F172 CJ 1 950 - 39 405 -

28 Credit Note K112 CAJ 195 - 39 210 -

General Ledger of Fancy Franchiser


Creditor’s control B1

Sep 30 Sundry Accounts CAJ 3 315 - Sep 1 Balance b / d 90 230 -

Bank CPJ 23 574 50 30 Sundry Accounts CJ 66 223 -

Balance c / f 129 563 50

156 453 156 453

Oct 1 Balance b / d 129 563 50

Trading Inventory B2

Sep 30 Creditor’s control CJ 8 555 -

Bank CPJ 3 520 -

12 075

19

Bank B3

Sep 30 Total payments CPJ 30 594 50

Equipment B4

Sep 30 Creditor’s control CJ 55 380 - Sep 30 Creditor’s control CAJ 3 120 -


55 380 - 55 380 -

Oct 1 Balance b / d 52 260 -

Nominal section

Advertisement N1

Sep 27 Creditor’s control CJ 1 950 - Sep 30 Creditor’s control CAJ 195 -

Total c / f 1 755 -

1 950 - 1 950 -

Oct 1 Total b / d 1 755 -

Stationery N2

Sep 3 Creditor’s control CJ 338 -

25 Bank CPJ 2 500 -

2 838 -

List of creditors on 30 September 2015

C1 Dumbo Dealers R62 278.00

C2 Molefe's Shop R28 075.50

C3 Zoo Moo Traders R39 210.00

20

Activity 16:

Creditor’s Journal of Bob Traders for March 2016 CJ

Doc

D

Name of Creditor

Fol

Creditors control


Sundry

Amount Fol Details

A96 11 Barnie's Traders C1 35 000 - 31 500 - 3 500 -

A97 16 Big Think Wholesalers C2 3 000 - 3 000 - Stationery

A98 21 Smart Shop C3 25 500 - 25 500 -

A99 25 Big Think Wholesalers C2 2 000 - 2 000 - Drawings

65 500 - 57 000 - 3 500 - 5 000 -

Creditor’s Allowance Journal of Bob Traders for March 2016 CAJ

Doc

D

Name of Creditor

Fol

Creditor’s control


Sundry

Amount Fol Details

21

Cash Payments Journal of Bob Traders for March 2016 CPJ

Doc

D

Payee

Fol Bank

Trading Inventory


Sundry

Amount Fol Details

201 3 Fine Suppliers 7 500 - 7 500 - Equipment

202 7 Smart Shop C3 22 500 - 22 500 -

B/S 16 Barnie's Traders C1 56 450 - 56 450 -

203 20 Cash 5 000 - 5 000 - Drawings

204 Big Think Wholesalers C2 19 250 - 19 250 -

205 28 Mini Mart 1 660 - 1 660 - Packaging

B/S 30 Big Think Wholesalers C2 400 - 400 -

B/S Smart Shop C3 25 500 - 25 500 -

138 260 - 124 100 - 14 160 -

22

Creditor’s Leger of Bob Traders

Barnie's Traders C1

Date


Credit (+)

B Balance


11 Invoice A96 CJ 35 000 - 112 900 -


Big Think Wholesalers C2


16 Invoice A97 CJ 3 000 - 19 250 -

20 Cheque 204 CPJ 19 250 - - -

25 Invoice A99 CJ 2 000 - 2 000 -

30 Bank statement CPJ 400 - 1 600 -

Smart Shop C3


7 Cheque 201 CPJ 22 500 - - -

21 Invoice A98 CJ 25 500 - 25 500 -

30 Bank statement CPJ 25 500 - - -

23

General Ledger of Bob Traders



Mch 31 Bank CPJ 124 100 - Mch 1 Balance b / d 116 650 -

Balance c / f 58 050 - 31 Sundry accounts CJ 65 500 -

182 150 - 182 150 -


Drawings B2

Mch 20 Bank CPJ 5 000 -

25 Creditor’s control CJ 2 000 -

7 000 -


Mch 31 Creditor’s control CJ 57 000 -

Bank B4

Mch 31 Total payments CPJ 138 260 -

Equipment B5

Mch 3 Bank CPJ 7 500 -

31 Creditor’s control CJ 3 500 -

11 000 -

List of Creditors on 31 March 2016

C1 Barnie's Traders R56 450

C2 Big Think Wholesalers R 1600

C3 Smart Shop R -

24

Activity 17:

Cash Payments Journal of Froggie Traders for December 2015 CPJ

Doc

D

Payee

Fol Bank

Trading Inventory


Sundry

Amount Fol Details

33 4 Chop's Shop C3 38 731 - 38 731 -

B/S 6 Mr. Froggie 18 110 - 18 110 - Drawings

34 9 Cash 2 500 - 2 500 - Wages

35 11 Tobie's Traders C1 6 000 - 4 000 - 2 000 - Packaging

B/S 13 Chop's Shop C3 3 500 - 3 500 -

36 16 Rambo Retailers C2 10 000 - 10 000 -


38 31 Cash 2 750 - 2 750 - Wages

150 844 - - - 125 484 - 25 360 -

25

Creditor’s Journal of Froggie Traders for December 2015 CJ

Doc

D

Name of Creditor

Fol



Sundry

Amount Fol Details

589 5 Rambo Retailers C2 10 900 - 10 900 - Advertisement

590 8 Chop's Shop C3 1 600 - 1 600 - Stationery

591 11 Tobie's Traders C1 22 950 - 22 950 -


593 21 Chop's stores C3 11 625 - 11 625 -

594 29 Tobie's Traders C1 3 695 - 3 695 - Packaging

84 660 - 45 515 - 22 950 - 16 195 -

Creditor’s Allowance Journal of Froggie Traders for December 2015 CAJ

Doc

D

Name of Creditor

Fol

Creditors control

Tading Inventory Equipment

Sundry

Amount Fol Details

159 6 Rambo Retailers C2 1 900 - 1 900 - - - - -

1 900 - 1 900 - - - - -

26

Creditor’s Ledger of Froggie Traders

Tobie's Traders C1

Date


Credit (+)

Balance

Dec 1 Balance b / d 45 128 -

11 Invoice 591 CJ 22 950 - 68 078 -

Cheque 35 CPJ 4 000 - 64 078 -

29 Invoice 594 CJ 3 695 - 67 773 -

Rambo Retailers C2


5 Invoice 589 CJ 10 900 - 47 263 -

6 Credit Note 159 CAJ 1 900 - 45 363 -

16 Cheque 36 CPJ 10 000 - 35 363 -

18 Invoice 592 CJ 33 890 - 69 253 -

19 Cheque 37 CPJ 69 253 - - -

Chop Shop C3


4 Cheque 33 CPJ 38 731 - - -

8 Invoice 590 CJ 4 000 - 4 000 -

13 Bank statement CPJ 3 500 - 500 -

21 Invoice 593 CJ 11 625 - 12 125 -

27

General Ledger of Froggie Traders



Dec 31 Bank CPJ 125 484 - Dec 1 Balance b / d 120 222 -

Balance c / f 79 398 - 31 Sundry Accounts CJ 84 660 -

204 882 - 204 882 -

Jan ‘16 1 Balance b / d 79 398 -


Dec 31 Creditor’s control CJ 56 415 -

Bank B3

Dec 31 Total payments CPJ 150 844 -

Equipment B4


Nominal section

Advertisement N1


Packaging N2

Dec 11 Bank CPJ 2 000 -

29 Creditor’s control CJ 3 695

5 695 -

List of Creditors on 31 December 2015

C1 Tobie's Traders R67 773

C2 Rambo Retailers R -

C3 Chop's Shop R12 125

28

Activity 18:

Questions to answer:

1 In what ledger section will the account be found?

__Balance Sheet section____________________________________

2 What must be filled in (1)?

__b / d_________________________________________________

3 Enter the contra account (2).

__Sundry accounts________________________________________

4 From which journal is (3) posted?

__Cash Payments Journal (CPJ)_______________________________

5 What must be filled in at (4)?

__c / f__________________________________________________

6 What else could possibly be entered on the debit side of Creditor’s control?

__Sundry accounts - (Returns) - CAJ___________________________

29

Activity 19:

Debtor’s Journal of Yellow Boathouse for March 2016 DJ

Doc D Details of Debtor Fol Sales Cost of sales

892 2 Diana Dippenaar D2 10 256 - 7 692 -

893 Zanele Moloi D3 8 055 - 6 713 -

894 10 Zanele Moloi D3 7 480 - 5 610 -

895 14 Diana Dippenaar D2 920 - 690 -

896 29 Gary Goossen D1 3 973 - 2 980 -

30 684 - 23 685 -

Debtor’s Allowance Journal of Yellow Boathouse for March 2016 DAJ

Doc D Details of Debtor Fol Debtor’s allowance

Cost of sales

111 9 Diana Dippenaar D2 900 - -

30

Cash Receipts Journal of Yellow Boathouse for March 2016 CRJ

Doc D Details Fol Analysis

of receipts

Bank Sales Cost of Sales

Debtor’s control

Sundry

Amount Fol Details

CRR 2 Cash sales 5 280 - 5 280 -

Cash sales 3 250 - 8 530 - 6 398 -

B/S 6 Mr. Yellow 102 000 - 102 000 - Capital

102 10 Gary Goossen D1 6 044 - 6 044 - 6 044 -

CRR 14 Cash sales 2 695 - 2 695 - 2 695 - 2 021 - 9 067 -

103 21 Gary Goossen D1 9 067 -

CRR Cash sales 10 589 - 19 656 - 10 589 - 7 942 -

B/S 26 Whole-in-one Estate Agency

3 600 - 3 600 - Rental income

142 525 - 21 814 - 16 361 - 15 111 - 105 600 -

31

Debtor’s Ledger of Yellow Boathouse

Gary Goossen D1

Date

Details Fol Debit (+)

Credit (-)

Balance


10 Receipt 102 CRJ 6 044 - 9 067 -

21 Receipt 103 CRJ 9 067 - - -

29 Invoice 896 DJ 3 973 - 3 973 -

Diana Dippenaar D2


2 Invoice 892 DJ 10 256 - 19 925 -

9 Credit Note 111 DAJ 900 - 19 025 -

14 Invoice 895 DJ 920 - 19 945 -

Zanele Moloi D3


2 Invoice 893 DJ 8 055 - 22 375 -

10 Invoice 894 DJ 7 480 - 29 855 -

General Ledger of Yellow Boathouse


Debtor’s control B1

Mch 1 Balance b / d 39 100 - Mch 31 Debtor’s allowance DJ 900 -

31 Sales DJ 30 684 - Bank CRJ 15 111 -


69 784 - 69 784 -



Mch 1 Balance b / d 75 000 - Mch 31 Cost of sales DJ 23 685 -

Cost of sales CRJ 16 361 -


75 000 - 75 000 -


Bank B3

Mch 31 Total receipts CRJ 142 525 -

32

Nominal section

Sales N1

Mch 31 Debtor’s control DJ 30 684 -

Bank CRJ 21 814 -

52 498 -

Debtor’s allowance N2

Mch 31 Debtor’s control DJ 900 -

Cost of Sales N3

Mch 31 Trading Inventory DJ 23 685 -

Trading Inventory CRJ 16 361 -

40 046 -

List of debtors on March 31, 2016

D1 Gary Goossen R 3 973

D2 Diana Dippenaar R19 945

D3 Zanele Moloi R29 855

33

Activity 20:

Debtor’s Journal of Fantastic Suppliers for November 2015 DJ


408 2 Manny Peters D2 9 650 - 4 386 -

409 9 Manny Peters D2 980 - 445 -

410 19 Debbie Naidoo D1 14 800 - 6 764 -

411 22 Paula Moloi D3 18 260 - 8 300 -

412 29 Debbie Naidoo D1 13 980 - 6 355 -

413 Manny Peters D2 8 200 - 3 727 -

65 870 - 29 977 -

Debtor’s Allowance Journal of Fantastic Suppliers for November 2015 DAJ


Cost of sales

14 8 Manny Peters D2 800 - - -

34

Cash Receipts Journal of Fantastic Suppliers for November 2015 CRJ


of receipts


Debtor’s Control

Sundry

Amount Fol Details

B/S 2 Fran Fantastic 36 000 - 36 000 - Capital

CRR Cash sales 8 620 - 8 620 - 8 620 - 3 918 -

CRR 6 Cash sales 1 530 - 1 530 - 1 530 - 695 -

B/S 9 Paula Moloi D3 22 000 - 22 000 -

B/S 19 ABSA 136 - 136 - Interest on current account

68 286 - 10 150 - 4 613 - 22 000 - 36 136 -

35

Debtor’s Ledger of Fantastic Suppliers

Debbie Naidoo D1

Date


Credit (-)

Balance

Nov 1 Balance b / d 17 695 -

19 Invoice 410 DJ 14 800 - 32 495 -

29 Invoice 412 DJ 13 980 - 46 475 -

Manny Peters D2


2 Invoice 408 DJ 9 650 - 41 995 -

8 Credit Note 14 DAJ 800 - 41 195 -

9 Invoice 409 DJ 980 - 42 175 -

29 Invoice 413 DJ 8 200 - 50 375 -

Paula Moloi D3


9 Bank Statement CRJ 22 000 - 19 560 -

22 Invoice 411 DJ 18 260 - 37 820 -

General Ledger of Fantastic Suppliers



Nov 1 Balance b / d 91 600 - Nov 30 Debtor’s allowance DAJ 800 -

30 Sales DJ 65 870 - Bank CRJ 22 000 -

Balance c / f 134 670 -

157 470 - 157 470 -



Nov 1 Balance b / d 102 000 - Nov 30 Cost of sales DJ 29 977 -



102 000 - 102 000 -


36

Bank B3

Nov 30 Total receipts CRJ 68 286 -

Nominal section

Sales N1

Nov 30 Debtor’s control DJ 65 870 -

Bank CRJ 10 150 -

76 020 -


Nov 30 Debtor’s control DAJ 800 -

Cost of Sales N3

Nov 30 Trading Inventory DJ 29 977 -


34 590 -

List of debtors on 30 November 2015

D1 Debbie Naidoo R46 475

D2 Manny Peters R50 375

D3 Paula Moloi R37 820

37

Activity 21:

Debtor’s Journal of Satara Shop for April 2015 DJ


101 6 M Pretorius D1 16 200 - 9 000 -

102 8 D Zuma D3 8 550 - 5 000 -

103 13 A Frank D2 539 - 280 -

104 21 A Frank D2 8 100 - 4 500 -

33 389 - 18 780 -

Debtor’s Allowance Journal of Satara Shop for April 2015 DAJ


Cost of sales

55 25 A Frank D2 1 440 - 800 -

38

Cash Receipts Journal of Satara Shop for April 2015 CRJ


of receipts


Debtor’s Control

Sundry

Amount Fol Details

85 7 A Frank D2 10 000 - 10 000 - 10 000 -

B/S 20 M Pretorius D1 5 558 - 5 558 -

CRR Cash sales 9 000 - 9 000 - 5 000 -

86 A Frank D2 9 774 - 18 774 - 9 774 -

87 30 D Zuma D3 33 400 - 33 400 - 33 400 -

67 732 - 9 000 - 5 000 - 58 732 -

39

Debtor’s Ledger of Satara Shops

M Pretorius D1

Date


Credit (-)

Balance


6 Invoice 101 DJ 16 200 - 27 790 -

20 Bank statement CRJ 5 558 - 22 232 -

A Frank D2


7 Receipt 85 CRJ 10 000 - 9 235 -

13 Invoice 103 DJ 539 - 9 774 -

20 Receipt 86 CRJ 9 774 - - -

21 Invoice 104 DJ 8 100 - 8 100 -

25 Credit Note 55 DAJ 1 440 - 6 660 -

D Zuma D3


8 Invoice 102 DJ 8 550 - 41 950 -

30 Receipt 87 CRJ 33 400 - 8 550 -

General Ledger of Satara Shops



Apr 1 Balance b / d 64 225 - Apr 30 Debtor’s allowance DAJ 1 440 -

30 Sales DJ 33 389 - Bank CRJ 58 732 -

Balance c / f 37 442

97 614 - 97 614 -



Apr 1 Balance b / d 82 000 - Apr 30 Cost of sales DJ 18 780 -

30 Cost of sales DAJ 800 - Cost of sales CRJ 5 000 -


82 800 - 82 800 -


40

Bank B3

Apr 30 Total receipts CRJ 67 732 -

Nominal section

Sales N1

Apr 30 Debtor’s control DJ 33 389 -

Bank CRJ 9 000 -

42 389 -


Apr 30 Debtor’s control DAJ 1 440 -

Cost of Sales N3

Apr 30 Trading Inventory DJ 18 780 - Apr 30

Trading Inventory DAJ 800 -

Trading Inventory CRJ 5 000 - Total c / f 22 980 -

23 780 - 23 780 -

May 1 Total b / d 22 980 -

List of debtors on 30 April 2015

D1 M Pretorius R22 232

D2 A Frank R 6 660

D3 D Zuma R 8 550

41

Activity 22:

Debtor’s Journal of Southbroom Shop for May 2015 DJ


368 1 Warm Waters Store D2 36 763 - 27 071 -

369 Sea Shell Manufacturers D3 51 895 - 38 214 -

370 4 Son-en-See Shop D1 12 106 - 8 914 -

371 13 Sea Shell Manufacturers D3 5 044 - 3 714 -

372 14 Son-en-See Shop D1 14 938 - 11 000 -

373 17 Hot Shop D2 36 763 - 27 071 -

374 21 Sea Shell Manufacturers D3 5 384 - 3 964 -

375 27 Son-en-See Shop D1 13 803 - 10 164 -

176 696 - 130 112 -

Debtor’s Allowance Journal of Southbroom Shop for May 2015 DAJ


Cost of sales

99 15 Son-en-See Shop D1 2 000 - - -

42

Cash Receipts Journal of Southbroom Shop for May 2015 CRJ


of receipts


Debtor’s Control

Sundry

Amount Fol Details

CRR 1 Cash sales 3 950 - 3 950 -

CRR Cash sales 4 560 - 8 510 - 6 085 -

212 10 Sea Shell Manufacturers

D3 34 350 - 34 350 -

CRR Cash sales 10 000 - 44 350 - 10 000 - 7 143 -

CRR 13 Cash sales 3 000 - 3 000 - 3 000 - 2 143 -

213 17 Son-en-See Shop D1 51 844 - 51 844 -

CRR Cash sales 15 600 - 67 444 - 15 600 - 11 143 -

214 30 Son-en-See Shop D1 1 380 - 1 380 -

215 Warm Waters Store D2 8 978 - 8 978 -

216 Sea Shell Manufacturers

D3 4 478 - 14 836 - 4 478 -

138 140 - 37 110 - 26 514 - 101 030 -

43

Debtor’s Ledger of Southbroom Shop

Son-en-See Shop D1

Date


Credit (-)

Balance


4 Invoice 370 DJ 12 106 - 38 906 -

14 Invoice 372 DJ 14 938 - 53 844 -

15 Credit Note 99 DAJ 2 000 - 51 844 -

17 Receipt 213 CRJ 51 844 - - -

27 Invoice 375 DJ 13 803 - 13 803 -

30 Receipt 214 CRJ 1 380 - 12 423 -

Warm Waters Shop D2


Invoice 368 DJ 36 763 - 53 021 -

17 Invoice 373 DJ 36 763 - 89 784 -

30 Receipt 215 CRJ 8 978 - 80 806 -

Sea Shell Manufacturers D3


Invoice 369 DJ 51 895 - 68 699 -

10 Receipt 212 CRJ 34 350 - 34 349 -

13 Invoice 371 DJ 5 044 - 39 393 -

21 Invoice 374 DJ 5 384 - 44 777 -

30 Receipt 216 CRJ 4 478 - 40 299 -

General Ledger of Southbroom Shop



May 1 Balance b / d 59 862 - May 31 Debtor’s control DAJ 2 000 -

31 Sales DJ 176 696 - Bank CRJ 101 030 -

Balance c / f 133 528 -

236 558 - 236 558 -

Jun 1 Balance b / d 133 528 -

44


May 1 Balance b / d 193 600 - May 31 Cost of sales DJ 130 112 -



193 600 - 193 600 -


Bank B3

May 31 Total receipts CRJ 138 140 -

Nominal section

Sales N1

May 31 Debtor’s control DJ 176 696 -

Bank CRJ 37 110 -

213 806 -


May 31 Debtor’s control DAJ 2 000 -

Cost of Sales N3

May 31 Trading Inventory DJ 130 112 -


156 626 -

List of debtors on 31 May 2015

D1 Sun and Sea Store R12 423

D2 Warm Waters Store R80 806

D3 Sea Shell Manufacturers R40 299

45

Activity 23:

General Ledger of Sterlig Traders



Feb 1 Balance b / d 95 621 - Feb 28 Bank CRJ 49 400 -

28 Sales DJ 67 500 - Debtor’s control DAJ 10 125 -

Balance c / f 103 596 -

163 121 - 163 121 -



Feb 1 Balance b / d 101 520 - Feb 28 Cost of sales CRJ 39 000 -

28 Bank CPJ 64 000 - Cost of sales DJ 50 000 -

Cost of sales DAJ 7 500 - Balance c / f 84 020 -

173 020 - 173 020 -


Bank B3

Feb 1 Balance b / d 95 620 - Feb 28 Total payments CPJ 140 000 -

28 Total receipts CRJ 182 700 - Balance c / f 138 320 -

278 320 - 278 320 -


Drawings B4


28 Bank CPJ 12 000 -

39 100 -

Loan: Capitec B5

Feb 28 Bank CPJ 18 000 - Feb 1 Balance b / d 21 900 -

Balance c / f 59 550 - 15 Bank CRJ 55 650 -

77 550 - 77 550 -


46

Nominal section

Sales N1

Feb 1 Total b / d 89 262 -

28 Bank CRJ 52 650 -

Debtor’s control DJ 67 500 -

209 412 -


Feb 28 Debtor’s control DAJ 10 125 -

Cost of Sales N3

Feb 1 Total b / d 66 120 - Feb 28 Trading Inventory DAJ 7 500 -

28 Trading Inventory CRJ 39 000 - Total c / f 147 620 -

Trading Inventory DJ 50 000 -

155 120 - 155 120 -

Mch 1 Total b / d 147 620 -

47

Activity 24:

1 What is the name of the contra account at (A)?

__Bank_____________________________________________

2 What is the name of the contra account at (B)?

__Debtors Control_____________________________________

3 What does the amount at (C) represent?

__Sales of the previous month/s___________________________

4 What does the amount at (D) represent?

__Cash sales for February 2010___________________________

5 What does the amount at (E) represent?

__Credit sales for February 2010_______________________

6 What account will be debited to cancel a sales transaction?

__Debtors allowance__________________________________

7 Why may the cost of damaged merchandise not be recorded in the Debtor’s Allowance

Journal?

__Damaged inventory can not be put back again on the shelves and can not be re-added to

Inventory.____________________________________________

48

Activity 25:

No. Account

debited

Account

credited


LIABILITIES

+ - - + - +

1 Debtor’s Control Sales 20000 20000

Cost of sales Trading Inventory 10000 10000



3 Bank Sales 12250 12250


4 Bank Sales 3000 3000




49

Activity 26:

No. Account

debited

Account

credited

ASSETS Owner’s

EQUITY

LIABILITIES

+ - - + - +



2 Bank Sales 9750 9750


3 Bank Sales 12000 12000






50

Activity 27:

No. Account

debited

Account

credited

ASSETS Owner’s

EQUITY

LIABILITIES

+ - - + - +

1 Debtor’s allowance Debtor’s Control 10 000 10 000

Trading Inventory Cost of sales 1 429 1 429


3 Bank Sales 19 800 19 800

Cost of sales Trading Inventory 9 000 9 000


5 Debtor’s Control Sales 46 500 46 500


51

Activity 28:

No. Account

debited

Account

credited

ASSETS Owner’s

EQUITY

LIABILITIES

+ - - + - +






4 Bank Debtor’s Control 3 000 3 000

52

Activity 29:

Cash Payments Journal of Woest Shops for April 2015 CPJ

Doc

D

Payee

Fol Bank

Trading Inventory


Sundry

Amount Fol Details

334 1 Fine Shops C2 27 725 - 27 725 -

B/S 28 Tip Top Traders C1 15 000 - 15 000 -

335 28 Fine Shops C2 14 500 - 14 500 -

B/S 30 Telkom 910 - 910 - Telephone

336 Above-Boss-Tenants 15 000 - 15 000 - Rent expense

73 135 - - - 57 225 - 15 910 -

53

Cash Receipts Journal of Woest Shops for April 2015 CRJ


of receipts


Debtor’s Control

Sundry

Amount Fol Details

CRR 1 Cash sales 5 620 - 5 620 - 3 513 -

155 G Kruger D1 1 560 - 7 180 - 1 560 -

CRR 9 Cash sales 8 000 - 8 000 - 8 000 - 5 000 -

156 30 H Harmse D2 22 090 - 22 090 -

CRR Cash sales 22 600 - 44 690 - 22 600 - 14 125 -

59 870 - 36 220 - 22 638 - 23 650 - - -

54

Creditor’s Journal of Woest Shops for April 2015 CJ

Doc

D

Name of Creditor

Fol



Sundry

Amount Fol Details

120 5 Fine Shops C1 44 000 - 44 000 -

121 15 Tip Top Traders C2 12 101 - 5 601 - Stationery

6 500 - Packaging

122 17 Tip Top Traders C2 11 000 - 11 000 -

67 101 - 44 000 - 11 000 - 12 101 -

Creditor’s Allowance Journal of Woest Shops for April 2015 CAJ

Doc

D

Name of Creditor

Fol

Creditor’s control Inventory Equipment

Sundry

Amount Fol Details

55 15 Fine Shops C2 15 000 - 15 000 -

55

Debtor’s Journal of Woest Shops for April 2015 DJ


222 3 H Harmse D2 6 890 - 3 828 -

223 9 G Kruger D1 6 890 - 3 828 -

224 17 G Kruger D1 4 375 - 2 431 -

225 H Harmse D2 3 000 - 1 667 -

21 155 - 11 754 -

Debtor’s Allowance Journal of Woest Shops for April 2015 DAJ

Doc D Details of Debtor Fol Debtors allowances

Cost of sales

23 6 H Harmse D2 2 000 - 1 111 -

24 29 G Kruger D1 689 - 383 -

2 689 - 1 494 -

Creditor’s Ledger of Woest Shops

Tip Top Traders C1

Date


Credit (+)

Balance


15 Invoice 121 CJ 12 101 - 41 361 -

17 Invoice 122 CJ 11 000 - 52 361 -


Fine Shops C2


Cheque 334 CPJ 27 725 - - -

5 Invoice 120 CJ 44 000 - 44 000 -

15 Credit Note 55 CAJ 15 000 - 29 000 -

28 Cheque 335 CPJ 14 500 - 14 500 -

56

Debtor’s Ledger of Woest Shops

G Kruger D1

Date


Credit (-)

Balance


Receipt 155 CRJ 1 560 - 34 840 -

9 Invoice 223 DJ 6 890 - 41 730 -

17 Invoice 224 DJ 4 375 - 46 105 -

29 Credit Note 24 DAJ 689 - 45 416 -

H Harmse D2


3 Invoice 222 DJ 6 890 - 21 090 -

6 Credit Note 23 DAJ 2 000 - 19 090 -

17 Invoice 225 DJ 3 000 - 22 090 -

30 Receipt 156 CRJ 22 090 - - -

General Ledger of Woest Shops



Apr 30 Bank CPJ 57 225 - Apr 1 Balance b / d 56 985 -

Sundry Accounts CAJ 15 000 - 30 Sundry Accounts CJ 67 101 -


124 086 124 086 -



Apr 1 Balance b / d 50 000 - Apr 30 Cost of sales CRJ 22 638 -

30 Creditor’s control CJ 44000 - Cost of sales DJ 11 754 -

Cost of sales DAJ 1 494 - Creditor’s control CAJ 15 000 -


95 494 - 95 494 -


57

Bank B3

Apr 30 Total receipts CRJ 59 870 - Apr 30 Total payments CPJ 73 135 -


73 135 - 73 135 -



Apr 1 Balance b / d 50 600 - Apr 30 Bank CRJ 23 650 -

30 Sales DJ 21 155 - Debtor’s allowance DAJ 2 689 -


71 755 - 71 755 -


Nominal section

Sales N1

Apr 1 Bank CRJ 36 220 -

30 Debtor’s control DJ 21 155 -

57 375 -

Cost of sales N2

Apr 30 Trading Inventory CRJ 22 638 - Apr 30 Trading Inventory DAJ 1 494 -


34 392 -

List of Creditors on 30 April 2015 List of debtors on 30 April 2015

C1 Tip Top R37 361 D1 G Kruger R45 416

C2 Fine Shops R14 500 D2 H Harmse R -

58

Activity 30:

Cash Payments Journal of Spookasem (Cotton Candy) Retailer for January 2016 CPJ

Doc

D

Details

Fol Bank

Trading Inventory


Sundry

Amount Fol Details

B/S 1 True Colours C3 3 910 - 3 910 -

102 7 Cash 1 000 - 1 000 - Wages

103 11 Liplekker Lekkers C2 2 488 - 2 488 -

104 14 Cash 1 100 - 1 100 - Wages

105 19 Cool Stuff C1 11 215 - 11 215 -

106 Flowers R Us 250 - 250 - Drawings

19 963 - 17 613 - 2 350 -

59

Cash Receipts Journal of Spookasem Retailer for January 2016 CRJ


of receipts


Debtor’s Control

Sundry

Amount Fol Details

CRR 1 Cash Sales 14 525 - 14 525 - 14 525 - 11 620 -

128 13 Wouter D3 6 675 - 6 675 -

CRR Cash Sales 2 370 - 9 045 - 2 370 - 1 896 -

23 570 - 16 895 - 13516 - 6 675 -

60

Creditor’s Journal of Spookasem Retailer for January 2016 CJ

Doc

D

Name of Creditor

Fol



Sundry

Amount Fol Details

18 5 Cool Stuff C1 5 450 - 5 450 -

19 Liplekker Lekkers C2 3 615 - 3 200 - 415 - Packaging

9 065 - 3 200 - 5 450 - 415 -

Creditor’s Allowances Journal of Spookasem Retailer for January 2016 CAJ

Doc

D

Name of Creditor

Fol



Sundry

Amount Fol Details

4 14 Liplekker Lekkers C2 300 - 300 -

300 - 300 -

61

Debtor’s Journal of Spookasem Retailer for January 2016 DJ


66 1 Dorris D2 5 654 - 5 140 -

67 5 Buks D1 850 - 680 -

6 504 - 5 820 -

Debtor’s Allowance Journal of Spookasem Retailer for January 2016

DAJ Doc D Details of Debtor Fol Debtor’s

allowance Cost of sales

81 8 Buks D1 100 - - -

82 13 Wouter D3 400 - 320 -

500 - 320 -

Creditor’s Ledger of Spookasem Retailer

Cool Stuff C1

Date


Credit (+)

Balance


5 Invoice 18 CJ 5 450 - 16 665 -

19 Cheque 105 CPJ 11 215 - 5 450 -

Liplekker Lekkers C2


5 Invoice 19 CJ 3 615 - 28 490 -

11 Cheque 103 CPJ 2 488 - 26 002 -

14 Credit Note 4 CAJ 300 - 25 702 -

62

True Colours C3


Bank statement CPJ 3 910 - - -

Debtor’s Ledger of Spookasem Retailer

Buks D1

Date


Credit (-)

Balance


5 Invoice 67 DJ 850 - 4 400 -

8 Credit Note 81 DAJ 100 - 4 300 -

Dorris D2


Invoice 66 DJ 5 654 - 18 754 -

Wouter D3


13 Receipt 128 CRJ 6 675 - 6 675 -

Credit Note 82 DAJ 400 - 6 275 -

63

General Ledger of Spookasem Retailer



Jan 31 Bank CPJ 17 613 - Jan 1 Balance b / d 40 000 -

Sundry accounts CAJ 300 - 31 Sundry accounts CJ 9 065 -


49 065 - 4 9065 -



Jan 1 Balance b / d 20 300 - Jan 31 Cost of sales CRJ 13 516 -

31 Creditor’s control CJ 3 200 - Cost of sales DJ 5 820 -

Cost of sales DAJ 320 - Creditor’s control CAJ 300 -


23 820 - 23 820 -


Bank B3

Jan 1 Balance b / d 31 100 - Jan 31 Total Payments CPJ 19 963 -


54 670 - 54 670 -



Jan 1 Balance b / d 30 000 - Jan 31 Bank CRJ 6 675 -

31 Sales DJ 6 504 - Debtor’s allowances DAJ 500 -


36 504 - 36 504 -


Nominal section

Sales N1

Jan 1 Total b / d 80 400 -

31 Bank CRJ 16 895 -


103 799 -

64

Cost of sales N2

Jan 1 Total b / d 30 200 - Jan 31 Trading Inventory DAJ 320 -

31 Trading Inventory CRJ 13 516 - Total c / f 49 216 -


49 536 - 49 536 -

Feb 1 Total b / d 49 216 -

List of Creditors on 31 January 2016 List of receivables on 31 January 2016

C1 Cool Stuff R 5 450 D1 Buks R 4 300

C2 Liplekker Lekkers R25 702 D2 Dorris R18 754

C3 True Colours R - D3 Wouter R 6 275

65

Activity 31:

Cash Payments Journal of Taai (Sticky) Fudge for August 2015 CPJ

Doc

D

Details

Fol Bank

Trading Inventory


Sundry

Amount Fol Details

B/S 8 Sweet Fudge C3 9 993 - 9 993 -

B/S 25 Strong Stuff 10 400 - 10 400 - Equipment

B/S 30 Strong Stuff C1 9 652 - 9 652 -

962 Ms Tinkerbell 750 - 750 - Drawings

30 795 - 19 645 - 11 150 -

66

Cash Receipts Journal of Taai Fudge for August 2015 CRJ


of receipts


Debtor’s Control

Sundry

Amount Fol Details

CRR 1 Cash Sales 9 850 - 9 850 - 9 850 - 6 793 -

123 10 Samuel Moodley D2 21 092 - 21 092 - 21 092 -

CRR 19 Cash Sales 11 775 - 11 775 - 11 775 - 8 121 -

B/S 30 Samuel Moodley D2 7 899 - 7 899 - 7 899 -

50 616 - 21 625 - 14 914 - 28 991 -

67

Creditor’s Journal of Taai Fudge for August 2015 CJ

Doc

D

Name of Creditor

Fol



Sundry

Amount Fol Details

894 1 Strong Stuff C1 10 225 - 9 025 - 1 200 - Packaging

10 225 - 9 025 - 1 200 -

Creditor’s allowances journal of Taai Fudge for August 2015 CAJ

Doc

D

Name of Creditor

Fol



Sundry

Amount Fol Details

685 26 Strong Stuff C1 500 - 500 - Packaging

500 - 500 -

68

Debtor’s Journal of Taai Fudge for August 2015 DJ


F752 1 Samuel Moodley D2 6 852 - 4 726 -

F753 8 Jack Jackson D1 6 900 - 5 229 -

F754 25 Samuel Moodley D2 26 330 - 18 159 -

F755 26 William Wise D3 9 775 - 6 741 -

49 857 - 34 855 -

69

Debtor’s Allowance Journal of Taai Fudge for August 2015 DAJ


Cost of sales

17 5 Samuel Moodley D2 1 450 - 1 000 -

1 450 - 1 000 -

Creditor’s Ledger of Taai Fudge

Strong Stuff C1

Date


Credit (+)

Balance

Aug 1 Balance b / d 9 652 -

Invoice 894 CJ 10 225 - 19 877 -

26 Credit Note 685 CAJ 500 - 19 377 -


Radical Ridge C2


Sweet Fudge C3



70

Debtor’s Ledger of Taai Fudge

Jack Jackson D1

Date


Credit (-)

Balance


8 Invoice F753 DJ 6 900 - 30 012 -

Samuel Moodley D2


Invoice F752 DJ 6 852 - 22 542 -

5 Credit Note 17 DAJ 1 450 - 21 092 -

10 Receipt 123 CRJ 21 092 - - -

25 Invoice F754 DJ 26 330 - 26 330 -

30 Bank statement CRJ 7 899 - 18 431 -

William Wise D3


26 Invoice F755 DJ 9 775 - 39 225 -

General Ledger of Taai Fudge



Aug 31 Bank CPJ 19 645 - Aug 1 Balance b / d 29 275 -

Sundry Accounts CAJ 500 - 31 Sundry Accounts CJ 10 225 -


39 500 - 39 500 -

Sep 1 Balance b / d 19 355 -

71


Aug 1 Balance b / d 168 233 - Aug 31 Cost of sales CRJ 14 914 -

31 Creditor’s control CJ 9 025 - Cost of sales DJ 34 855 -


178 258 - 178 258 -


Bank B3

Aug 1 Balance b / d 156 230 - Aug 31 Total Payments CPJ 30 795 -


206 846 - 206 846 -



Aug 1 Balance b / d 68 252 - Aug 31 Bank CRJ 28 991 -

31 Sales DJ 49 857 - Debtor’s allowances DAJ 1 450 -


118 109 - 118 109 -


Nominal section

Sales N1

Aug 31 Bank CRJ 21 625 -


71 482 -

Cost of sales N2

Aug 31 Trading Inventory CRJ 14 914 - Aug 31 Trading Inventory DAJ 1 000 -

Trading Inventory DJ 34 855 - Total c / f 48 769 -

49 769 - 49 769 -

Sep 1 Total b / d 48 769 -

List of creditors on 31 August List of debtors on 31 August

C1 Strong Stuff R9 725 D1 Jack Jackson R30 012

C2 Radical Ridge R9 630 D2 Samuel Moodley R18 431

QC Sweet Fudge R - D3 William Wise R39 225

72

Activity 32:

Creditor’s Ledger of Select Plants

Plant World C1

Date


Credit (+)

Balance


Invoice 873 CJ 30 850 - 42 202 -

7 Credit Note F11 CAJ 2 900 - 39 302 -

9 Invoice 874 CJ 27 200 - 66 502 -


Strong Trees C2


16 Invoice 875 CJ 7 187 - 22 485 -

18 Invoice 876 CJ 3 500 - 25 985 -

22 Invoice 877 CJ 26 856 - 52 841 -

73

Debtor’s Ledger of Select Plants

Fanie Fourie D1

Date


Credit (-)

Balance


8 Invoice 666 DJ 1 450 - 10 650 -

13 Credit Note 138 DAJ 290 - 10 360 -

30 Invoice 670 DJ 3 800 - 14 160 -

Walter Crouse D2


Invoice 665 DJ 1 148 - 22 998 -

28 Invoice 669 DJ 1 380 - 24 378 -

Nico Nel D3


20 Invoice 668 DJ 1 900 - 23 150 -

21 Credit Note 139 DAJ 100 - 23 050 -

25 Receipt 205 CRJ 4 250 - 18 899 -

30 Invoice 671 DJ 2 560 - 21 459 -

Kim Opperman D4

Jun 13 Invoice 667 DJ 800 - 800 -

74

Chapter 6: Trial Balance and Year-end transactions

Activity 33:

Trial balance of Vlooimark (Flea Market) Shops on 30 June 2015

Fol Debit Credit

Balance Sheet Accounts

Capital B1 700 000

Drawings B2 690 00

Land and Buildings B3 350 000

Vehicles B4 210 000

Equipment B5 190 000

Trading Inventory B6 88 525

Debtor’s Control B7 95 000

Bank B8 69 345

Petty cash B9 2 000

Cash float B10 5 400

Mortgage: ABSA B11 200 000

Creditor’s Control B12 82 000

Nominal accounts

Sales N1 740 000

Cost of sales N2 400 000

Rental income N3 25 000

Packaging N4 35 000

Salaries N5 175 500

Stationery N6 11 230

Advertisement N7 26 000

Interest on mortgage loan N8 20 000

1 747 000 1 747 000

Question: Calculate the interest rate paid on the loan. Show your calculation.

x 100 = 10% per year

75

Activity 34:

Trial balance of Red Reindeer Shop on 28 February 2016

Fol Debit Credit

Balance Sheet Accounts

Capital B1 185 0000

Drawings B2 111 125

Land and Buildings B3 600 900

Vehicles B4 350 690

Equipment B5 310 205

Fixed deposit: XYZ B6 125 000

Trading Inventory B7 148 525

Debtor’s Control B8 63 258

Bank B9 111 352

Petty cash B10 1 200

Cash float B11 5 212

Creditor’s Control B12 35 256

Nominal accounts

Sales N1 521 900

Cost of sales N2 260 950

Interest on Fixed deposit N3 18 750

Rent expense N4 36 000

Advertisement N5 34 112

Salaries N6 245 100

Stationery N7 10 154

Packaging N8 12 123

2 425 906 2 425 906

76

Activity 35:

Statement of Comprehensive Income of Blue Traders for the year ended on 31 May 2016

Sales (Revenue) 800 000

Cost of sales (300 000)

Gross profit 500 000

Other operating income 55 600

Rental income 55 600

Gross operating income 555 600

Operating expenses (230 710)

Advertisement 23 560

Wages 95 600

Fuel 6 000

Stationery 18 200

Telephone 9 300

Insurance 11 250

Water and electricity 66 800

Operating profit / (loss) 324 890

Interest income 2 010

Profit / (loss) before interest expense 326 900

Interest expense (16 250)

Net profit / (loss) for the year 310 650

77

Statement of Financial Position of Blue Traders as at 31 May 2016

ASSETS

Non-current assets 846 530 -

Tangible assets 1. 846 530 -

Financial assets - -

Current assets 578 350 -

Stock 402 350 -

Trade and receivables 90 000 -

Cash and cash equivalents 2. 86 000 -

TOTAL ASSETS 1 424 880 -

EQUITY and LIABILITIES

Owner’s Equity 3. 1 234 650 -

Non current liabilities 125 000 -

Mortgage: GFD Bank 125 000 -

Current liabilities 65 230 -

Trade and payables 65 230 -

TOTAL EQUITY and LIABILITIES 1 424 880 -

Notes to the Statement of Financial Position

1. Tangible assets:

Land and Buildings 290 000

Vehicles 194 278

Equipment 362 252

846 530

2. Cash and cash equivalents:

Bank 82 500

Petty cash 2 500

Cash float 1 000

86 000

78

3. Owner’s Equity

Opening 950 000

+ Additional capital -

+ Net profit for the year 310 650

Drawings (26 000)

Ending Balance 1 234 650

Activity 36:

Statement of Comprehensive Income of Pink Lion Traders for the year ended on 31 December

2015

Sales 920 000

Less: Cost of sales (471 790)


Other operating income 39 555




Advertisement 6 820

Wages 5 600

Fuel 14 600

Salaries 145 010

Stationery 6 320

Telephone 24 000

Insurance 26 000



Interest income 5 100

Profit / (loss) before interest expense 227 615



79

Statement of Financial Position of Pink Lion Traders as at 31 December 2015

ASSETS



Financial assets 85 000 -


Stock 102 620 -



TOTAL ASSETS 949 815 -

EQUITY and LIABILITIES

Owner’s equity 3. 809 355 -

Non current liabilities - -

- - -


Overdraft 55 000 -


TOTAL EQUITY and LIABILITIES 949 815 -


1. Tangible assets:


Vehicles 320 350

Equipment 99 715

720 715


Petty cash 2 000

Cash float 2 500

4 500

3. Ownership interest:

Opening 600 555

Additional capital -

Drawings (15,690)

Net profit for the year 224 490

809355

80

Activity 37:

General Journal of Blue Traders for May 2016 GJ

May 31 Dt Sales N1 800 000

Ct Trading Account C1 800 000

Closing transfer

Dt Trading Account C1 300 000

Ct Cost of Sales N2 300 000

Closing transfer

Dt Trading Account C1 500 000

Ct Profit and loss account C2 500 000

Closing transfer

Dt Rental Income N4 55 600

Dt Interest on current account N7 2 010

Ct Profit and loss account C2 57 610

Closing transfer

Dt Profit and loss account C2 246 960

Ct Advertisement N3 23 560

Ct Wages N5 95 600

Ct Fuel N6 6 000

Ct Interest on loan N8 16 250

Ct Stationery N9 18 200

Ct Phone N10 9 300

Ct Insurance N11 11 250

Ct Water and electricity N12 66 800

Closing transfer

Dt Profit and loss account C2 310 650

Ct Capital B1 310 650

Closing transfer

Dt Capital B1 26 000

Ct Drawings B2 26 000

Closing transfer

81

General Ledger of Blue Traders

Capital

May 31 Drawings GJ 26 000 - May 31 Balance b / d 950 000 -

Balance c / f 1 234 650 - Profit and loss account GJ 310 650 -

1 260 650 1 260 650 -

Jun 1 Balance b / d 1 234 650 -

Drawings

May 31 Balance b / d 26 000 - May 31 Capital GJ 26 000 -

Sales

May 31 Trading Account GJ 800 000 - May 31 Total b / d 800 000 -

Cost of sales

May 31 Total b / d 300 000 - May 31 Trading Account GJ 300 000 -

Advertisement

May 31 Total b / d 23 560 - May 31 Profit and loss account GJ 23 560 -

Rental income

May 31 Profit and loss account GJ 55 600 - May 31 Total b / d 55 600 -

Wages


Fuel


Interest on current account

May 31 Profit and loss account GJ 2 010 - May 31 Total b / d 2 010 -

Interest on loan: GFD Bank


Stationery


82

Telephone


Insurance


Water and electricity


Trading Account

May 31 Cost of Sales GJ 300 000 - May 31 Sales GJ 800 000 -

Profit and loss account GJ 500 000 -

800 000 - 800 000 -

Profit and loss account

May 31 Sundry accounts GJ 246 960 - May 31 Trading Account GJ 500 000 -

Capital GJ 310 650 - Sundry accounts GJ 57 610 -

557 610 - 557 610 -


Entries directly into the ledger

May 31 Advertisement GJ 23 560 - May 31 Trading Account GJ 500 000 -

Wages GJ 95 600 - Rental income GJ 55 600 -

Fuel GJ 6 000 - Interest on current account GJ 2 010 -

Interest on loan GJ 16 250 -

Stationery GJ 18 200 -

Telephone GJ 9 300 -

Insurance GJ 11 250 -

Water and electricity GJ 66 800 -

Capital GJ 310 650 -

557 610 - 557 610 -

83

Activity 38:

General Journal of Pink Lion Traders for December 2015 GJ

Dec 31 Dt Sales 920 000

Ct Trading Account 920 000

Closing transfer

Dt Trading Account 471 790

Ct Cost of Sales 471 790

Closing transfer

Dt Trading Account 448 210

Ct Profit and loss account 448 210

Closing transfer

Dt Rental Income 39 555

Interest on fixed deposits 5 100

Ct Profit and loss account 44 655

Closing transfer

Dt Profit and loss account 268 375

Ct Advertisement 6 820

Wages 5 600

Fuel 14 600

Interest on overdraft 3 125

Salaries 145 010

Stationery 6 320

Telephone 24 000

Insurance 26 000


Dt Profit and loss account 224 490

Ct Capital 224 490

Closing transfer

Dt Capital 15 690

Ct Drawings 15 690

Closing transfer

84

General Ledger of Pink Lion Traders

Capital

Dec 31 Drawings GJ 15 690 - Dec 31 Balance b / d 600 555 -

Balance c / f 809 355 - Profit and loss account GJ 224 490 -

825 045 - 825 045 -


Drawings

Dec 31 Balance b / d 15 690 - Dec 31 Capital GJ 15 690 -

Sales

Dec 31 Trading Account GJ 920 000 - Dec 31 Total b / d 920 000 -

Cost of sales

Dec 31 Total b / d 471 790 - Dec 31 Trading Account GJ 471 790 -

Rental income

Dec 31 Profit and loss account GJ 39 555 - Dec 31 Total b / d 39 555

Interest on fixed deposits

Dec 31 Profit and loss account GJ 5 100 - Dec 31 Total b / d 5 100 -

Advertisement

Dec 31 Total b / d 6 820 - Dec 31 Profit and loss account GJ 6 820 -

Wages


Fuel


Interest on overdraft


Salaries


85

Stationery


Telephone


Insurance


Water and electricity


Trading Account

Dec 31 Cost of sales GJ 471 790 - Dec 31 Sales GJ 920 000 -

Profit and loss account GJ 448 210 -

920 000 - 920 000 -

Profit and Loss

Dec 31 Sundry accounts GJ 268 375 - Dec 31 Trading Account GJ 448 210 -

Capital GJ 224 490 - Sundry accounts GJ 44 655

492 865 - 492 865 -


Entries directly into the ledger

May 31 Advertisement GJ 6 820 - May 31 Trading Account GJ 448 210 -

Wages GJ 5 600 - Rental income GJ 39 555 -

Fuel GJ 14 600 - Interest on fixed deposits GJ 5 100 -

Interest on overdraft GJ 3 125 -

Stationery GJ 6 320 -

Telephone GJ 24 000 -

Insurance GJ 26 000 -

Water and electricity GJ 36 900 -

Capital GJ 224 490 -

492 865 - 492 865 -

86

Chapter 8: Petty Cash

Activity 39:

Petty Journal of Fabulous Sweets for May 2016 PCJ

Doc

D

Details

Fol Petty cash Refreshments Stationery

Sundry

Amount Fol Details

100 3 Cash 260 - 260 - Debtor’s control: K Koekemoer

101 8 Cash 300 - 300 - Drawings

102 15 Pick 'n Pay 165 - 165 -

103 16 SPCA 300 - 300 - Donation

104 24 Tinkerbell Home Industry 299 - 200 -

1324 - 365 - 860 -

Cash Payments Journal of Fabulous Sweets for May 2016 CPJ

Doc

D

Details

Fol Bank Inventory Creditors

Sundry

Amount Fol Details

198 1 Cash 1 456 - 1 456 - Petty cash

215 31 Cash 1 324 - 1 324 - Petty cash

2 780 - 2 780 -

87

General Ledger of Fabulous Sweets


Bank B1

May 1 Balance b / d 36 250 - May 31 Total payments CPJ 2 780 -

Petty cash B2

May 1 Balance b / d 44 - May 31 Total payments PCJ 1 324 -

Bank CPJ 1 456 - Balance c / f 1 500 -

31 Bank CPJ 1 324 -

2 824 - 2 824 -


88

Activity 40:

Petty cash Journal of Jump, Hop and Skip Shop for February 2016 PCJ

Doc

D

Details


Sundry

Amount Fol Details

965 11 Checkers 85 - 85 -

966 14 Cash 140 - 140 - Wages

967 19 Cash 190 - 190 - Postage

968 25 CNA 320 - 320 -

735 - 85 - 320 - 330 -

Cash Payments Journal of Jump, Hop and Skip Shop for February 2016 CPJ

Doc

D

Details

Fol Bank

Trading Inventory Creditors

Sundry

Amount Fol Details

980 1 Cash 1 000 - 1 000 - Petty cash

991 28 Cash 735 - 735 - Petty cash

1 735 - 1 735 -

89

General Ledger of Jump, Hop and Skip Shop


Bank B1


28 Total payments CPJ 1 735 -

4 785 -

Petty cash B2

Feb 1 Balance b / d 1 390 - Feb 28 Total payments PCJ 735 -

Bank CPJ 1 000 - Balance c / f 2 390 -

28 Bank CPJ 735 -

3 125 - 3 125 -


90

Activity 41:

Petty cash Journal of XYZ Traders for June 2016 PCJ

Doc

D

Details


Sundry

Amount Fol Details

333 6 Shoprite 96 - 96 - Consumables

334 16 Beautiful Flower Shop 299 - 299 - Staff expenses: Gifts

335 26 Shell Garage 120 - 120 - Fuel

336 27 Cash 50 - 50 - Debtor’s Control

565 - 565 -

Cash Payments Journal of XYZ Traders for June 2016 CPJ

Doc

D

Details

Fol Bank

Trading Inventory

Creditor’s Control

Sundry

Amount Fol Details

493 30 Cash 565 - 565 - Petty cash

565 - 565 -

91

General Ledger of XYZ Traders


Bank B1

Jun 1 Balance b / d 13 555 - Jun 30 Petty cash CPJ 565 -


13 555 - 13 555 -

Jul 1 balance b / d 12 990 -

Petty cash B2

Jun 1 Balance b / d 4 000 - Jun 30 Total payments PCJ 565 -

30 Bank CPJ 565 - Balance c / f 4 000 -

4 565 - 4 565 -

Jul 1 Balance b / d 4 000

92

Chapter 9: Revision activities

Activity 42:

No. Account

debited

Account

credited

ASSETS Owner’s

EQUITY

LIABILITIES

+ - - + - +

1 Bank Capital 75 000 75 000

2 Bank Loan: FNB 36 000 36 000

3 Drawings Petty cash 510 510

4 Equipment Creditor’s control 15 000 15 000

5 Trading Inventory Bank 36 000 36 000

6 Trading Inventory Creditor’s control 7 800 7 800

93

Activity 43:

No. Account

debited

Account

credited

ASSETS Owner’s

EQUITY

LIABILITIES

+ - - + - +

1 Water and electricity Bank 3 400 3 400

2 Loan: Nedbank Bank 15 000 15 000

3 Wages Bank 3 200 3 200


5 Petty cash Bank 1 000 1 000

6 Wages Bank 1 500 1 500

7 Bank Debtor’s Control 4 100 4 100

8 Debtor’s allowance Debtor’s Control 650 650

Trading Inventory Cost of sales 400 400

94

Activity 44:

No. Account

debited

Account

credited

ASSETS Owners’

EQUITY

LIABILITIES

+ - - + - +

1 Bank Interest on current account 36 36

2 Bank Fixed deposit: ABSA 15 150 14 000

Interest on fixed deposit 1 150

3 Bank Sales 9 425 9 425


4 Debtor’s Control Current income 2 500 2 500

5 Advertisement Bank 10 000 10 000


7 Debtor’s Control Petty cash 150 150

95

Activity 45:

No. Account

debited

Account

credited

ASSETS Owner’s

EQUITY

LIABILITIES

+ - - + - +

1 Bank Capital 650 000 650 000

2 Bank Sales 33 840 33 840


3 Equipment Bank 8 600 8 600

4 Bank Rental income 3 890 3 890


6 Vehicles Creditor’s control 150 000 150 000

7 Drawings Bank 38 200 38 200

8 Creditor’s control Trading Inventory 17 825 17 825

96

Activity 46:

No. Account

debited

Account

credited

ASSETS Owner’s

EQUITY

LIABILITIES

+ - - + - +

1 Bank Capital 250 000 250 000

2 Stationery Bank 2 000 2 000

3 Telephone Bank 2 500 1 500

Drawings 1 000






7 Salaries Bank 18 950 18 950

97

Activity 47:

No. Account

debited

Account

credited

ASSETS Owners’

EQUITY

LIABILITIES

+ - - + - +

1 Bank Capital 100 000 100 000

2 Advertisement Creditor’s control 4 860 4 860



4 Packaging Creditor’s control 900 900


6 Rent expense Bank 12 000 12 000

7 Bank Debtor’s Control 360 360

98

Activity 48:

No. Account

debited

Account

credited

ASSETS Owner’s

EQUITY

LIABILITIES

+ - - + - +

1 Drawings Trading Inventory 350 350

2 Refreshments Petty cash 150 150

3 Creditor’s control Trading Inventory 4 000 4 000

4 Stationery Bank 980 980

5 Bank Loan: FNB 28 000 28 000

6 Loan: FNB Bank 5 000 5 000

7 Debtor’s Control Petty cash 80 80

99

Activity 49:

General Ledger of Swartwoud (Black Forest) Traders



Jan 31 Bank CPJ 35 615 - Jan 1 Balance b / d 176 100

Sundry accounts CAJ 22 000 - 31 Sundry accounts CJ 210 890 -

Balance c / f 329 375 -

386 990 - 386 990 -



Jan 1 Balance b / d 720 125 - Jan 31 Cost of sales DJ 306 000 -

31 Creditor’s control CJ 202 124 - Cost of sales CRJ 162 300 -

Bank CPJ 401 258 - Creditor’s control CAJ 20 000 -


1 353 507 - 1 353 507 -


Bank B3

Jan 31 Total Receipts CRJ 396 359 - Jan 1 Balance b / d 96 215 -

Balance c / f 149 979 - 31 Total Payments CPJ 450 123 -

546 338 - 546 338 -



Jan 1 Balance b / d 98 552 - Jan 31 Bank CRJ 112 334 -

31 Sales DJ 535 500 - Debtor’s allowance DAJ 52 500 -

Balance c / f 469 218 -

634 052 - 634 052 -


100

Nominal section

Sales N1

Jan 1 Total b / d 1 575 000 -

31 Debtor’s Control DJ 535 500 -

Bank CRJ 284 025 -

2 394 525 -

Cost of sales N2

Jan 1 Total b / d 900 000 - Jan 31 Trading Inventory DAJ 30 000 -

31 Trading Inventory DJ 306 000 -

Trading Inventory CRJ 162 300

1 368 300 -

Stationery N3

Jan 1 Total b / d 7 039 - Jan 31 Creditor’s control CAJ 2 000 -

31 Creditor’s control KJ 8 766 - Total c / f 27 055 -

Bank CPJ 13 250 -

29 055 - 29 055 -

Feb 1 Total b / d 27 055 -

101

Activity 50:

Statement of Comprehensive Income of Snappy Traders for the year ended 31 March 2015

Sales 648 000



Other Operating Income 107 000




Advertisement 23 650

Fuel 8 252


Salaries 109 020

Stationery 3 890

Telephone 8 984

Packaging 2 370

Insurance 16 800


Interest income -

Profit before Interest expense 185 776



102

Statement of Financial Position of Snappy Traders as at 31 March 2015

ASSETS





Stock 265 000 -



TOTAL ASSETS 1 743 470 -

EQUITY AND LIABILITIES

Owners’s Equity 3. 1 528 370 -


Loan: African Bank 180 000 -



TOTAL EQUITY AND LIABILITIES 1 743 470 -


1. Tangible assets:


Vehicles 120 000

Equipment 110 000

930 000


Bank 512 070

Savings account 3 500

Petty cash 800

Cash float 3 700

520 070

103

3. Owner’s Equity:

Opening 1 335 000

Plus: Additional contributions 65 000

Plus: Net profit 153 370

Less: Drawings (25 000)

Ending balance 1 528 370

Activity 51:

Statement of Comprehensive Income of Hick & Hock Traders for the year ended 30 June 2015

Sales 210 392







Wages 10 800


Salaries 35 000

Stationery 4 788

Telephone 1 692


Interest income -


Interest expense -


104

Statement of Financial Position of Hick & Hock Traders as at 30 June 2015

ASSETS





Stock 16 280 -





Owner’s Equity 3. 253 210 -

Non current liabilities - -

- -



TOTAL EQUITY AND LIABILITIES 268 010 -


1. Tangible assets:


Vehicles 51 800

Equipment 23 650

175 450


Bank 2 385

Petty cash 50

2 435

105


Opening balance 140 000

Additional contributions 60 000


Drawings (11 790)

Ending Balance 253 210

Activity 52:

Statement of Comprehensive Income of Dapper Muis (Brave Mouse) Traders for the year ended

30 June 2016

Sales 720 900







Wages 57 988


Salaries 66 220

Stationery 7 895

Telephone 12 568


Interest income 681




106

Statement of Financial Position of Dapper Muis Traders as at 30 June 2016

ASSETS





Stock 58 560 -





Owner’s Equity 3. 351 775 -


Mortgage: ABSA 75 350 -



TOTAL EQUITY AND LIABILITIES 460 710 -


1. Tangible assets:

Land and Buildings 100000

Vehicles 98920

Equipment 102180

301100


Bank 72825

Petty cash 1250

Cash float 2250

76 325

107


Opening balance 191 000

Additional contributions -


Drawings (2 350)

Ending Balance 351 775

Activity 53:

1. c

2. b

3. d

4. a

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