NAME: ___________________________________
SURNAME: _______________________________
GRADE: 9_____
ECONOMIC AND
MANAGEMENT SCIENCES
EMS
GRADE 9
LEARNER BOOK
MODULE 1
FINANCIAL CONCEPTS AND ACCOUNTING EQUATION
REVISION - BASELINE ASSESSMENT (as shown on the PPT)
PRESENTATION
Presentation by facilitator on Financial Concepts
ACTIVITY 1
Concepts are listed in COLUMN A and explanations are listed in COLUMN B.
Choose an explanation from COLUMN B that matches a concept in COLUMN A.
Write only the letter (A – U) next to the question number.
1
2
COLUMN A
Capital
Assets
A
B
3
4
5
Liabilities
Income
Expenses
C
D
E•
6
7
8
9
10
11
12
Profit
Losses
Budgets
Savings
Banking
Financial Records
Transactions
F
G
H
I
J
K
L
13
14
15
Sole Trader
Debit
Credit
M
N
O
16
17
18
Owner’s Equity
Cash Receipts
Cash Payments
P
Q
R
19
20
Subsidiary Journal
Accounting Equation
S
T
2
COLUMN B
Is that amount of earnings/income that is not consumed
An accounting entry made on the right hand side of the general ledger
account.
Formal documents for the recording of financial activities.
Represents all cash monies received by the business
An accounting entry made on the left hand side of the general ledger
account.
The amount of money the owner(s) contribute to the business
Where the income of the business is greater than the expenses
A = OE + L
Are the possessions that belong to the business
A list of all planned expenses and revenues
Represents all cash payments made by the business
These are books of first entry where all financial transactions are
recorded
A process of depositing monies received into a commercial institution.
Is a single owner business
Takes place when commercial business is done and monies are
exchanged
Where the expenses of the business is greater than the income.
It is the owner’s interest in the business.
Are monies owed either over a short or long term period to other
businesses, institutions or persons other than the owner.
All monies received or to be received by the business.
These are costs that involved directly or indirectly in operating the
business.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
DOCUMENTS USED TO RECORD CASH TRANSACTIONS
ACTIVITY 2
RECEIPT
TRANSACTION 1
1. Use the following information to complete receipt no. 001. This is for capital contribution by
the owner.
INFORMATION
Thembi Mali established a service business trading as Thembi Stores. She made an initial
capital contribution of R900 000 on 1 March 2014. She wrote out a personal cheque, which
was received by you, the financial officer.
RECEIPT
001
……………….20….
Received from ………………………………………….
the sum of …………………………………………………………………….
R
For …………………………………………………………………………….
…………………………
for Thembi Stores
2. List all the details to be found on a receipt.
3
DEPOSIT SLIP
OPENING A CURRENT ACCOUNT
For businesses to operate a current account (cheque account) is opened at a commercial
bank.
The bank will charge certain fees such as service fees, cash handling fees, duty on debit
orders, credit card levy, fee deposit for cheque books and deposit books. These charges are
known as Bank charges.
The amount received from the owner must be deposited into the current account. Make the
necessary entries into the deposit slip.
TRANSACTION 2
On 1 March 2014 deposited the monies received, R900 000 from owner, Thembi Mali into
Rand Bank. The account number is 3456789012. The reference is TM001CAPITAL
RAND BANK
Deposited to
DEPOSIT SLIP
Date: (YY-MM-DD) ____________________
______________________________
Account number
Note
Coins
Postal Money orders
Total cash
Telephone no. including dialling code
Signature
Cheques deposited (Drawer’s name)
Depositor’s name or reference. These details will appear on the
account holder’s/beneficiary’s statement
1
2
3
4
CONDITIONS
Cheques etc. handed for collection will only be available as cash
when paid. While acting in good faith and exercising reasonable
care the Bank will not be responsible for ensuring that the
depositor’s cheque is lawful. Ensure that the account number is
correctly filled. The Bank will not be held responsible for incorrect
information
4
Total cheques
Total
R
CHEQUE
TRANSACTION 3
3.1
Use the information in the above transaction to complete the cheque and its counterfoil.
INFORMATION
1 March 2014
Issued cheque no. 001 to the Joburg City for trading licence, R1 400.
11-22-33-44
______________20__
Rand Bank
South Branch
TO
__________________
Date ____________________20____
Pay _________________________________________
or Bearer
___________________
R__________________________________________________
FOR
_________________
______________________________________
__________________
___________________
Thembi Stores
R
001
3456789012
3.2.1
What is the name given to that part of the cheque which remains in the cheque book?
3.2.2
Identify the three parties to the cheque you have completed in question 1
Drawer
Drawee
Payee
3.2.3
5
List all the details found on a cheque
ACTIVITY 3
RECORDING OF TRANSACTIONS
•
•
The accounting equation is. Assets = Owners Equity + Liabilities
The double entry principle is that for every debit entry there has to be a credit entry
Complete the classification of Accounts. Fill in as many of the accounts you remember.
ASSETS
=
OWNERS EQUITY
+
LIABILITIES
Increases (+) with a debit entry
Decreases (-) with a credit entry
Increases (+) with a credit entry
Decreases (-) with a debit entry
Increases (+) with a credit entry
Decreases (-) with a debit entry
NON-CURRENT ASSETS
FIXED ASSETS
OWNERS EQUITY
NON-CURRENT
LIABILITIES
INCOME
CURRENT LIABILITIES
FINANCIAL ASSETS
CURRENT ASSETS
EXPENSES
6
TRANSACTIONS, DOUBLE ENTRY PRINCIPLE AND ACCOUNTING EQUATIONS
ACTIVITY 4
The business is known as the Thembi Stores, trading in beaded jewellery. The financial year
starts on 1 March each year and ends on 28 February.
RECORDING OF CAPITAL CONTRIBUTION
1 March 2014
The owner, Thembi Mali deposited R900 000 into the business current account. Issued receipt
no. 001.
CASH RECEIPTS JOURNAL OF THEMBI STORES – MARCH 2014
Doc
No
D
Details
F
Analysis
Of receipts
Bank
CRJ1
Sundry Accounts
Amount
F
Details
GENERAL LEDGER OF THEMBI STORES
BALANCE SHEET ACCOUNTS SECTION
CAPITAL
DR
B1
CR
EFFECT ON THE ACCOUNTING EQUATION
Source document
Account Debit
Account credit
A
=
OE
+
L
PAYMENT OF TRADING LICENCE
1 March 2014
Issued cheque no. 001 to the Joburg City for trading licence, R1 400.
CASH PAYMENTS JOURNAL OF THEMBI STORES – MARCH 2014
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No
D
Details
DR
F
CPJ1
Sundry Accounts
Amount
F
Details
Bank
GENERAL LEDGER OF THEMBI STORES
NOMINAL ACCOUNTS SECTION
LICENCE
N3
CR
EFFECT ON THE ACCOUNTING EQUATION
Source document
7
Account Debit
Account credit
A
=
OE
+
L
CASH PURCHASES OF LAND AND BUILDING
3 March 2014
Paid Fay Properties, R500 000 by cheque no. 002 for land and building purchased.
CASH PAYMENTS JOURNAL OF THEMBI STORES – MARCH 2014
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No
D
Details
F
CPJ1
Sundry Accounts
Amount
F
Details
Bank
GENERAL LEDGER OF THEMBI STORES
BALANCE SHEET ACCOUNTS SECTION
LAND AND BUILDING
DR
B3
CR
EFFECT ON THE ACCOUNTING EQUATION
Source document
Account Debit
Account credit
A
=
OE
+
L
CASH PURCHASES OF TANGIBLE ASSETS (FIXED ASSETS)
4 March 2014
Purchased a cash register, R3 500 and a computer, R8 420 from Andile Traders and paid by
cheque 003.
CASH PAYMENTS JOURNAL OF THEMBI STORES – MARCH 2014
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No
D
Details
DR
F
CPJ1
Sundry Accounts
Amount
F
Details
Bank
GENERAL LEDGER OF THEMBI STORES
BALANCE SHEET ACCOUNTS SECTION
EQUIPMENT
B4
CR
EFFECT ON THE ACCOUNTING EQUATION
Source document
8
Account Debit
Account credit
A
=
OE
+
L
CASH PURCHASES OF TRADING STOCK
4 March 2014
Thembi Stores purchased trading stock from Uxolo Wholesalers, R15 500. Cheque no. 004
was issued.
CASH PAYMENTS JOURNAL OF THEMBI STORES – MARCH 2014
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No
D
Details
F
CPJ1
Sundry Accounts
Amount
F
Details
Bank
GENERAL LEDGER OF THEMBI STORES
BALANCE SHEET ACCOUNTS SECTION
TRADING STOCK
DR
B5
CR
EFFECT ON THE ACCOUNTING EQUATION
Source document
Account Debit
Account credit
A
=
OE
+
L
CASH PURCHASES OF AN EXPENSE (e.g. Stationery)
8 March 2014
Purchased stationery from Vallei Stationers and paid by cheque 005, R400
CASH PAYMENTS JOURNAL OF THEMBI STORES – MARCH 2014
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No
D
Details
DR
F
Bank
Stationery
CPJ1
Sundry Accounts
Amount
F
Details
GENERAL LEDGER OF THEMBI STORES
NOMINAL ACCOUNTS SECTION
STATIONERY
N6
CR
EFFECT ON THE ACCOUNTING EQUATION
Source document
9
Account Debit
Account credit
A
=
OE
+
L
CASH SALES OF TRADING STOCK
Calculating Cost of Sales and Sales:
Cost of sales is always equal to 100%.
The mark-up percentage represents how much more the item will be sold at.
Sales is equal to the cost price plus the mark-up percentage.
Sales is therefore calculated as follows:
e.g. the cost price of a Chain is R80 and the mark-up percentage is 25%.
Cost of Sales is calculated as follows:
e.g. The Sale price of a Beaded Bag is R240 and the mark-up percentage is 50%.
Calculate the missing figures in the table below
No
Cost Price
1
R6 000
2
R6 000
Profit Mark
Up (%)
Selling
Price
CALCULATIONS
R9 000
150
3
80
R3 600
4
20
R45 000
33⅓
5
R18 000
6
R2 500
7
R168
8
R1 400
R1 680
9
R160
R192
R7 500
16
66⅔
10
R15 000
NOTE:
33⅓ =
66⅔ =
10
133⅓
100
166⅔
100
=
=
400
3
500
3
÷
÷
100
1
100
1
=
=
400
3
500
3
𝑋
𝑋
1
100
1
100
=
=
400
300
500
300
=
=
4
3
5
3
𝑡𝑜 𝑐𝑎𝑙𝑐𝑢𝑙𝑎𝑡𝑒 𝑆𝑎𝑙𝑒𝑠 𝑎𝑛𝑑
𝑡𝑜 𝑐𝑎𝑙𝑐𝑢𝑙𝑎𝑡𝑒 𝑆𝑎𝑙𝑒𝑠 𝑎𝑛𝑑
3
4
3
5
𝑓𝑜𝑟 𝐶𝑜𝑠𝑡 𝑜𝑓 𝑆𝑎𝑙𝑒𝑠
𝑓𝑜𝑟 𝐶𝑜𝑠𝑡 𝑜𝑓 𝑆𝑎𝑙𝑒𝑠
9 March 2014
Cash sales of goods, R6 000, as per CRT 01. Goods are sold at a mark-up of 20%.
CASH RECEIPTS JOURNAL OF THEMBI STORES – MARCH 2014
Doc
No
DR
2014
Mar
D
Details
F
Analysis
Of receipts
Bank
CRJ1
Sales
GENERAL LEDGER OF THEMBI STORES
BALANCE SHEET ACCOUNTS SECTION
TRADING STOCK
31
Bank
DR
CPJ1
B5
CR
N1
CR
N2
CR
15 500
NOMINAL ACCOUNTS SECTION
SALES
DR
Cost Of
Sales
COST OF SALES
EFFECT ON THE ACCOUNTING EQUATION
Source document
11
Account Debit
Account credit
A
=
OE
+
L
PAYMENT OF WAGES
12 March 2014
Paid wages by cheque no. 006, R1 800.
CASH PAYMENTS JOURNAL OF THEMBI STORES – MARCH 2014
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No
D
Details
F
Bank
Wages
CPJ1
Sundry Accounts
Amount
F
Details
GENERAL LEDGER OF THEMBI STORES
NOMINAL ACCOUNTS SECTION
WAGES
DR
N5
CR
EFFECT ON THE ACCOUNTING EQUATION
Source document
Account Debit
Account credit
A
=
OE
+
L
OWNER WITHDRAWS CASH FOR PERSONAL USE
17 March 2014
Owner Thembi Mali, drew cheque no. 007, R700 for personal use
CASH PAYMENTS JOURNAL OF THEMBI STORES – MARCH 2014
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No
D
Details
DR
F
Bank
CPJ1
Sundry Accounts
Amount
F
Details
GENERAL LEDGER OF THEMBI STORES
BALANCE SHEET ACCOUNTS SECTION
DRAWINGS
B2
CR
EFFECT ON THE ACCOUNTING EQUATION
Source document
12
Account Debit
Account credit
A
=
OE
+
L
RECORDING OF RENT INCOME
25 March 2014
Received rent from tenant Koko Florist, R5 200. Issued receipt no. 002
CASH RECEIPTS JOURNAL OF THEMBI STORES – MARCH 2014
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No
D
Details
F
Analysis
Of receipts
Bank
CRJ1
Sundry Accounts
Amount
F
Details
GENERAL LEDGER OF THEMBI STORES
NOMINAL ACCOUNTS SECTION
RENT INCOME
DR
N4
CR
EFFECT ON THE ACCOUNTING EQUATION
Source document
Account Debit
Account credit
A
=
OE
+
L
PAYMENT OF SALARIES
30 March 2014
Paid the manager G Getit his salary,R7 200. Issued cheque no. 008.
CASH PAYMENTS JOURNAL OF THEMBI STORES – MARCH 2014
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No
D
Details
DR
F
Bank
CPJ1
Sundry Accounts
Amount
F
Details
GENERAL LEDGER OF THEMBI STORES
NOMINAL ACCOUNTS SECTION
SALARIES
N7
CR
EFFECT ON THE ACCOUNTING EQUATION
Source document
13
Account Debit
Account credit
A
=
OE
+
L
The completed journal
CASH RECEIPTS JOURNAL OF THEMBI STORES – MARCH 2014
Doc
No
D
Details
F
Analysis
Of receipts
Bank
Sales
CRJ1
Cost of
Sales
CASH PAYMENTS JOURNAL OF THEMBI STORES – MARCH 2014
Doc
No
D
Details
F
Bank
Trading
Stock
Wages
Amount
Sundry Accounts
F
Details
Amount
Sundry Accounts
F
Details
CPJ1
Stationery
BANK ACCOUNT
From: The CRJ Thembi Stores will have deposited R918 600 into their current account.
From: The CPJ Thembi Stores will have made cheques for the total amount of R543 920.
This amount will have decreased their current account.
Therefore their Bank Account will have R911 200 – R538 920 = R372 280.
This is shown as follows in the General Ledger:
GENERAL LEDGER OF THEMBI STORES
BALANCE SHEET ACCOUNTS SECTION
DR
BANK
B5
CR
TRIAL BALANCE
•
A trail balance is drawn up to validate the entering of the transactions and the posting to the
general ledger.
The totals are taken from the general ledger after the accounts are balanced or total.
Only balance sheet accounts are balanced
•
•
THEMBI STORES
TRIAL BALANCE ON 31 MARCH 2014
Balance sheet account section
F
DEBIT
Nominal accounts section
16
CREDIT
ACTIVITY 5 – TRADING BUSINESS
Hulley Traders sells their products at a mark-up of 25% on cost price.
REQUIRED:
Record the following transactions in the Cash Receipts Journal and Cash Payments Journal
TRANSACTIONS
JANUARY 2015
1
4
7
10
13
16
19
22
25
31
The owner, J. Hulley, deposited R600 000 into the current banking account. Issued
receipt no. 51
Purchased a Desk and Laptop form MM Designers and paid by cheque no. 161, R18
000.
Purchased Trading Stock from Mandla Stores for R14 000 less 10% trade discount and
paid by cheque no.162
Sold goods as per CRT1for cash R16 800
Cash cheque no. 163 to pay wages, R2 800
Purchased packing material for R400 from Eveline Papers and paid by cheque no. 164
Purchased a new vehicle from Evan Motors and paid by cheque no.165, R340 000
Issued cheque no.166 to Telkom to pay the telephone for the business R650 and the
owner, R840.
Cash cheque no.167 to pay wages, R2 800
Purchased Trading Stock from Mandla Stores for R24 000.. Issued cheque no.168
Paid for SS Fast Traders by cheque no. 169 for transportation of trading stock R6 000
Received cash as per CRT2 for trading stock sold, R32 000
Received a cheque from Winnie Gifts for rent for the month, R12 000. Issued receipt
no. 52
Issued cheque no. 170 to pay Joburg City for electricity R2 400
Paid the salary of the manager, J Matata, R15 000, cheque no.171 was issued.
CASH RECEIPTS JOURNAL OF HULLEY TRADERS – JANUARY 2015
Doc
No
D
Details
F
Analysis
Of receipts
Bank
Sales
CRJ1
Cost of
Sales
Amount
F
Sundry Accounts
Details
F
Sundry Accounts
Details
CASH PAYMENTS JOURNAL OF HULLEY TRADERS – JANUARY 2015
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No
D
Details
F
Bank
Trading
Stock
Wages
CPJ1
Packing
Material
Amount
ACTIVITY 6
GENERAL LEDGER
The Cash Receipts and Cash Payments Journal of GP Traders are given below. The
business sells Trading Stock at 50% on Cost of Sales.
REQUIRED:
Post to the following accounts in the General Ledger. The balances for 1 January 2015 are
given within brackets
7.1
7.2
7.3
7.4
7.5
7.6
7.7
7.8
7.9
Capital (R280 000)
Drawings (R16 800)
Trading stock (R42 000)
Bank (R54 400)
Sales (R180 000)
Cost of Sales (R120 000)
Electricity (R3 240)
Salaries (R96 000)
Rent Income (R90 000)
INFORMATION:
CASH RECEIPTS JOURNAL OF GP TRADERS – JANUARY 2015
Doc
No
CRT
521
CRT
CRT
524
D
3
8
16
27
Details
Sales
GP Pro
Sales
Sales
Red Dot
Analysis
F
of
Receipts
42 000
280 000
49 200
24 000
15 000
Bank
42 000
280 000
49 200
39 000
410 200
Sales
Cost of
Sales
CPJ1
Sundry Accounts
Amount
886
887
D
Details
5
12
Cash
JW Traders
SS Freight
Cash
Eskom
14
24
29
30
JS Motors
JN Eddep
JE Stores
F
Bank
8 000
28 000
9 600
8 000
6 100
320 000
16 000
840
396 540
Trading
Stock
Details
42 000
280 000
Capital
15 000
295 000
Rent income
49 200
24 000
115 200
?
CASH PAYMENTS JOURNAL OF GP TRADERS – JANUARY 2015
Doc
No
880
882
883
884
885
F
Wages
Packing
Material
CPJ1
Sundry Accounts
Amount F
Details
8 000
28 000
9 600
8 000
2 500
3 600
320 000
16 000
37 600
16 000
840
840
342 100
Electricity
Drawings
Vehicles
Salary
ACTIVITY 6
GENERAL LEDGER OF GP TRADERS
BALANCE SHEET ACCOUNTS SECTION
DR
CAPITAL
B1
CR
DR
DRAWINGS
B2
CR
DR
TRADING STOCK
B3
CR
DR
BANK
B4
CR
20
NOMINAL ACCOUNTS SECTION
DR
SALES
N1
CR
DR
COST OF SALES
N2
CR
DR
ELECTRICITY
N3
CR
DR
SALARIES
N4
CR
DR
RENT INCOME
N5
CR
21
ACTIVITY 7
Busi Traders sells their products at a mark-up of 50% on cost price.
REQUIRED:
7.1
7.2
Record the following transactions in the Cash Receipts Journal and Cash Payments
Journal
Post to the General Ledger.;
INFORMATION
The Balances on 1 March 2015 is as follows
Capital
R480 500
Drawings
R 12 000
Vehicles
R320 000
Equipment
R 48 000
Trading Stock
R 82 000
Bank
R 28 000
Sales
Cost of Sales
Rent Income
Wages
Stationery
Telephone
Packing Material
Salaries
R510 000
R340 000
R108 000
R 81 000
R 8 200
R 18 500
R 10 800
R150 000
TRANSACTIONS: MARCH 2015
1
2
4
6
7
8
10
13
17
19
21
23
26
28
30
22
The owner, Busi Komeni deposited R200 000 as additional capital in the bank account.
Issued Receipt 200
Purchases trading stock from MM Stores for R39 000 as per cheque 400
Purchases equipment to the amount of R12 000 from SS Fitters as per cheque 401
Cash sales R45 000 as per CRT 300
Paid wages per cheque 402, R9 000
Purchase trading stock from TT Traders for R25 000. Paid by cheque 403
Donated R10 000 to the local orphanage, Care Love, as per cheque 404
Purchase stationery for cash, R400 from SS Writers. Issued cheque 405
Received rent from Pet Owners, R12 000. Issued receipt 201
Cash Sales as per CRT 301, R37 500
Paid wages, R9 000 as per cheque 406
Owner B Komeni drew cheque 407 for person use, R6 000
Sold goods to Oliver as per credit card, R12 000. CRT 302 was issued.
Paid New Repairs, R18 200 for vehicle repairs. Issued cheque 408.
Paid Telkom as per cheque 409 for the telephone, R1 300
Paid M Dali R15 000 her salary as per cheque 410
Purchase packing material from XY Packers per cheque 411, R600
CASH RECEIPTS JOURNAL OF BUSI TRADERS – MARCH 2015
Doc
No
D
Details
F
Analysis
Of receipts
Bank
Sales
CRJ3
Cost of
Sales
Amount
F
Sundry Accounts
Details
F
Sundry Accounts
Details
CASH PAYMENTS JOURNAL OF BUSI TRADERS – MARCH 2015
Doc
No
D
Details
F
Bank
Trading
Stock
Wages
CPJ3
Packing
Material
Amount
DR
GENERAL LEDGER OF BUSI TRADERS
BALANCE SHEET ACCOUNTS SECTION
CAPITAL
B1
CR
DR
DRAWINGS
B2
CR
DR
VEHICLES
B3
CR
DR
EQUIPMENT
B4
CR
DR
TRADING STOCK
B5
CR
DR
BANK
B6
CR
DR
NOMINAL ACCOUNTS SECTION
SALES
N1
CR
DR
COST OF SALES
N2
CR
DR
RENT INCOME
N3
CR
DR
WAGES
N4
CR
DR
STATIONERY
N5
CR
DR
TELEPHONE
N6
CR
DR
PACKING MATERIAL
N7
CR
DR
SALARIES
N8
CR
DR
DONATIONS
N9
CR
DR
VEHICLE EXPENSES
N10
CR
25
MODULE 4
FINANCIAL LITERACY: CREDIT TRANSACTIONS - DEBTORS
RECORDING CREDIT SALES OF TRADING STOCK
Goods are sold on credit to creditworthy customers. These customers are usually given a
period of time to pay the money owing to the business. Any person owning money to a
business is called a DEBTOR. The source document used to record goods sold on credit is
called an INVOICE. The following is an example of an invoice.
ACTIVITY 1
INVOICE
No. 455
24 School Street
Cravenby
7493
2 March 2014
To: DL Themba
121 Rissik Street
Parow East
7501
Bought from:
AK TRADERS
QUANTITY
DESCRIPTION
2
Dresses
5
Skirts
PRICE
R445
R125
AMOUNT
910
625
1 535
E. & O.E.
QUESTIONS
1.
Someone that owes the business money is called ___________________________
2.
The business records the transaction from (original / duplicate) sales invoice.
3.
4.
What does E. & O.E. stand for? _________________________________________
List the details found on an invoice
26
ACTIVITY 2 – WORK WITH ACTIVITY
REQUIRED
Complete the answer sheets below.
TRANSACTION: JANUARY 2015
7
Sold goods on credit to J Keith, R4 500 (mark-up percentage - 20%). Issued invoice 001.
13 Issued invoice 002 to R Sizwe for goods, R8 400.
14 Received cheque from J Keith to settle her account. Issued receipt 004
19 Sold goods for cash to J Keith R30 000.
28 R Sizwe paid R5 300 as part payment. Issued receipt 005.
30 J Keith purchased goods to the value of R18 000
CASH RECEIPTS JOURNAL OF AK TRADERS FOR JANUARY 2014
Doc
No
Details
F
Analysis of
receipts
Bank
Sales
DEBTORS JOURNAL OF AK TRADERS FOR JANUARY 2015
Doc No D
DETAILS
F
SALES
CRJ1
Cost of
Sales
DJ 1
COST OF SALES
DEBTORS LEDGER OF AK TRADERS
J KEITH
DATE
DETAILS
F
DEBIT
CREDIT
R SIZWE
D1
BALANCE
D2
EFFECT ON THE ACCOUNTING EQUATION FOR 7 and 14 JANUARY 2015
Source
Account
Account credit
A
=
OE
+
document
Debit
NETT EFFECT (PROFIT)
27
Debtors
Control
L
GENERAL LEDGER OF AK TRADERS
BALANCE SHEET ACCOUNTS SECTION
TRADING STOCK
DR
2015
Jan
1
Balance
b/d
36 000
31
Bank
CPJ1
54 000
Balance
B5
c/d
90 000
2015
Feb
1
Balance
CR
90 000
b/d
DR
DEBTORS CONTROL
B6
CR
DR
NOMINAL ACCOUNTS SECTION
SALES
N1
CR
b/d
180 000
N2
CR
2015
Jan
DR
2015
Jan
Balance
COST OF SALES
1
Balance
DEBTORS LIST
DEBTORS
28
1
b/d
150 000
Fol
DEBIT
CREDIT
NOTE: POSTING FROM DJ TO GENERAL LEDGER
Sales – Dr Debtors Control; Cr. Sales
Cost of Sales – Dr Cost of Sales; Cr Trading Stock
ACTIVITY 3
Pabablo Tsedi owns PT Traders, that buys and sells accessories. Goods are sold at a profit
mark up of 20% on cost price.
REQUIRED:
1.
Record the following transactions in the Debtors and Cash Receipts Journals. Cast
(close off) the journals at the end of the month
2.
Post to the following accounts in the General Ledger. Balance/total the accounts at the
end of the month.
▪ Trading stock
▪ Debtors’ control
▪ Sales
▪ Cost of sales
▪ Rent Income
3.
Post to the Debtors Ledger.
4.
Complete the Debtors’ List
INFORMATION
1.
Balances on 1 March 2015
GENERAL LEDGER
Capital
Trading stock
Debtors control
Sales
Cost of sales
2.
5
11
12
19
21
29
31
29
R550
000
R 38 400
R 12
240
R403
200
R336
000
DEBTORS LEDGER
O Chand
R8 900
G Mashaba
R3 340
Transactions – March 2015
Sold goods on credit to O Chand, R3 840. Issued invoice 001.
Issued invoice 002 to G Mashaba for goods sold to her, R5 040.
Received cheque from G Mashaba to settle her account as on 1 March 2015. Issued
receipt 004
The owner increased her capital to R150 000.
Sold goods for cash to O Chand, R9 600
O Chand paid R5 600 in part payment of her account.
Received a cheque from K Kay for office space let to him for the month. The annual
rental amounts to R144 000
G Mashaba purchased goods to the value of R4 320 on credit.
CASH RECEIPTS JOURNAL OF PT TRADERS – MARCH 2015
Doc
No
D
Details
F
Analysis
Of receipts
Bank
Sales
DEBTORS JOURNAL OF PTTRADERS FOR MARCH 2015
Doc No D
DETAILS
F
SALES
CRJ3
Cost of
Sales
Debtors
Control
DJ 1
COST OF SALES
DEBTORS LEDGER OF PT TRADERS
O CHAND
DATE
G MASHABA
DETAILS
F
DEBIT
Amount
CREDIT
D1
BALANCE
D2
Sundry Accounts
F
Details
DR
GENERAL LEDGER OF PT TRADERS
BALANCE SHEET ACCOUNTS SECTION
CAPITAL
B1
CR
DR
TRADING STOCK
B5
CR
DR
DEBTORS CONTROL
B6
CR
DR
NOMINAL ACCOUNTS SECTION
SALES
N1
CR
DR
COST OF SALES
N2
CR
DR
RENT INCOME
N3
CR
DEBTORS LIST
DEBTORS
Fol
DEBIT
CREDIT
MODULE 8
FINANCIAL LITERACY: CREDIT TRANSACTIONS - DEBTORS
ACTIVITY 1
Phindi Nsedi owns Buzz Traders. Goods are sold at a profit mark up of 50% on cost price.
REQUIRED:
1.
Record the following transactions in the Debtors and Cash Receipts Journals. Cast
(close off) the journals at the end of the month
2.
Post to the following accounts in the General Ledger. Balance/total the accounts at the
end of the month.
▪ Capital
▪ Trading stock
▪ Debtors’ control
▪ Sales
▪ Cost of sales
▪ Rent Income
3.
Post to the Debtors Ledger.
4.
Complete the Debtors’ List
INFORMATION
1.
Balances on 1 July 2015
GENERAL LEDGER
Capital
Trading stock
Debtors control
Sales
Cost of sales
R17 800
J Ned
R 6 680
Transactions – July 2015
Sold goods on credit to J Jabu, R7 680. Issued invoice 21.
Issued invoice 22 to J Ned for goods sold to her, R10 080.
Received cheque from J Ned to settle her account as on 1 March 2015. Issued receipt
34
The owner increased her capital to R100 000. Issued receipt 35
Sold goods for cash to J Jabu, R19 200. Issued cash sales slip.
J Jabu paid R11 200 in part payment of her account. Issued receipt 36
Received a cheque, R15 000 from MM Coffee Shop for office space let for the month.
Issued receipt 37
J Ned purchased goods to the value of R8 640 on credit.
2.
5
11
12
19
21
29
31
.
32
R700
000
R 76 800
R 24 480
R630
000
R420
000
DEBTORS LEDGER
J Jabu
CASH RECEIPTS JOURNAL OF BUZZ TRADERS – JULY 2015
Doc
No
D
Details
F
Analysis
Of receipts
Bank
Sales
DEBTORS JOURNAL OF BUZZ TRADERS FOR JULY 2015
Doc No D
DETAILS
F
SALES
CRJ7
Cost of
Sales
Debtors
Control
DJ7
COST OF SALES
DEBTORS LEDGER OF BUZZ TRADERS
J Jabu
DATE
J Ned
DETAILS
F
DEBIT
Amount
CREDIT
D1
BALANCE
D2
Sundry Accounts
F
Details
DR
GENERAL LEDGER OF BUZZ TRADERS
BALANCE SHEET ACCOUNTS SECTION
CAPITAL
B1
CR
DR
TRADING STOCK
B5
CR
DR
DEBTORS CONTROL
B6
CR
DR
NOMINAL ACCOUNTS SECTION
SALES
N1
CR
DR
COST OF SALES
N2
CR
DR
RENT INCOME
N3
CR
DEBTORS LIST JULY 2015
DEBTORS
Fol
DEBIT
CREDIT
FINANCIAL LITERACY: CREDIT TRANSACTIONS - CREDITORS
RECORDING CREDIT PURCHASES
The business sometimes purchases goods on credit from the supplier. The supplier will issue
an invoice to the business. The supplier is known as the CREDITOR. A Creditor is someone
that the business owes money to
ACTIVITY 2
INVOICE
To: AK TRADERS
24 School Street
Cravenby, 77493
Bought from:
MODERN FASHIONS
QUANTITY
DESCRIPTION
15
Shirts
10
Skirts
No. 567
18 Inland Street
Parow, 7560
6 March 2014
PRICE
R80
R75
AMOUNT
1 200
750
1 950
E. & O.E.
QUESTIONS
2.1
Someone that the business owes money to is called ______________________
2.2
The business records the transaction from (original / duplicate) purchases invoice.
2.3
What does E. & O.E. stand for? _______________________________
2.4
What is the difference between a sales and a purchases invoice?
2.5
35
List the details found on an invoice
ACTIVITY 3 – WORK WITH
REQUIRED:
Complete the answer sheets are reflected below.
TRANSACTION
JANUARY 2015
3
Purchased Trading stock, R24 000 on credit from Vries Stores. Received invoice A533
(renumbered 001).
8
Received invoice 908 from Zens Traders for packing material, R1 200.
11
Purchase trading stock from Vries Stores R54 000 and paid by cheque 56
14
Purchased Equipment from Digital Magic on credit for R8 900.
17
Paid Vries Stores R12 000 as part payment of account. Issued cheque no 57
21
Received invoice from Vries Stores for trading stock purchased, R15 000
Fast Freight issued invoice B445 for transportation of trading stock R1 500
24
Paid Telkom for the telephone account by cheque 58, R900
28
Purchased Stationery on credit from Zen Traders, R200.
30
Settle account of Zens Traders. Issued cheque no 59
31
Paid the manager, Toko Zak the salary for the month per cheque 60, R9 000.
CASH PAYMENTS JOURNAL OF AK TRADERS – JANUARY 2015
Doc
No
D
Details
F
Bank
Trading
Stock
Creditors
Control
CREDITORS JOURNAL OF AK TRADERS – JANUARY 2015
Doc
No
36
D
Details
F
Creditors
Control
Trading
Stock
Packing
Material
CPJ1
Sundry Accounts
Amount
F
Details
CJ1
Sundry Accounts
Amount
F
Details
CREDITORS LEDGER OF AK TRADERS
VRIES STORES
DATE
DETAILS
F
DEBIT
C1
BALANCE
CREDIT
ZEN TRADERS
C2
DIGITAL MAGIC
C3
FAST FREIGHT
C4
DR
GENERAL LEDGER OF AK TRADERS
BALANCE SHEET ACCOUNTS SECTION
EQUIPMENT
B4
CR
DR
TRADING STOCK
B5
CR
2015
Jan
2015
Feb
DR
37
1
Balance
b/d
31
Bank
CPJ1
1
Balance
36 000
2015
Jan
31
Cost of Sales
CRJ1
25 000
Cost of Sales
DJ1
25 750
Balance
c/d
b/d
CREDITORS CONTROL
B7
CR
NOMINAL ACCOUNTS SECTION
PACKING MATERIAL
DR
2015
Jan
31
Bank
CRJ1
N6
CR
2 000
DR
STATIONERY
N7
CR
DR
TELEPHONE
N8
CR
DR
SALARIES
N9
CR
CREDITORS LIST
CREDITORS
Fol DEBIT
CREDIT
EFFECT ON THE ACCOUNTING EQUATION FOR JANUARY 2015
Date
Source
Account
Account credit
A
=
document
Debit
3
8
11
14
17
21
24
28
30
31
38
OE
+
L
ACTIVITY 4
The following information was extracted from the accounting records of Hombie Dealers.
REQUIRED:
4.1 Record the following transactions in the Creditors and Cash Payments Journals. Cast
(close off) the journals at the end of the month.
4.2 Post to the following accounts in the General Ledger. Balance/total the accounts at the
end of the month.
▪ Trading stock
▪ Creditors control
▪ Consumable stores
4.3 Post to the Creditors Ledger.
INFORMATION
Balances/totals on 1 August 2015
General Ledger
Creditors List on 1 August 2015
Trading Stock
R12 200 Bizz Wholesalers
Creditors’ Control
R14 080 PAR Traders
Consumable Stores
R
430
890
R7 650
R6
TRANSACTION
AUGUST 2015
3
Purchased Trading stock, R6 200 on credit from Bizz Wholesalers. Received invoice
A533 (renumbered 001).
6
Bought Consumable stores, R660 and Trading stock, R5 440 from Bizz Wholesalers
and received 10% cash discount and paid by cheque no. 222
8
Received invoice 908 from PAR Traders for Consumable stores, R530.
10
Cashed a cheque to pay wages, R7 400
18
Paid Bizz Wholesalers, R3 400 by cheque as part payment of our account.
19
Issued cheque to PAR Traders to settle amount owing on 1 March 20.9
22
Purchased a new equipment on credit from Bizz Wholesalers for R12 375 subject to a
trade discount of 331/3 %.
27
Bought the following on credit from PAR Traders:
Stationery, R540
Consumable stores, R380.
30
Paid Electricity by cheque to Eskom, R1 650
39
CASH PAYMENTS JOURNAL OF HOMBIE TRADERS FOR AUGUST 2015
Doc
No.
D
DETAILS
F
Bank
Trading
Stock
Consumable
Stores
CPJ 8
Creditors
Control
Amount
CREDITORS JOURNAL OF HOMBIE TRADERS FOR AUGUST 2015
Doc
No.
D
DETAILS
F
Creditors
Control
Trading
Stock
Consumable
Stores
F
Sundry Accounts
Details
CJ 8
Amount
F
Sundry Accounts
Details
DR
GENERAL LEDGER OF HOMBIE TRADERS
BALANCE SHEET ACCOUNTS SECTION
TRADING STOCK
2015
Aug
31
B5
Cost of Sales
Debtors Control
CRJ8
DJ
CR
4 800
1 200
DR
CREDITORS CONTROL
B7
CR
DR
NOMINAL ACCOUNTS SECTION
CONSUMABLE STORES
N6
CR
CREDITORS LEDGER OF HOMBIE TRADERS
BIZZ WHOLESALERS
DATE
DETAILS
F
PAR TRADERS
DEBIT
CREDIT
C1
BALANCE
C2
MODULE 10
FINANCIAL LITERACY: CASH AND CREDIT TRANSACTIONS
ACTIVITY 1
REQUIRED:
Prepare the following from the transactions which was extracted from the books of Red Ochre
Traders for January 2014
1.
The CRJ, CPJ, DJ and CJ January 2014.
2.
Post to the account of V Violet in the Debtors ledger.
3.
Post to Monet Traders in the Creditors ledger.
NOTE:
Goods are sold at 20% on cost price.
Transactions
JANUARY 2014
1
R Ochre increased his capital contribution to the business, R50 000. Issued receipt no.
300
2
Cash sales as per CRT 200, R8 400.
3
Sold merchandise on credit to V Violet and issued invoice no. 400, R600
7
Paid Lorikeet Trades by cheque 501 in settlement as at 1 January 2015, R500.
8
Sold goods on credit to C Crimson, R1 200 (invoice 401)
9
Bought consumable stores on credit invoice no 901 (renumbered 400) from Monet
Traders, R230.
12
Cash sales as per CRT 201, R9 000.
Issued receipt 301 to G Green for part settlement of his account, R800
15
Purchased goods from Parakeet LTD on credit and received invoice 445, R12 500.
16
Drew cash cheque 502 to pay wages, R2 500.
19
Received a cheque from V Violet to settle his account, issued receipt no 302 for R600
Purchased trading stock from Macaw Traders, as per cheque 503, R17 200.
21
Received rent from tenant P Pink for premises sub-let, R4 500. Issued receipt 303.
24
Purchased the following from Monet on credit:
Office equipment, R18 000
Merchandise, R 9 400
Stationery, R555, Received invoice no. 786
25
Sold merchandise on credit to V Violet, R1 800. Issued invoice no 402.
Paid Telkom for the telephone amount for the month. Issued cheque no.504, R990.
27
Cash sales as per CRT 202, R4 800
29
Purchased stationery from Rosella Stationers and paid by cheque 505, R1 600.
30
Cash cheque no 506 to pay wages, R2 500.
31
Owner, R Ochre drew cheque 507 for personal use, R3 400
Purchased merchandise on credit from Parrot Wholesalers and received invoice 333,
R 1 400.
Paid salary to B Sienna by cheque 508, R6 800
Sent cheque no. 509 to Monet Traders as part settlement of account, R20 720
42
ACTIVITY 1
CASH RECEIPTS JOURNAL OF RED OCHRE TRADERS FOR JANUARY 2014
Doc.
No.
D
DETAILS
F
Analysis
Of
Receipts
Bank
Sales
CRJ1
Cost
Of
Sales
Debtors
control
CASH PAYMENTS JOURNAL OF RED OCHRE TRADERS FOR JANUARY 2014
Doc
No.
D
DETAILS
F
Bank
Trading
Stock
Wages
Stationery
Amount
Sundry Accounts
F
Details
CPJ 1
Creditors
Control
Amount
Sundry Accounts
F
Details
DEBTORS JOURNAL OF RED OCHRE TRADERS FOR JANUARY 2014
Doc.
No.
SALES
D
DETAILS
DJ1
COST OF
SALES
F
CREDITORS JOURNAL OF RED OCHRE TRADERS FOR JANUARY 2014
Doc.
No.
D
DETAILS
F
CREDITORS
CONTROL
TRADING
STOCK
STATIONERY
Amount
DEBTORS LEDGER OF RED OCHRE TRADERS
V VIOLET
DATE
DETAILS
FOL
DEBIT
CREDIT
CREDITORS LEDGER OF RED OCHRE TRADERS
MONET TRADERS
DATE
DETAILS
FOL
DEBIT
CREDIT
44
CJ1
EQUIPMENT
BALANCE
BALANCE
F
Sundry Accounts
Details
ACCOUNTING EQUATION
ACTIVITY 2
Complete the columns in connection with the transactions of Glitter Gold Jewels under the
headings and according to the example completed on the special answer sheet. Goods are sold
at a mark-up of 25% on cost of sales.
NOTES
1. Assume that the bank balances is favourable at all times.
2. The firm uses a system of perpetual (continuous) inventory.
3 Under the headings “Assets, Owners Equity and Liabilities”, you must indicate with what
amount each will increase (+) or decrease (-). Show “0” for no change.
4 In respect of more than one entry for a transaction, also show the net effect on all the
entries.
EXAMPLE
Sold goods for cash as per CRT, R600 (cost of Sales, R480)
ACCOUNT DEBIT
ACCOUNT CREDIT
AMOUNT
Bank
Cost of sales
Sales
Trading stock
600
480
EFFECT ON
EQUATION
A
OE
L
+
+
0
0
TRANSACTIONS:
1.
2.
3
Purchased goods on credit from Red Square Traders for R4 500.
Issued a cheque to Brown Speed Transport for carriage on merchandise purchased,
R1 345
The proprietor, R Raggs, increased his capital contribution in the business by depositing
a further R20 000 in the bank.
4.
No. 080
To: Pen Stationers
For: Stationery
Previous balance
Deposit’s
Total
This cheque
Total
Debits
Balance
5.
GLITTER GOLD JEWEL
09/03/2014
Bracelet
Earrings
Pearl chain
Total
Received
Change
R125,00
R 75,00
R350,00
R550,00
R550,00
R 0,00
7 March 2014
400
00
6.
INVOICE
No. 051
24 School Street
Cravenby
7493
12 March 2014
To: DL Themba
121 Rissik Street
Parow East
7501
Bought from:
QUANTITY
2
5
GLITTER GOLD JEWEL
DESCRIPTION
Beaded chains
Pair of earnings – Red velvet
PRICE
AMOUNT
R445
R125/pair
910
625
1 535
E. & O.E.
7.
8.
No. 081
To: Gold Traders
For: Trading Stock
Previous balance
Deposit’s
Total
This cheque
Total
Debits
Balance
21 March 2014
16 200
00
No. 082
To: R Raggs
For: Telephone
Previous balance
Deposit’s
Total
This cheque
Total
Debits
Balance
28 March 2014
750
00
9.
Received a cheque from B Blue, a debtor, in full settlement of his account of R800
10.
Issued a cheque to Reality Ltd for R2 800 in settlement of account of R3 000.
NO ACCOUNT DEBIT ACCOUNT CREDIT AMOUNT
EFFECT ON EQUATION
R
A =
OE
L
+
1
2
3
4
5
6
7
8
9
10
46
POSTING TO THE GENERAL LEDGER
ACTIVITY 3
Post to the following ledger accounts
1.
2.
3.
4.
5.
6.
7.
Trading Stock Account (Balance, R7 000)
Debtors Control Account (Balance, R4 500)
Bank (Balance, R23 456 – Dr)
Creditors Control Account (Balance R6 200)
Sales (Balance, 48 000)
Cost of Sales (Balance, R36 000)
Stationery account (Balance, R900)
The following is an extract from the subsidiary journals of Bluebells Stores for March
2014
CASH RECEIPTS JOURNAL
BANK
14 608
CRJ3
SALES
4 800
CASH PAYMENTS JOURNAL
TRADING
BANK
STOCK
12 000
2 100
DEBTORS JOURNAL
SALES
13 800
Debtors
Control
8 160
SUNDRY
ACCOUNT
1 648
STATIONERY
CPJ3
Creditors
Control
3 610
SUNDRY
ACCOUNT
5 590
700
DJ 3
CREDITORS JOURNAL
CREDITOR
TRADING
CONTROL
STOCK
16 882
8 600
47
COST OF
SALES
3 600
COST OF SALES
11 200
CJ3
EQUIPMENT
4 000
STATIONERY
400
SUNDRY
ACCOUNT
3 882
POSTING TO THE GENERAL LEDGER
ACTIVITY 3
GENERAL LEDGER OF BLUEBELLS STORES
BALANCE SHEET ACCOUNTS SECTION
TRADING STOCK
Dr
Date
Details
F
Details
F
Amount
Details
F
Amount
Dr
Date
48
F
Date
Details
F
Date
Details
F
B9
B10
CREDITORS CONTROL
Details
F
Amount
B8
Details
BANK
Dr
Date
Date
DEBTORS CONTROL
Dr
Date
Amount
Date
B2
Details
F
Cr
Amount
Cr
Amount
Cr
Amount
Cr
Amount
NOMINAL ACCOUNTS SECTION
SALES
Dr
Date
Details
F
Dr
Date
49
Date
Details
F
COST OF SALES
Details
F
Dr
Date
Amount
N1
Amount
Date
F
STATIONERY
Details
F
Amount
Date
Amount
N2
Details
F
Cr
Amount
N3
Details
Cr
Cr
Amount
ACTIVITY 4
Bundu Café, owner D Dudu, is a trading business which has a profit mark-up of 25% on cost.
REQUIRED
1
Record the following transactions for May 2014 in the subsidiary journals and cast the
journals.
Transactions: May 2014.
1
D Dudu, the owner, increased his capital contribution from R50 000 to R200 000 by
paying in a personal cheque to the cashier; receipt 216 was issued to him.
2
Purchased goods from Grand Traders per invoice (renumbered 356), R4 900.
3
Purchased second hand delivery vehicle cash from BM Motors; cheque 4023, R120 000.
6
Issued invoices for merchandise sold:
No. 451 to M Makeba, R480,
No. 452 to Smart, R760
7
Sold goods to J Julian for R1 780; accepted credit card payment.
Received M Valley’s cheque for R480 in payment of her debt R505; issued receipt 217.
10
Issued cheque 4024 for R810 to Bar One Traders in payment of the firm’s debt.
11
Purchased merchandise from Bush suppliers for R2 300; issued cheque 4025 to them in
payment of merchandise and delivery, R300
12
Received invoices for purchases on credit
Cloudy Traders, for merchandise, R2 400,
Pen Stationers, for stationery, R360
19
Cash cheque 4026 in payment of the following:
Telephone (the firm), R496,
Telephone (D Dudu), R245
23
Cash sales of merchandise, R3 690
Received rent for April R1 500 from lessee J Jingle; issued receipt 218.
26
Received deed of transfer of property purchased from SDF Properties for R320 000;
paid 20% of the purchase price per cheque 4027. The rest is on credit.
28
Received invoice from SA Packers for R520 for packing material.
30
Paid A Andy’s salary by cheque 4028, R4 700
31
Purchased equipment from Metal Works LTD, R6 800. Received invoice together with
equipment.
50
ACTIVITY 4
CASH RECEIPTS JOURNAL OF BUNDU CAFÉ FOR MAY 2014
Doc.
No.
D
DETAILS
F
Analysis
Of Receipts
Bank
CRJ5
Sales
Cost
Of
Sales
Debtors
control
Amount
Amount
Sundry Accounts
F
Details
CASH PAYMENTS JOURNAL OF BUNDU CAFÉ FOR MAY 2014
Doc
No.
D
DETAILS
F
Bank
Trading
Stock
Sundry Accounts
F
Details
CPJ5
Wages
Creditors
Control
DEBTORS JOURNAL OF BUNDU CAFÉ FOR MAY 2014
Doc.
No.
DJ5
SALES
D
DETAILS
F
COST OF
SALES
CREDITORS JOURNAL OF BUNDU CAFÉ FOR MAY 2014
Doc.
No.
52
D
DETAILS
F
CREDITORS
CONTROL
TRADING
STOCK
CJ5
STATIONERY
EQUIPMENT
Amount
Sundry Accounts
F
Details
ACTIVITY 9
Prepare the following from the transactions which was extracted from the books of
Mickey Traders for May 2014
NOTE:
1.
2.
3
4
Goods are sold at 25% on cost price.
Post to the Journals: CRJ,CPJ, DJ and CJ
Post to the following accounts in the Subsidiary Ledgers and draw up the debtors and
creditors list:
Debtors ledger
Creditors ledger
M Minnie
4 000 Barney Traders
2 460
L Lulu
8 600 Telly Tubies
6 900
Queeny Traders
5 840
Post to the general ledger accounts
Balances on the 1 May 2014
Balance sheet accounts section
Nominal accounts section
Capital
600 000 Sales
960 000
Drawings
12 000 Cost of sales
?
Land and Building
400 000 Rent Income
150 000
Vehicles
300 000 Telephone
9 300
Equipment
40 000 Wages
122 000
Trading Stock
24 000 Stationery
950
Debtors Control
? Consumable stores
930
Bank (Dr)
35 420
Creditors control
?
Prepare the Trial Balance for 31 May 2014
Transactions
May 2014
01
M Mickey increased his capital contribution by R80 000. Issued receipt 600
02
Sold merchandise on credit for R15 000 to M Minnie as per invoice 500.
07
Cash sales as per CRT 400, R8 000.
09
Bought consumable stores on credit, R450 from Barney Traders. (Number invoice 250)
12
Issued receipt 601 to L Lulu for part payment of her account, R3 500.
15
Purchased goods from Telly Tubies on credit and received invoice 586, R7 500.
16
Drew cash cheque 802 to pay wages, R12 200
19
Received a cheque from M Minnie to settle her account, R18 000. Issued receipt 602
Sent cheque 803 to Barney Traders as part settlement of our account, R2 000
21
Received rent from tenant P Panther, R15 000 for premises sublet. Issued receipt 603
Sold goods on credit to L Lulu, R8 400, as per invoice 50.
22
Cash sales as per CRT 401, R25 400
24
Purchased the following from Queeny Traders on credit: Received invoice 427
Equipment, R15 000; Merchandise, R34 200; Stationery, R855
25
Sold merchandise to M Minnie on credit as per invoice 502, R7 000
Paid Telkom by cheque 803, R2 840
29
Purchased Stationery from Goofy Stationers and paid by cheque 804, R455
30
Cash cheque 805 to pay wages, R12 200
Owner drew cheque 806, R2 900 for personal use.
31
Purchased merchandise from Teddy Bear Wholesalers and by cheque 807, R13 200.
Paid Queeny Traders as part payment, R40 000. Issued cheque 808.
1. CASH RECEIPTS JOURNAL OF
Doc.
No.
D
DETAILS
MICKEY TRADERS FOR MAY 2014
F
Analysis
Of
Receipts
Bank
Sales
CRJ5
Cost
Of
Sales
Debtors
Control
Sundry Accounts
Amount
2. CASH PAYMENTS JOURNAL OF MICKEY TRADERS FOR MAY 2014
D
Doc
No.
D
DETAILS
F
Bank
Trading
Stock
Details
CPJ5
Stationery
Wages
F
Creditors
Control
Amount
Sundry Accounts
F
Details
3.
DEBTORS JOURNAL OF MICKEY TRADERS FOR MAY 2014
Doc.
No.
DJ5
SALES
D
DETAILS
F
COST OF
SALES
4.
CREDITORS JOURNAL OF MICKEY TRADERS FOR MAY 2014
Doc.
No.
55
D
DETAILS
F
CREDITORS
CONTROL
TRADING
STOCK
STATIONERY
CJ5
EQUIPMENT
Amount
Sundry Accounts
F
Details
5. DEBTORS LEDGER OF MICKEY TRADERS
M MINNIE
DATE
DETAILS
FOL
L LULU
DATE
DETAILS
FOL
DEBIT
DEBIT
CREDIT
D1
BALANCE
CREDIT
D2
BALANCE
DEBTORS LIST
R
CREDITORS LEDGER OF MICKEY TRADERS
BARNEY TRADERS
DATE
DETAILS
FOL
TELLY TUBIES
DATE
DETAILS
QUEENY TRADERS
DATE
DETAILS
FOL
FOL
DEBIT
DEBIT
DEBIT
CREDIT
C2
BALANCE
CREDIT
C3
BALANCE
CREDIT
C5
BALANCE
CREDITORS LIST
R
6.
GENERAL LEDGER OF MICKEY TRADERS
BALANCE SHEET ACCOUNTS SECTION
CAPITAL
Dr
Date
Details
F
Amount
Details
F
Amount
Dr
Date
Details
F
Amount
Details
F
Amount
57
Date
Details
F
Details
F
Amount
Date
F
Date
Details
F
Date
Details
F
Cr
Amount
B4
EQUIPMENT
Cr
Amount
B3
Details
Cr
Amount
B2
VEHICLES
Dr
Date
F
LAND AND BUILDING
Dr
Date
B1
Details
DRAWINGS
Dr
Date
Date
Cr
Amount
B5
Cr
Amount
Dr
Date
TRADING STOCK
Details
F
Dr
Date
Details
F
Amount
Details
F
Amount
58
Details
Details
F
Date
Details
F
Date
Details
F
Amount
Details
F
Cr
Amount
B8
CREDITORS CONTROL
Amount
F
Cr
B7
BANK
Dr
Date
Date
DEBTORS CONTROL
Dr
Date
Amount
B6
Date
B9
Cr
Amount
Cr
Amount
NOMINAL ACCOUNTS SECTION
SALES
Dr
Date
Details
F
Dr
Date
Details
F
Amount
Details
F
Amount
Details
F
Amount
59
Date
Date
Date
Details
F
Amount
Date
F
Amount
Date
Amount
Cr
Details
F
Amount
Details
F
Amount
Details
F
Amount
N3
Cr
N4
N5
Details
F
STATIONERY
Details
Cr
N2
WAGES
Dr
Date
F
TELEPHONE
Dr
Date
Details
RENT INCOME
Dr
Date
Date
COST OF SALES
Dr
Date
Amount
N1
Cr
Cr
Amount
N6
Details
F
Amount
Cr
Dr
CONSUMABLE STORES
Date
Details
F
Amount
Date
TRIAL BALANCE OF MICKEY TRADERS ON 31 MAY 2014
Fol
BALANCE SHEET ACCOUNTS SECTION
Capital
B1
Drawings
B2
Land and Building
B3
Vehicles
B4
Equipment
B5
Trading stock
B6
Debtors control
B7
Bank
B8
Creditors control
B9
NOMINAL ACCOUNTS SECTION
Sales
N1
Cost of sales
N2
Rent Income
N3
Telephone
N4
Wages
N5
Stationery
N6
Consumable stores
N7
60
N7
Details
R
F
Amount
R
Cr