EMS REVISION TEST MAY 2022
NAME: ……………………………………………..…………………….100 marks,50 minutes
You may use a blue or black pen or a DARK pencil. No Correction fluid is permitted.
QUESTION 1 (43 marks, 23 minutes)
Record the following transactions of Golightly Traders, a business that buys and sells inverters ,batteries and light fittings.
The mark up on cost price is 25%. Note: Totalling Journal columns NOT required.
Transaction for May 2022
1
3
4
7
7
9
14
15
15
18.
21
23
25.
29
31
The owner Clive deposited R400 000 directly into the business bank account of Golightly Traders
via EFT .
Bought stock for R10 000 from Tylo (Pty) Ltd via EFT.
Goods with a selling price of R200 was sold to L Hani and invoice no. Inv 01 was issued.
Bought R1500 worth of Equipment, less 10% trade discount, from Bekker stores and paid by EFT.
Paid employees their wages with cash, R5 000, withdrawn from the bank.
Merchandise was sold on account to C Du Toit for R250 as per invoice issued.
Paid employees their wages with cash, R5500.
Sold goods for cash, R600.
Received R3 000 cash from Goldman Estates for rent.
L Salie bought goods on credit from Golightly Traders. Cost price R2 300.
Paid Morrison Agency R1 000 for advertising via EFT.
Bought inventory from Amy CC for R4 000 via EFT.
Paid Telkom the business telephone account of R 1000 and the owners private
Cell phone account R850, via EFT.
L Hani settled her account and was issued receipt no.02 as proof of payment.
Sold goods for cash. Cost price R400.
CASH RECEIPTS JOURNAL OF GOLIGHTLY TRADERS FOR MAY 2022
DOC
BS
DA
Y
1
DETAILS
DEBTORS
F
O
L
CLIVE
CRR 15
SALES
REC 01
15
GOLDMAN
ESTATES
REC 02
BANK
ANALYSIS
OF
RECEIPTS
SALES
COST OF
SALES
SUNDRY ACCOUNT
CONTROL
AMOUNT
400 000
600
400 000
600
3 000
3 600
29 L HANI
200
200
CRR 31 SALES
500
500
FO
L
DETAILS
CAPITAL
480
3000
RENT INCOME
200
500
/17
400
CASH PAYMENTS JOURNAL FOR GOLIGHTLY TRADERS FOR MAY 2022
DOC
DA
Y
NAME OF
PAYEE
F
O
L
SUNDRY ACCOUNT
BANK
Wages
BS
3
TYLO (PTY)LTD
10 000
BS
7
BEKKER STORES
1 350
BS
7
EMPLOYEES
5 000
5 000
BS
14
EMPLOYEES
5 500
5 500
BS
21
MORRISON
AGENCY
1 000
BS
23 AMY CC
4 400
BS
25 TELKOM
1 850
Trading
Stock
AMOUNT
F
O
L
DETAILS
10 000
1 350
EQUIPMENT
1 000
ADVERTISING
1 000
TELEPHONE
4 400
/20
850
DRAWINGS
DEBTORS JOURNAL OF GOLIGHTLY TRADERS for MAY 2022
DOC.
DAY
DETAILS
FOL.
SALES
COST OF SALES
INV 01
4
L HANI
200
160
INV 02
9
C DU TOIT
250
200
INV 03
18
L SALIE
2 875
2 300
/6
QUESTION 2 (23 marks,12 minutes)
Tiptoe Traders
The following column Totals are given:
CRJ: Bank 220 000, Sales R90 000, Cost of Sales R45 000
CPJ: Bank 120 000, Trading Stock 90 000
DJ:
Sales 30 000, Cost of Sales ?
Post the applicable, relevant entries from the given journals to the given General Ledger accounts.
Balance the B accounts. Fill in the missing entries.
GENERAL LEDGER OF TIPTOE TRADERS
TRADING STOCK
DATE
DAY
2022
May
31
JUNE 1
DETAILS
BANK
BALANCE
FOL
CPJ
B/D
AMOUNT
90 000
DATE
DAY
DETAILS
FOL
2022
May
31
Cost of Sales
CRJ
31
31
COST OF SALES
DJ
C/D
31
TOTAL
PAYMENTS
CPJ
120 000
31
BALANCE
c/d
100 000
220 000
BALANCE
90 000
30 000
AMOUNT
45 000
15 000
30 000
90 000
(10)
BA NK
2022
May
June
31
1
TOTAL RECEIPTS
BALANCE
CRJ
220 000
2022
May
220 000
B/D 100 000
(8)
SA LES
2022
May
31
BANK
N1
CRJ
31
DEBTORS CONTROL
DJ
(5)
90 000
30 000
120 000
QUESTION 3 (34 marks, 15 minutes)
Record the entries in the table below. Record the amounts and whether it is + or - .
Example: Paid R2 000 via Eft for advertising to AndaDean Agency.
1.
The owner, J Northuizen paid his son’s university fees by EFT, R5 000.
2.
Paid the business telephone a/c, R1 000 by EFT.
3.
Sold goods for cash for R400. (Mark up on Cost is 100%)
4.
Bought a truck from C McCabe and paid R40 000 by EFT.
5.
Received R2 000 from the tenant, Solo to settle her rent of the business storeroom.
NO
Source
Document
JNL
EX
BS or EFT
CPJ
1
BS
BS
CRR
CPJ
BS
REC
CPJ
2
3
CPJ
CRJ
3
4
5
CRJ
A/C DEBIT in GL
A/C CREDIT in GL
ADVERTISING
BANK
DRAWINGS
TELEPHONE
BANK
COST OF SALES
VEHICLES
BANK
BANK
BANK
SALES
TRADING STOCK
BANK
RENT INCOME
A
O
- 2 000
-2 000
-5000
-1000
+400
-200
+- 40000
+2000
-5000
-1000
+400
-200
0
+2000
L
0
0
0
0
0
0
0