Post on 21-May-2020
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
ASSETS Owner’s EQUITY
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
ASSETS Owner’s EQUITY
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
ASSETS Owner’s EQUITY
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
Feb 1 Balance b / d 30 000 -
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 -
Mch 1 Balance b / d 40 000 -
Equipment B5
Feb 1 Balance b / d 100 000 -
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
Balance Sheet section
Capital B1
Apr 1 Balance b / d 620 000 -
Drawings B2
Apr 1 Balance b / d 23 000 -
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
Balance Sheet section
Capital
Jan 1 Balance b / d 990 000 -
2 Bank CRJ 105 000 -
109 5000 -
Drawings
Jan 1 Balance b / d 23 000 -
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 -
Feb 1 Balance b / d 261 360 -
Equipment
Jan 1 Balance b / d 90 000 -
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
Trading Inventory Equipment
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 -
10 Bank statement CPJ 19 455 - 19 455 -
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
Balance Sheet section
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 -
Balance c / f 52 260 -
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
Trading Inventory Equipment
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
Trading Inventory Equipment
Sundry
Amount Fol Details
21
Cash Payments Journal of Bob Traders for March 2016 CPJ
Doc
D
Payee
Fol Bank
Trading Inventory
Creditor’s control
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
Details Fol Debit (-)
Credit (+)
B Balance
Mch 1 Balance b / d 77 900 -
11 Invoice A96 CJ 35 000 - 112 900 -
16 Bank statement CPJ 56 450 - 56 450 -
Big Think Wholesalers C2
Mch 1 Balance b / d 16 250 -
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
Mch 1 Balance b / d 22 500 -
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
Balance Sheet section
Creditor’s control B1
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 -
Apr 1 Balance b / d 58 050 -
Drawings B2
Mch 20 Bank CPJ 5 000 -
25 Creditor’s control CJ 2 000 -
7 000 -
Trading Inventory B3
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
Creditor’s control
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 -
37 19 Rambo Retailers C2 69 253 - 69 253 -
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
Creditor’s control
Trading Inventory Equipment
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 -
592 18 Rambo Retailers C2 33 890 - 33 890 -
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
Details Fol Debit (-)
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
Dec 1 Balance b / d 36 363 -
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
Dec 1 Balance b / d 38 731 -
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
Balance Sheet section
Creditor’s control B1
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 -
Trading Inventory B2
Dec 31 Creditor’s control CJ 56 415 -
Bank B3
Dec 31 Total payments CPJ 150 844 -
Equipment B4
Dec 31 Creditor’s control CJ 22 950 -
Nominal section
Advertisement N1
Dec 5 Creditor’s control CJ 10 900 -
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
Mch 1 Balance b / d 15 111 -
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
Mch 1 Balance b / d 9 669 -
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
Mch 1 Balance b / d 14 320 -
2 Invoice 893 DJ 8 055 - 22 375 -
10 Invoice 894 DJ 7 480 - 29 855 -
General Ledger of Yellow Boathouse
Balance Sheet section
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 -
Balance c / f 53 773 -
69 784 - 69 784 -
Apr 1 Balance b / d 53 773 -
Trading Inventory B2
Mch 1 Balance b / d 75 000 - Mch 31 Cost of sales DJ 23 685 -
Cost of sales CRJ 16 361 -
Balance c / f 34 954 -
75 000 - 75 000 -
Apr 1 Balance b / d 34 954 -
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
Doc D Details of Debtor Fol Sales Cost of sales
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
Doc D Details of Debtor Fol Debtor’s allowance
Cost of sales
14 8 Manny Peters D2 800 - - -
34
Cash Receipts Journal of Fantastic Suppliers for November 2015 CRJ
Doc D Details Fol Analysis
of receipts
Bank Sales Cost of Sales
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
Details Fol Debit (+)
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
Nov 1 Balance b / d 32 345 -
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
Nov 1 Balance b / d 41 560 -
9 Bank Statement CRJ 22 000 - 19 560 -
22 Invoice 411 DJ 18 260 - 37 820 -
General Ledger of Fantastic Suppliers
Balance Sheet section
Debtor’s control B1
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 -
Dec 1 Balance b / d 134 670 -
Trading Inventory B2
Nov 1 Balance b / d 102 000 - Nov 30 Cost of sales DJ 29 977 -
Cost of sales CRJ 4 613 -
Balance c / f 67 410 -
102 000 - 102 000 -
Dec 1 Balance b / d 67 410 -
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 -
Debtor’s allowance N2
Nov 30 Debtor’s control DAJ 800 -
Cost of Sales N3
Nov 30 Trading Inventory DJ 29 977 -
Trading Inventory CRJ 4 613 -
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
Doc D Details of Debtor Fol Sales Cost of sales
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
Doc D Details of Debtor Fol Debtor’s allowance
Cost of sales
55 25 A Frank D2 1 440 - 800 -
38
Cash Receipts Journal of Satara Shop for April 2015 CRJ
Doc D Details Fol Analysis
of receipts
Bank Sales Cost of Sales
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
Details Fol Debit (+)
Credit (-)
Balance
Apr 1 Balance b / d 11 590 -
6 Invoice 101 DJ 16 200 - 27 790 -
20 Bank statement CRJ 5 558 - 22 232 -
A Frank D2
Apr 1 Balance b / d 19 235 -
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
Apr 1 Balance b / d 33 400 -
8 Invoice 102 DJ 8 550 - 41 950 -
30 Receipt 87 CRJ 33 400 - 8 550 -
General Ledger of Satara Shops
Balance Sheet section
Debtor’s control B1
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 -
May 1 Balance b / d 37 442 -
Trading Inventory B2
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 -
Balance c / f 59 020 -
82 800 - 82 800 -
May 1 Balance b / d 59 020 -
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 -
Debtor’s allowance N2
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
Doc D Details of Debtor Fol Sales Cost of sales
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
Doc D Details of Debtor Fol Debtor’s allowance
Cost of sales
99 15 Son-en-See Shop D1 2 000 - - -
42
Cash Receipts Journal of Southbroom Shop for May 2015 CRJ
Doc D Details Fol Analysis
of receipts
Bank Sales Cost of Sales
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
Details Fol Debit (+)
Credit (-)
Balance
May 1 Balance b / d 26 800 -
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
May 1 Balance b / d 16 258 -
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
May 1 Balance b / d 16 804 -
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
Balance Sheet section
Debtor’s control B1
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
Trading Inventory B2
May 1 Balance b / d 193 600 - May 31 Cost of sales DJ 130 112 -
Cost of sales CRJ 26 514 -
Balance c / f 36 974 -
193 600 - 193 600 -
Jun 1 Balance b / d 36 974 -
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 -
Debtor’s allowance N2
May 31 Debtor’s control DAJ 2 000 -
Cost of Sales N3
May 31 Trading Inventory DJ 130 112 -
Trading Inventory CRJ 26 514 -
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
Balance Sheet section
Debtor’s control B1
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 -
Mch 1 Balance b / d 103 596 -
Trading Inventory B2
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 -
Mch 1 Balance b / d 84 020 -
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 -
Mch 1 Balance b / d 138 320 -
Drawings B4
Feb 1 Balance b / d 27 100 -
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 -
Mch 1 Balance b / d 59 550 -
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 -
Debtor’s allowance N2
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
ASSETS Owner’s EQUITY
LIABILITIES
+ - - + - +
1 Debtor’s Control Sales 20000 20000
Cost of sales Trading Inventory 10000 10000
2 Debtor’s Control Sales 12160 12160
Cost of sales Trading Inventory 7600 7600
3 Bank Sales 12250 12250
Cost of sales Trading Inventory 7000 7000
4 Bank Sales 3000 3000
Cost of sales Trading Inventory 2400 2400
5 Debtor’s Control Sales 4340 4340
Cost of sales Trading Inventory 3100 3100
49
Activity 26:
No. Account
debited
Account
credited
ASSETS Owner’s
EQUITY
LIABILITIES
+ - - + - +
1 Debtor’s Control Sales 18200 18200
Cost of sales Trading Inventory 14560 14560
2 Bank Sales 9750 9750
Cost of sales Trading Inventory 5000 5000
3 Bank Sales 12000 12000
Cost of sales Trading Inventory 9000 9000
4 Debtor’s Control Sales 7500 7500
Cost of sales Trading Inventory 2500 2500
5 Debtor’s Control Sales 6300 6300
Cost of sales Trading Inventory 4200 4200
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
2 Debtor’s allowance Debtor’s Control 8 500 8 500
3 Bank Sales 19 800 19 800
Cost of sales Trading Inventory 9 000 9 000
4 Debtor’s allowance Debtor’s Control 9 900 9 900
5 Debtor’s Control Sales 46 500 46 500
Cost of sales Trading Inventory 30 000 30 000
51
Activity 28:
No. Account
debited
Account
credited
ASSETS Owner’s
EQUITY
LIABILITIES
+ - - + - +
1 Debtor’s Control Sales 12 000 12 000
Cost of sales Trading Inventory 8 000 8 000
2 Debtor’s allowance Debtor’s Control 6 000 6 000
Trading Inventory Cost of sales 4 000 4 000
3 Debtor’s allowance Debtor’s Control 3 000 3 000
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
Creditor’s control
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
Doc D Details Fol Analysis
of receipts
Bank Sales Cost of Sales
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
Creditor’s control
Trading Inventory Equipment
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
Doc D Details of Debtor Fol Sales Cost of sales
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
Details Fol Debit (-)
Credit (+)
Balance
Apr 1 Balance b / d 29 260 -
15 Invoice 121 CJ 12 101 - 41 361 -
17 Invoice 122 CJ 11 000 - 52 361 -
28 Bank statement CPJ 15 000 - 37 361 -
Fine Shops C2
Apr 1 Balance b / d 27 725 -
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
Details Fol Debit (+)
Credit (-)
Balance
Apr 1 Balance b / d 36 400 -
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
Apr 1 Balance b / d 14 200 -
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
Balance Sheet section
Creditor’s control B1
Apr 30 Bank CPJ 57 225 - Apr 1 Balance b / d 56 985 -
Sundry Accounts CAJ 15 000 - 30 Sundry Accounts CJ 67 101 -
Balance c / f 51 861 -
124 086 124 086 -
May 1 Balance b / d 51 861 -
Trading Inventory B2
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 -
Balance c / f 46 102 -
95 494 - 95 494 -
May 1 Balance b / d 46 102 -
57
Bank B3
Apr 30 Total receipts CRJ 59 870 - Apr 30 Total payments CPJ 73 135 -
Balance c / f 13 265 -
73 135 - 73 135 -
May 1 Balance b / d 13 265 -
Debtor’s control B4
Apr 1 Balance b / d 50 600 - Apr 30 Bank CRJ 23 650 -
30 Sales DJ 21 155 - Debtor’s allowance DAJ 2 689 -
Balance c / f 45 416 -
71 755 - 71 755 -
May 1 Balance b / d 45 416 -
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 -
Trading Inventory DJ 11 754 -
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
Creditor’s control
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
Doc D Details Fol Analysis
of receipts
Bank Sales Cost of Sales
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
Creditor’s control
Trading Inventory Equipment
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
Creditor’s control
Trading Inventory Equipment
Sundry
Amount Fol Details
4 14 Liplekker Lekkers C2 300 - 300 -
300 - 300 -
61
Debtor’s Journal of Spookasem Retailer for January 2016 DJ
Doc D Details of Debtor Fol Sales Cost of sales
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
Details Fol Debit (-)
Credit (+)
Balance
Jan 1 Balance b / d 11 215 -
5 Invoice 18 CJ 5 450 - 16 665 -
19 Cheque 105 CPJ 11 215 - 5 450 -
Liplekker Lekkers C2
Jan 1 Balance b / d 24 875 -
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
Jan 1 Balance b / d 3 910 -
Bank statement CPJ 3 910 - - -
Debtor’s Ledger of Spookasem Retailer
Buks D1
Date
Details Fol Debit (+)
Credit (-)
Balance
Jan 1 Balance b / d 3 550 -
5 Invoice 67 DJ 850 - 4 400 -
8 Credit Note 81 DAJ 100 - 4 300 -
Dorris D2
Jan 1 Balance b / d 13 100 -
Invoice 66 DJ 5 654 - 18 754 -
Wouter D3
Jan 1 Balance b / d 13 350 -
13 Receipt 128 CRJ 6 675 - 6 675 -
Credit Note 82 DAJ 400 - 6 275 -
63
General Ledger of Spookasem Retailer
Balance Sheet section
Creditor’s control B1
Jan 31 Bank CPJ 17 613 - Jan 1 Balance b / d 40 000 -
Sundry accounts CAJ 300 - 31 Sundry accounts CJ 9 065 -
Balance c / f 31 152 -
49 065 - 4 9065 -
Feb 1 Balance b / d 31 152 -
Trading Inventory B2
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 -
Balance c / f 4 184 -
23 820 - 23 820 -
Feb 1 Balance b / d 4 184 -
Bank B3
Jan 1 Balance b / d 31 100 - Jan 31 Total Payments CPJ 19 963 -
31 Total Receipts CRJ 23 570 - Balance c / f 34 707 -
54 670 - 54 670 -
Feb 1 Balance b / d 34 707 -
Debtor’s control B4
Jan 1 Balance b / d 30 000 - Jan 31 Bank CRJ 6 675 -
31 Sales DJ 6 504 - Debtor’s allowances DAJ 500 -
Balance c / f 29 329 -
36 504 - 36 504 -
Feb 1 Balance b / d 29 329 -
Nominal section
Sales N1
Jan 1 Total b / d 80 400 -
31 Bank CRJ 16 895 -
Debtor’s control DJ 6 504 -
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 -
Trading Inventory DJ 5 820 -
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
Creditor’s control
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
Doc D Details Fol Analysis
of receipts
Bank Sales Cost of Sales
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
Creditor’s control
Trading Inventory Equipment
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
Creditor’s control
Trading Inventory Equipment
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
Doc D Details of Debtor Fol Sales Cost of sales
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
Doc D Details of Debtor Fol Debtor’s allowance
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
Details Fol Debit (-)
Credit (+)
Balance
Aug 1 Balance b / d 9 652 -
Invoice 894 CJ 10 225 - 19 877 -
26 Credit Note 685 CAJ 500 - 19 377 -
30 Bank statement CPJ 9 652 - 9 725 -
Radical Ridge C2
Aug 1 Balance b / d 9 630 -
Sweet Fudge C3
Aug 1 Balance b / d 9 993 -
8 Bank statement CPJ 9 993 - - -
70
Debtor’s Ledger of Taai Fudge
Jack Jackson D1
Date
Details Fol Debit (+)
Credit (-)
Balance
Aug 1 Balance b / d 23 112 -
8 Invoice F753 DJ 6 900 - 30 012 -
Samuel Moodley D2
Aug 1 Balance b / d 15 690 -
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
Aug 1 Balance b / d 29 450 -
26 Invoice F755 DJ 9 775 - 39 225 -
General Ledger of Taai Fudge
Balance Sheet section
Creditor’s control B1
Aug 31 Bank CPJ 19 645 - Aug 1 Balance b / d 29 275 -
Sundry Accounts CAJ 500 - 31 Sundry Accounts CJ 10 225 -
Balance c / f 19 355 -
39 500 - 39 500 -
Sep 1 Balance b / d 19 355 -
71
Trading Inventory B2
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 -
Cost of sales DAJ 1 000 - Balance c / f 128 489 -
178 258 - 178 258 -
Sep 1 Balance b / d 128 489 -
Bank B3
Aug 1 Balance b / d 156 230 - Aug 31 Total Payments CPJ 30 795 -
31 Total Receipts CRJ 50 616 - Balance c / f 176 051 -
206 846 - 206 846 -
Sep 1 Balance b / d 176 051 -
Debtor’s control B4
Aug 1 Balance b / d 68 252 - Aug 31 Bank CRJ 28 991 -
31 Sales DJ 49 857 - Debtor’s allowances DAJ 1 450 -
Balance c / f 87 668 -
118 109 - 118 109 -
Sep 1 Balance b / d 87 668 -
Nominal section
Sales N1
Aug 31 Bank CRJ 21 625 -
Debtor’s control DJ 49 857 -
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
Details Fol Debit (-)
Credit (+)
Balance
Jun 1 Balance b / d 11 352 -
Invoice 873 CJ 30 850 - 42 202 -
7 Credit Note F11 CAJ 2 900 - 39 302 -
9 Invoice 874 CJ 27 200 - 66 502 -
18 Bank statement CPJ 66 502 - - -
Strong Trees C2
Jun 1 Balance b / d 15 298 -
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
Details Fol Debit (+)
Credit (-)
Balance
Jun 1 Balance b / d 9 200 -
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
Jun 1 Balance b / d 21 850 -
Invoice 665 DJ 1 148 - 22 998 -
28 Invoice 669 DJ 1 380 - 24 378 -
Nico Nel D3
Jun 1 Balance b / d 21 250 -
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)
Gross profit 448 210
Other operating income 39 555
Rental income 39 555
Gross operating income 487 765
Operating expenses (265 250)
Advertisement 6 820
Wages 5 600
Fuel 14 600
Salaries 145 010
Stationery 6 320
Telephone 24 000
Insurance 26 000
Water and electricity 36 900
Operating profit / (loss) 222 515
Interest income 5 100
Profit / (loss) before interest expense 227 615
Interest expense (3 125)
Net profit / (loss) for the year 224 490
79
Statement of Financial Position of Pink Lion Traders as at 31 December 2015
ASSETS
Non-current assets 805 715 -
Tangible assets 1. 720 715 -
Financial assets 85 000 -
Current assets 144 100 -
Stock 102 620 -
Trade and receivables 36 980 -
Cash and cash equivalents 2. 4 500 -
TOTAL ASSETS 949 815 -
EQUITY and LIABILITIES
Owner’s equity 3. 809 355 -
Non current liabilities - -
- - -
Current liabilities 140 460 -
Overdraft 55 000 -
Trade and payables 85 460 -
TOTAL EQUITY and LIABILITIES 949 815 -
Notes to the Statement of Financial Position
1. Tangible assets:
Land and Buildings 300 650
Vehicles 320 350
Equipment 99 715
720 715
2. Cash and cash equivalents:
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
May 31 Total b / d 95 600 - May 31 Profit and loss account GJ 95 600 -
Fuel
May 31 Total b / d 6 000 - May 31 Profit and loss account GJ 6 000 -
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
May 31 Total b / d 16 250 - May 31 Profit and loss account GJ 16 250 -
Stationery
May 31 Total b / d 18 200 - May 31 Profit and loss account GJ 18 200 -
82
Telephone
May 31 Total b / d 9 300 - May 31 Profit and loss account GJ 9 300 -
Insurance
May 1 Total b / d 11 250 - May 31 Profit and loss account GJ 11 250 -
Water and electricity
May 1 Total b / d 66 800 - May 31 Profit and loss account GJ 66 800 -
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 -
Profit and loss account
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
Water and electricity 36 900
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 -
Jan 1 Balance b / d 809 355 -
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
Dec 31 Total b / d 5 600 - Dec 31 Profit and loss account GJ 5 600 -
Fuel
Dec 31 Total b / d 14 600 - Dec 31 Profit and loss account GJ 14 600 -
Interest on overdraft
Dec 31 Total b / d 3 125 - Dec 31 Profit and loss account GJ 3 125 -
Salaries
Dec 31 Total b / d 145 010 - Dec 31 Profit and loss account GJ 145 010 -
85
Stationery
Dec 31 Total b / d 6 320 - Dec 31 Profit and loss account GJ 6 320 -
Telephone
Dec 31 Total b / d 24 000 - Dec 31 Profit and loss account GJ 24 000 -
Insurance
Dec 31 Total b / d 26 000 - Dec 31 Profit and loss account GJ 26 000 -
Water and electricity
Dec 31 Total b / d 36 900 - Dec 31 Profit and loss account GJ 36 900 -
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 -
Profit and loss account
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
Balance Sheet section
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 -
Jun 1 Balance b / d 1 500 -
88
Activity 40:
Petty cash Journal of Jump, Hop and Skip Shop for February 2016 PCJ
Doc
D
Details
Fol Petty cash Refreshments Stationery
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
Balance Sheet section
Bank B1
Feb 1 Balance b / d 3 050 -
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 -
Mch 1 Balance b / d 2 390 -
90
Activity 41:
Petty cash Journal of XYZ Traders for June 2016 PCJ
Doc
D
Details
Fol Petty cash Refreshments Stationery
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
Balance Sheet section
Bank B1
Jun 1 Balance b / d 13 555 - Jun 30 Petty cash CPJ 565 -
Balance c / f 12 990 -
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
4 Trading Inventory Creditor’s control 18 700 18 700
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
Cost of sales Trading Inventory 6 500 6 500
4 Debtor’s Control Current income 2 500 2 500
5 Advertisement Bank 10 000 10 000
6 Debtor’s allowance Debtor’s Control 1 885 1 885
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
Cost of sales Trading Inventory 22 560 22 560
3 Equipment Bank 8 600 8 600
4 Bank Rental income 3 890 3 890
5 Trading Inventory Creditor’s control 89 125 89 125
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
4 Debtor’s Control Sales 18 000 18 000
Cost of sales Trading Inventory 14 400 14 400
5 Drawings Bank 45 000 45 000
6 Debtor’s allowance Debtor’s Control 1 250 1 250
Trading Inventory Cost of sales 1 000 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
3 Debtor’s Control Sales 1 440 1 440
Cost of sales Trading Inventory 900 900
4 Packaging Creditor’s control 900 900
5 Drawings Bank 2 300 2 300
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
Balance Sheet section
Creditor’s control B1
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 -
Feb 1 Balance b / d 329 990 -
Trading Inventory B2
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 -
Cost of sales DAJ 30 000 - Balance c / f 865 207 -
1 353 507 - 1 353 507 -
Feb 1 Balance b / d 865 207 -
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 -
Feb 1 Balance b / d 149 979 -
Debtor’s control B4
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 -
Feb 1 Balance b / d 469 218 -
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
Cost of sales (360 000)
Gross profit 288 000
Other Operating Income 107 000
Rental income 107 000
Gross operating income 395 000
Operating expenses (209 224)
Advertisement 23 650
Fuel 8 252
Water and electricity 36 258
Salaries 109 020
Stationery 3 890
Telephone 8 984
Packaging 2 370
Insurance 16 800
Operating profit / (loss) 185 776
Interest income -
Profit before Interest expense 185 776
Interest expense (32 406)
Net profit / (loss) for the year 153 370
102
Statement of Financial Position of Snappy Traders as at 31 March 2015
ASSETS
Non-current assets 930 000 -
Tangible assets 1. 930 000 -
Financial assets - -
Current assets 813 470 -
Stock 265 000 -
Trade and receivables 28 400 -
Cash and cash equivalents 2. 520 070 -
TOTAL ASSETS 1 743 470 -
EQUITY AND LIABILITIES
Owners’s Equity 3. 1 528 370 -
Non current liabilities 180 000 -
Loan: African Bank 180 000 -
Current liabilities 35 100 -
Trade and payables 35 100 -
TOTAL EQUITY AND LIABILITIES 1 743 470 -
Notes to the Statement of Financial Position
1. Tangible assets:
Land and Buildings 700 000
Vehicles 120 000
Equipment 110 000
930 000
2. Cash and cash equivalents:
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
Cost of sales (105 196)
Gross profit 105 196
Other Operating Income 15 000
Rental income 15 000
Gross operating income 120 196
Operating expenses (55 196)
Wages 10 800
Water and electricity 2 916
Salaries 35 000
Stationery 4 788
Telephone 1 692
Operating profit / (loss) 65 000
Interest income -
Profit before Interest expense 65 000
Interest expense -
Net profit / (loss) for the year 65 000
104
Statement of Financial Position of Hick & Hock Traders as at 30 June 2015
ASSETS
Non-current assets 175 450 -
Tangible assets 1. 175 450 -
Financial assets - -
Current assets 92 560 -
Stock 16 280 -
Trade and receivables 13 845 -
Cash and cash equivalents 2. 62 435 -
TOTAL ASSETS 268 010 -
EQUITY AND LIABILITIES
Owner’s Equity 3. 253 210 -
Non current liabilities - -
- -
Current liabilities 14 800 -
Trade and payables 14 800 -
TOTAL EQUITY AND LIABILITIES 268 010 -
Notes to the Statement of Financial Position
1. Tangible assets:
Land and Buildings 100 000
Vehicles 51 800
Equipment 23 650
175 450
2. Cash and cash equivalents:
Bank 2 385
Petty cash 50
2 435
105
3. Owner’s Equity:
Opening balance 140 000
Additional contributions 60 000
Net profit for the year 65 000
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
Cost of sales (400 500)
Gross profit 320 400
Other Operating Income 21 200
Rental income 21 200
Gross operating income 341 600
Operating expenses (177 556)
Wages 57 988
Water and electricity 32 885
Salaries 66 220
Stationery 7 895
Telephone 12 568
Operating profit / (loss) 164 044
Interest income 681
Profit before Interest expense 164 725
Interest expense (1 600)
Net profit / (loss) for the year 163 125
106
Statement of Financial Position of Dapper Muis Traders as at 30 June 2016
ASSETS
Non-current assets 301 100 -
Tangible assets 1. 301 100 -
Financial assets - -
Current assets 159 610 -
Stock 58 560 -
Trade and receivables 24 725 -
Cash and cash equivalents 2. 76 325 -
TOTAL ASSETS 460 710 -
EQUITY AND LIABILITIES
Owner’s Equity 3. 351 775 -
Non current liabilities 75 350 -
Mortgage: ABSA 75 350 -
Current liabilities 33 585 -
Trade and payables 33 585 -
TOTAL EQUITY AND LIABILITIES 460 710 -
Notes to the Statement of Financial Position
1. Tangible assets:
Land and Buildings 100000
Vehicles 98920
Equipment 102180
301100
2. Cash and cash equivalents:
Bank 72825
Petty cash 1250
Cash float 2250
76 325