Not only does this study guide give you an overview of the
content required to master Accounting, it also:
• explains key concepts you need to fully understand the
subject matter
• guides you with introductory activities
• includes “Test yourself” questions, with marks, to test
your knowledge
• provides exemplar papers for both the June and
November examinations.
Photocopiable templates in a separate booklet include:
• all the important tables and financial reports
• answer books for all the exam papers.
Other Grade 10 titles
in this series include:
• English
• Life Sciences
• Geography
• Mathematical Literacy
• Mathematics
• Physical Sciences
Study Guide Accounting
Study & Master Accounting Grade 10 Study Guide for CAPS
has been developed as an aid to support you throughout the
school year.
CAPS
Accounting
This icon in the study guide indicates where you can
use these templates.
Study & Master Accounting Study Guide for CAPS is a
comprehensive guide that will give you all the support you
need to prepare for your exams.
CAPS
Study Guide 10
Accounting
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Study Guide 10
Study & Master
SA
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PL
Study & Master
Study & Master
CAPS
10
Elsabé Conradie | Derek Kirsch | Mandy Moyce
Study & Master
Study Guide 10
PL
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Accounting
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Elsabé Conradie | Derek Kirsch | Mandy Moyce
The Water Club, Beach Road, Granger Bay, Cape Town 8005, South Africa
Cambridge University Press is part of the University of Cambridge.
It furthers the University’s mission by disseminating knowledge in the pursuit of
education, learning and research at the highest international levels of excellence.
www.cambridge.org
Information on this title: www.cambridge.org/9781107425606
© Cambridge University Press 2014
This publication is in copyright. Subject to statutory exception
and to the provisions of relevant collective licensing agreements,
no reproduction of any part may take place without the written
permission of Cambridge University Press.
First published 2014
Printed in South Africa by Creda Communications
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isbn 978-1-107-42560-6 Paperback
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Editor: Christine de Nobrega
Typesetter: Brink Publishing & Design
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Every effort has been made to trace copyright holders. Should any infringements have occurred,
please inform the publishers who will correct these in the event of a reprint.
Contents
Exam tips and advice
Accounting terminology and revision of Grade 9 work ..........................
1
Chapter 2
Debtors ....................................................................................................
15
Chapter 3
Creditors ..................................................................................................
25
Chapter 4
Cash journals (additional cash transactions) ...........................................
41
Chapter 5
The General Journal ................................................................................
59
Chapter 6
Comprehensive activities ........................................................................
73
Chapter 7
Debtors and creditors reconciliations ......................................................
82
Chapter 8
Value-added Tax (VAT) ...........................................................................
91
Chapter 9
Salaries and wages ..................................................................................
97
Chapter 10 GAAP, Final accounts and year-end adjustments ...................................
106
Chapter 11 Financial statements of a sole trader .......................................................
130
Chapter 12 Analysis and interpretation of financial statements .................................
142
Chapter 13 Cost Accounting ......................................................................................
155
Chapter 14 Budgeting ................................................................................................
163
Chapter 15 Theory .....................................................................................................
171
Solutions to activities....................................................................................................
181
Sample exam paper June .............................................................................................
350
Sample exam paper November ...................................................................................
358
Marking memorandum June ......................................................................................
368
Marking memorandum November ............................................................................
377
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Chapter 1
Exam tips and advice
Here are some tips to bear in mind when preparing for and writing an Accounting
examination:
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• Don't cram or work late the night before your exam – it is very important that
you have a good night’s sleep.
• Make sure you have all the necessary stationery and a calculator for the exam.
• Read the questions carefully and make sure that you understand what is being
asked of you.
• Try your best to work within the time allocated for each question.
• Show ALL your workings in your Answer Book, as part-marks are usually
awarded for calculations even if the final answer is incorrect.
• Show totals and balances as marks are usually awarded for these items even if the
amounts are incorrect.
• Write clearly and neatly.
• Try to be concise and to the point when answering theory questions.
• If you are stuck on a particular question or sub-question, rather move on and
come back to it later, once you have finished answering the other questions.
• Remember that you don’t need to answer the questions in order, but don’t waste
too much time deciding which questions to answer first.
• Leave your weakest topic for last so that you don't waste valuable time struggling
with a topic that you find difficult.
• Try to at least attempt all the questions, as each question will have some marks
that are easy to obtain.
• Do not leave the exam room until you have completed the entire paper and try
not to leave any question un-attempted.
• Be positive, confident and calm – believe in yourself!
Good luck for your exams!
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A booklet of templates has been included with this study guide. Wherever you see
this icon, there is a template that you can photocopy and use for your answers.
There are also generic blank ruled pages at the end of this book that you can use for
any number of reports.
CHAPTER 1: Accounting terminology and
revision of Grade 9 work
What you need to know (checklist):
Introduction
I can do this
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Topic
Basic accounting terminology:
Accounting equation, double-entry principle
Calculations:
Cost price, selling price, profit mark-up
Cash journals
General Ledger:
Entering opening balances, posting amounts to ledger accounts, balancing
ledger accounts, extracting a Trial Balance
1. Assets
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In Grade 9 you learnt the basic accounting concepts and book entries. The best way
to understand Accounting in Grade 10 is to:
• recap Grade 9 Accounting terminology
• understand the accounting cycle and apply it to the bookkeeping process
• understand the accounting equation and double entry.
Assets belong to the business. They can be divided into two groups.
Non-current assets
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1.1
SA
These are long-term assets.
• Fixed assets have a reasonably long lifespan and are bought in order to generate
an income for the business. These assets are kept for a long time.
• Investments are assets because money is stored away in a fixed account in order
to earn interest.
1.2
Current assets
These are assets that can be converted into cash in the short term. They are used
within the businesses activities, for example, stock in bought at a certain price and
sold at a higher price to make a profit.
C h a p t e r 1 A c c o u n t i n g t e r m i n o l o g y a n d r e v i s i o n o f g r a d e 9 wo r k
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The following table better explains assets:
Non-current assets
Fixed assets
Current assets
Investments
Land and Buildings:
property
Vehicles: cars, trucks, motor
cycles
Equipment: computers,
printers, etc.
Furniture: desks, chairs, etc.
Fixed deposits: money
invested for a period of more
than a year
Notice deposits: money
invested for a certain period,
which needs a notice of 90
days before it will be paid
back
Machinery
Trading stock: goods
purchased for resale
Debtors control: those who
owe money to the business
Bank: money in the current
bank account
Savings account: money in a
savings account
Cash float: cash in the
register/till
2. Owner’s equity
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Petty cash: money used to
buy low-cost items, usually
not more than R100 per item
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This is the owner’s interest (portion) in the business.
• Capital – The money the owner gives to start up the business
• Drawings – The money the owner takes out of the business
• Income – are earnings which increase the owners’ equity of the business.
• Expenses – are running costs which are paid in order for the business to operate.
The table lists some income and expense accounts:
Expense accounts
Cost of sales
Salaries
Wages
Rent expense
Telephone
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Income accounts
Sales
Current income
Rent income
Commission received
Insurance
Stationery
Packaging
Advertising
Repairs and
maintenance
Water and electricity
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3. Liabilities
Liabilities are obligations that the business has towards another business because
of a credit transaction.
• Non-current liabilities are long-term obligations that will be paid back over
a period longer than a year.
• Current liabilities are short-term obligations that will be paid back within
a year.
Non-current liabilities
Loan: money borrowed to finance business
operations
Mortgage bond: money borrowed to buy
property
2
Current liabilities
Creditors control: money owed to other
businesses
Bank overdraft: a facility offered by the bank
where you can use more money than you have
in your account
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4. The accounting equation
All accounting is based on the accounting equation and is represented as follows:
Assets = Equity + Liabilities
Equity + Liabilities also equals Net Worth or Net Assets.
5. Double-entry principle
Every transaction will affect either assets, owner's equity or liabilities. These will
either increase or decrease, and the effect is indicated as follows:
Assets
Decreases with a credit entry
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Dr
Increases with a debit entry
Cr
Owner's Equity
Increases with a credit entry
Cr
Dr
Decreases with a debit entry
Liabilities
Increases with a credit entry
Cr
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Dr
Decreases with a debit entry
6. Cash transactions
6.1
Cash transactions of a service business
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The main source of income is services rendered. This is called current income.
Examples of service businesses are plumbers, electricians, hairdressers, garden
services and painters.
6.2
Cash transactions of a trading business
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The main source of income is sales. A trading business buys items at a certain price
and sells them at a higher price. The difference between these two amounts is the
business’s income or gross profit.
6.3
Cost price, selling price and profit mark-up
A retailer determines the selling price of an item by adding a profit mark-up to the
cost price of the article.
Cost price + profit mark-up = selling price
Example: A retailer buys an item for R18. He wants to make 10% profit, so he adds
R1,80 (10% of R18). He therefore sells the article at R19,80.
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Trading stock
Items purchased
with the purpose of
selling them again;
also referred to as
goods. Trading stock
is an asset.
Cost of sales
The cost price of
trading stock that
has already been
sold
7. Cost calculations
You must be able to do three very important calculations:
• Calculation of the selling price of trading stock
• Calculation of the cost price (cost of sales) of trading stock sold
• The profit mark-up/profit percentage earned on trading stock sold.
7.1
Calculating the selling price
If you are calculating the selling price of trading stock, you need to have the cost
price and profit/profit mark-up.
Example: Bought an item for R150. A profit percentage of 20% must be taken
into account.
20% of R150 = R30, thus the selling price will be R180.
Assume the cost price percentage is:
Profit percentage:
Assume the selling price percentage is:
1
×
selling price %
cost price %
= selling price
=
7.2
100%
20%
120%
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cost price
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OR
150
1
×
120
100
= R180
Calculating the cost price/cost of sales
If you are calculating the cost price of trading stock, you need to have the selling
price and profit percentage.
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Example: Sold an item for R240. The profit percentage was 20%.
Assume the cost price percentage is:
Profit percentage:
Assume the selling price percentage is:
selling price
cost price %
×
selling price %
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1
= cost price
=
7.3
100%
20%
120%
240
1
×
100
120
= R200
Calculating the profit percentage
If you are calculating the profit percentage on trading stock, you need to have the
selling price and the cost price.
Example: An item that originally cost R200, was sold for R300.
The amount of profit is R300 – R200 = R100.
profit
cost price
×
100
1
= profit percentage
=
4
100
200
×
100
1
= 50%
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8. Purchasing trading stock and its effect on the
accounting equation
Since trading stock is an asset to the business, you are exchanging one asset for
another: Bank (cash) is exchanged for Trading Stock.
Example: Issued a cheque for the purchase of stock to the value of R1 500.
Remember:
Assets must still
equal Owner's
Equity.
Assets
Owner’s Equity
–1 500
Cash decreases
No effect
+1 500
Trading stock increases
In the General Ledger, always follow the double-entry principle.
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Bank is an asset that decreases and is thus credited.
Trading Stock is an asset that increases and is thus debited.
Example: Issued a cheque for the purchase of stock to the value of R1 500.
Account credited
Bank
Account debited
Trading Stock
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9. Selling trading stock and its effect on the
accounting equation
When trading stock is sold, the two amounts involved are: cost price of the items,
and the selling price of the items.
The difference between these two is the profit that the owner makes in the business.
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To show the effect of this transaction on the accounting equation, remember
the following:
• The goods on the shelves/in the storeroom decrease when someone buys them,
and we use the cost price.
• The money in the cash register increases when someone pays for the goods, and
we use the selling price.
• To determine the profit made on this transaction, we calculate the profit.
Example: Sold goods for R550 cash. The cost price of the goods was R380.
Remember:
Assets must still
equal Owner's
Equity.
Assets
Owner’s Equity
–380
Trading Stock decreases
+170
+550
Bank increases
Profit earned
Always follow the double-entry principle in the General Ledger.
The two accounts affected by the cost price are:
• Trading Stock: an asset that decreases and must therefore be credited.
• Cost of Sales: decreases owner's equity and must therefore be debited.
The two accounts affected by the selling price are:
• Bank: an asset that increases and must therefore be debited.
• Sales: increases owner's equity and must therefore be credited.
Example: Sold goods for R550 cash. The cost price of the goods was R380.
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Accounts debited
Cost of Sales
Bank
EFT Electronic Funds
Transfer, when you
pay electronically
using cell phone or
Internet banking
10. Cash journals
The business uses journals to record all its transactions. One of these journals is
called a cash journal and is a “diary” of all the cash transactions of the business.
• A Cash Receipts Journal (CRJ) is used to record all cash received.
• A Cash Payments Journal (CPJ) is used to record all cash paid.
10.1 Documents used during cash transactions
• Receipt: document issued when money is received
• Cheque: filled in to pay cash
• Cash register roll: document from the cash register indicating cash received
10.2 Source documents used to record transactions
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Remember:
Cheques, credit
cards, debit
cards, EFTs and
direct deposits all
represent cash.
Accounts credited
Trading Stock
Sales
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• Duplicate receipt: kept as proof of money received
• Cheque counterfoil: kept as proof that a cheque has been written out to pay
for something
• Cash register roll: proof of money received for services rendered
• Duplicate deposit slip: as proof that money has been paid into the bank
10.3 Posting from the CPJ and CRJ to the General Ledger
10.3.1 Cash Payments Journal
In the CPJ, the Bank account is always credited because assets decreased.
Therefore all the other accounts are debited.
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Example
Cash Payments Journal of Cameron Traders – April 2019
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Doc. Day Payee
no.
12
10 B&B Books
13
14 XYZ Traders
14
17 Telkom
15
22 Fine Foods
Bank
Fol.
Bank
Total payments
Stationery
350
Bank
Stationery
350
1 500
550
900
3 300
350
3 300
CPJ1
Trading Sundry accounts
stock
Amount Fol. Details
1 500
550
350
900
2 400
Telephone
550
Bank
Trading stock
2 400
Bank
Telephone
550
10.3.2 Cash Receipts Journal
In the CRJ, the Bank account is still debited (assets increased), while all the other
accounts are credited, such as Sales.
Cost of Sales is the exception: it has nothing to do with Bank and must therefore be
posted separately. Cost of Sales is debited (increased “expenses”) and Trading Stock is
credited (decreased assets).
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Example
Cash Receipts Journal of Cameron Traders – April 2019
Doc. Day Payee
no.
Bank
11 505 Total
payments
Bank
Sales
350
840
315
10 000
350
840
350
840
315
10 315
11 505
Sales
Bank
3 300
1 505
200
480
180
860
10 000
10 000
Capital
Bank
1 505
Capital
10 000
Trading Stock
2 400 Cost of
sales
860
Trading
stock
Cost of Sales
860
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Bank
Cost of Sundry accounts
sales Amount Fol. Details
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Total
receipts
Fol. Analysis of
receipts
15 Sales
25 Sales
30 Sales
Alma Smit
01
CRJ1
Trading Stock has entries on both sides:
The debit side is the entry from the CPJ (Trading Stock increased through
purchases).
The credit side is the entry from the CRJ (Trading Stock decreased by the
cost of sales).
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10.3.3 Balancing the accounts
Balancing an account means calculating how much is in the account at the end
of the month. If an account has entries on one side of the account only, they can
simply be added. Draw only one line above the total.
Example
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2019
Jan
Stationery
01 Bank
CPJ
100
14 Bank
CPJ
250
CPJ
350
Bank (R/D) (refund)
If the account has entries on the debit and credit side, these must be subtracted from
each another to see what is “left over”. Note the double lines below these totals.
Example
2019
Jan
31 Total receipts
Bank
CRJ
2019
12 000 Jan 31 Total payments
14 Balance
12 000
Feb
01 Balance
b/d
CPJ
8 000
c/d
4 000
12 000
4 000
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11. Opening balances
A business that has been operating for longer than one month, will already have
information in the General Ledger from previous months. The closing balances
from the previous month become the opening balances of the current month.
They should be identical to the previous month, for example, a closing credit
balance of R2 000 must appear as an opening credit balance of R2 000.
12. Trial Balance
The Trial Balance is a list of all the General Ledger account balances. It has a debit
column and a credit column. At the end of the month, all the debits must total all
the credits. This shows that the General Ledger “balances”.
Activity 1.1
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Basic introductory activities
Required
Copy the table into your workbook. Use a tick () to indicate where each item on the list
below should appear.
Assets
Current
Owner's Equity
PL
Fixed
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Items
1. Delivery bicycle
2. Money in the bank
3. Telephone account
4. Donation received from the local government
5. Photocopier paper
6. Loan from FNB
7. Sales of T-shirts
8. Repairs to the vehicle
9. Interest paid on the short-term loan from FNB
10. Creditors
11. School fees of the owner’s son
12. Bank overdraft
13. Farming equipment
14. The office building
15. Cash in petty cash
16. Money received from a hairdresser for services rendered
17. Insurance premium paid to Santam
18. Advertisement in the newspaper
19. Tea and coffee for the office staff
20. Spare parts for the truck
Activity 1.2
Required
Show the effect of each transaction on the accounting equation.
In each case provide the amount, effect and reason.
Example: Bought a new cash register and paid by cheque, R6 000.
Assets
Effect Reason
+R6 000 Equipment increases
–R6 000 Bank decreases
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Owner’s Equity
Effect Reason
Liabilities
Transactions
1. Paid the telephone account by debit card at Pick n Pay, R450.
2. Received R3 000 for services rendered.
3. Paid Eskom by cheque for electricity, R2 350.
4. Bought packing material from Makro, R400, and paid by cheque.
5. Bought pens and pencils for the office at Waltons, and paid cash, R220.
6. Paid the weekly wages directly into the bank accounts of the workers, R4 000.
7. Bought a new computer for the office and paid by cheque, R8 000.
8. Paid the owner’s TV licence by cheque, R280.
9. Cash register roll for services rendered for the day, R5 500.
10. Received R2 200 from the tenants renting the office.
Activity 1.3
Copy and complete the table by calculating the cost of sales (cost price) or the selling
price (sales).
Selling price
Profit %
Calculation
Example 1
280
40%
280 ×
100
Example 2
1 350
50%
900 ×
150
750
240
50%
20%
25%
30%
40%
100%
200%
390
728
160
200
(to find selling price)
900
150
390
1
3
2
66 %
9.
200
33 %
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8.
100
Cost price
(to find cost price)
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1.
2.
3.
4.
5.
6.
7.
140
E
No.
360
3
Activity 1.4
SA
Required
Show the effect that each transaction has on Assets and/or Owner's Equity. In each case, give
the amount, effect and reason. Also show the General Ledger accounts to be debited and
credited.
Transactions
1. Bought stock to the value of R2 400 and issued a cheque.
2. Received goods for R1 450 and issued a cheque.
No.
Assets
Effect Reason
Owner's Equity
Effect Reason
1.
2.
No.
Account debited
General Ledger
Account credited
1.
2.
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Activity 1.5
Required
Copy the tables below. Show the effect that each transaction has on Assets and/or Owner's
Equity. In each case, give the amount, effect and reason. Also show the General Ledger
accounts to be debited and credited.
Transactions
1. Sold trading stock for R230 cash (cost price R100).
2. Issued a cash register slip for the sale of goods to the value of R368.
The business maintains a profit margin of 60% on cost price.
Assets
Effect Reason
No.
Owner's Equity
Effect Reason
1.
2.
Account debited
Activity 1.6
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1.
2.
General Ledger
Account credited
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No.
Required
Use the transactions of Nawawi Stores, owner N Nawawi, to draw up the CRJ and CPJ of the
business for August 2019. Close off the journals properly at the end of the month.
Provide for the following columns:
CRJ: Analysis of Receipts, Bank, Sales, Cost of Sales, Sundry accounts
CPJ: Bank, Wages, Equipment, Trading stock, Sundry accounts
SA
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Transactions for August 2019
01The owner contributed R45 000 to the business as capital. He deposited this in the
business’s bank account. Receipt no. 01 was issued to him.
03 Issued cheque no. 001 to the municipality to pay for the trading licence, R250.
04 Issued a cheque to Swazi Suppliers for the purchase of stock, R4 800.
07 Cash sales of stock, R750 (cost price R500)
09 Issued a cheque to PNA for the purchase of stationery, R360.
11 Received goods from Lee Suppliers and issued a cheque to them for R6 300.
13 The owner took a cash cheque for own use, R300.
Paid the weekly wages by cheque, R1 800.
16 Cash received for goods sold, R960 (cost price R640).
Issued a cheque to Office Suppliers for the purchase of a computer, R5 000.
19 Drew a cash cheque to pay the weekly wages, R1 800.
Issued a cheque to the municipality for R860. It was in payment of the business’s water
and electricity account, R610, as well as the owner’s personal account.
23 Cash sales of stock according to the cash register roll, R825 (cost price R530).
Issued a cheque to ABC Stores for goods bought from them, R570.
30 Drew a cheque for the weekly wages, R1 800, and for petty cash, R300.
Cash received for the sale of goods, R975 (cost price R650).
Issued a receipt to the owner for R5 000. This was for an increase of his capital.
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Activity 1.7
Use the CRJ and CPJ already drawn up for Activity 1.7 and post them to the General Ledger of
Nawawi Stores for August 2019. Provide for the following accounts:
Capital (4 lines)
Drawings (4 lines)
Equipment (2 lines)
Trading stock (5 lines)
Bank (5 lines)
Petty cash (2 lines)
Sales (2 lines)
Cost of sales (2 lines)
Wages (2 lines)
Trading licence (2 lines)
Stationery (2 lines)
Water and electricity (2 lines)
Balance the accounts properly at the end of August.
Activity 1.8
PL
E
Required
Use the information of Alva Traders to do the following:
1. Open the accounts in the General Ledger with given balances.
2. Complete the CRJ and CPJ for March 2019.
Provide the following columns in the cash journals:
•• CRJ: Analysis of receipts, Bank, Sales, Cost of sales, Sundry accounts
•• CPJ: Bank, Stationery, Wages, Trading stock, Sundry accounts
3. Post the completed CRJ and CPJ to the accounts in the General Ledger.
4. Properly balance the accounts at the end of March.
Information
Trial Balance of Alva Traders on 28 February 2019
SA
M
Balance Sheet accounts
Capital
Drawings
Equipment
Trading stock
Bank
Petty cash
Nominal accounts
Sales
Cost of sales
Rent expense
Trading licence
Advertising
Packing material
Water and electricity
Salaries
Wages
Stationery
Rent income
Fol.
B1
B2
B3
B4
B5
B6
N1
N2
N3
N4
N5
N6
N7
N8
N9
N10
N11
Debit
Credit
20 000
Lines
4
4
4
5
5
5
5 000
4
4
4
4
5
5
2
4
4
4
4
200
2 810
6 760
7 092
100
2 780
870
130
180
160
78
1 360
3 000
260
25 780
780
25 780
Transactions for March 2019
01A Valentine, the owner of Alva Traders, increased his capital contribution by R25 000.
Receipt no. 12 was issued. The money was deposited directly in the current bank account
of the business.
02 Issued the following cheques:
to Brink & Co. for the rent of the building, R1 360
to the municipality for the trading licence, R150
to Laurentia Furnishers for equipment, R7 500
for petty cash, R80
C h a p t e r 1 A c c o u n t i n g t e r m i n o l o g y a n d r e v i s i o n o f g r a d e 9 wo r k
11
E
04 Bought stock from Mellville Suppliers and paid by cheque (no. 014), R6 400.
06 Bought stationery from Sampie & Co. for R480 and paid by cheque.
07 Drew R1 125 cash by cheque to pay the weekly wages.
09 Paid Paarl Post by cheque for advertisements, R120.
12 Cash sales of stock according to the cash register roll, R316 (cost price R230).
14 Paid the weekly wages by cheque, R1 125.
18 Bought packing material from Plastika Ltd for R224 and paid by cheque.
21 Cash sales of goods, R834 (cost price R620).
28 Cash sales of trading stock, R720 (cost price R550).
28 Issued a cheque to pay the weekly wages, R1 000, as well as for petty cash, R125.
29Paid Waal & Son by cheque for the following: Packing material, R184, and advertising
posters, R210.
Bought stock from Nelson & Co. for R1 770 and paid by cheque.
30 Cash sales of goods, R465 (cost price R340).
Sublet a part of the building to R Roos, R1 000.
31 Paid the salary of the secretary, A Johns, by cheque, R1 480.
The owner withdrew a cash cheque for personal use, R500.
Activity 1.9
PL
Use the General Ledger of Alva Traders (Activity 1.9) and prepare the Trial Balance on
31 March 2019.
Exam-type question
Activity 1.10
Required
Use the given (independent) transactions and complete the columns below.
Accounted debited
General Ledger
Account credited
M
No.
Assets
Effect
Owner's Equity
Effect
SA
Transactions
1. Bought stock from Lerm Wholesalers and paid by cheque, R3 120.
2. Sold stock, cost price R320, for cash, R480.
3. Drew a cash cheque for petty cash, R150.
4. Received R900 from the tenant who rents a building from the business.
5. The owner drew a cheque for R550 for own use.
6. The owner deposited additional capital, R3 000.
7. Bought stationery from Trio Printers by cheque, R116.
8. Drew a cash cheque to pay the wages, R410.
9. Sent a cheque to Telkom in payment of the telephone account, R155.
10. Received a service invoice for repairs from Presto and paid by cheque, R230.
11. Bought a computer for office use and paid by cheque, R4 800.
12. Issued a cheque for R2 300 for the purchase of trading stock of R1 800, and the rest for the
purchase of packing material.
13. Issued a cheque to Waltons for R1 200. This was for the purchase of stationery for the
business’s use, R400, purchase of school books for the owner’s children, R350, and
stationery for resale, R450.
14. Issued a cheque to Ster Motors for R16 000 for the purchase of a second-hand vehicle for
R15 000, as well as repairs to the windscreen.
12
S t u dy & M a s t e r A c c o u n t i n g S TUDY G U I DE G r a d e 1 0
Test yourself 1.1
Time: 90 minutes
Marks: 130
Required
1. Open the ledger accounts with the balances given (number of lines shown in brackets).
2. Complete the CRJ and CPJ for May 2019:
•• CRJ: Analysis of receipts, Bank, Sales, Cost of sales, Sundry accounts [16]
•• CPJ: Bank, Trading stock, Stationery, Packing material, Equipment, Sundry
accounts [31]
3. Post the CRJ and CPJ to the General Ledger and balance the accounts properly. [58]
4. Draw up the Trial Balance on 31 May 2019. [19]
5. Calculate the percentage profit mark-up that Manzo Stationers adds to the cost price
of their stock to calculate the selling price. [6]
E
Information
On 30 April 2019 the following balances appeared in the ledger of Manzo Stationers:
Capital
R19 000 (4) Sales
Drawings
(4)
1 400
(4)
390
(4)
4 280 (6) Telephone
216
(4)
1 029 (6) Stationery
182
(4)
150 (4) Repairs
PL
3 710 (4) Packing material
M
Petty cash
10 000
12 000 (2) Wages
Equipment
Bank
(4)
400 (4) Cost of sales
Land and buildings
Trading stock
R15 000
243
(4)
Insurance
–
(2)
Advertising
–
(2)
Postage
–
(2)
Salaries
–
(2)
Rent income
–
(2)
SA
Transactions for May 2019
Duplicates of receipts issued
May
05 no. 401 to H Hansen for rent received, R150
19 no. 402 to J Manzo for additional capital, R3 000
Cash sales of goods according to
the cash register roll
May
03 R705 cost price R470
05 R894 cost price R596
12 R972 cost price R648
19 R933 cost price R622
28 R1 056 cost price R704
Duplicates of
bank deposit slips
May
03 R705
05 R1 044
12 R972
19 R3 933
28 R1 056
Cheque counterfoils
May
02 no. 301 to Typek Suppliers for R476
stationery for resale, R374
stationery for office use, R102
05 no. 302 to Highveld Brokers for insurance premium, R107
07 no. 303 to Longman CC for stock, R514 advertisements, R45
10 no. 304 to Klix Products for packing material, R83
11 no. 305 to Vaal Services for repairs, R61
12 no. 306 cash for extra cash float, R50
C h a p t e r 1 A c c o u n t i n g t e r m i n o l o g y a n d r e v i s i o n o f g r a d e 9 wo r k
13
14
15
18
19
21
24
28
30
no. 307 to Typek Suppliers for R779: equipment, R377 and stock, R402
no. 308 cash for postage, R20
no. 309 to Longman CC for goods, R616
no. 310 to Klix Products for packing material, R117, and stationery for sales, R91
no. 311 to H Hartman, R400 for salary
no. 312 cash for the owner for private use, R100
no. 313 to Telkom for the telephone, R41
no. 314 cash for wages, R310
Test yourself 1.2
Time: 45 minutes
Marks: 70
E
Required
1. Open the accounts in the General Ledger of Protem Traders. Leave 5 lines each for Trading
Stock and Bank, 2 lines each for Advertising, Insurance and Petty Cash, and 4 lines for each
of the other accounts.
2. Post the given journals to the General Ledger and balance the accounts at the end
[53]
of the month. 3. Prepare the Trial Balance on 31 August 2015. [17]
M
PL
Information
F Frans started a business called Protem Traders on 1 July 2015. At the end of July the
following balances appeared in the books of the business:
Capital
R15 000
Drawings
R800
Equipment
R4 360
Trading stock
R1 830
Cash float
R100
Bank
R5 930
Rent expense
R1 000
Sales
R9 380
Wages
R2 000
Cost of sales
R7 785
R1 000
Stationery
R425
Rent income
Insurance
R180
Telephone
R210
Water and electricity
R270
Consumables
R340
Advertising
R150
SA
The journals for August 2015 have already been completed. The following totals and
information appeared in the CRJ and CPJ:
R7 200
CRJ2: Analysis of receipts
Bank
R7 200
Sales
R5 200
Cost of sales
R3 900
Sundry accounts
R2 000
The total of the Sundry column consists of rent income of R1 000 on 5 August and an increase
in capital by the owner of R1 000 on 25 August.
CPJ2: Bank
R3 472
Trading stock
R2 216
Wages
R320
Consumables
R219
Sundry accounts
R717
The total of the Sundry column consists of rent expense of R200 on 5 August, purchase of
stationery worth R83 on 10 August, drawings of R120 by the owner on the 15th, purchases of
new equipment worth R240 on the 21st, as well as payment of the telephone account of R32
on the 25th and water and electricity of R42 on 31 August.
14
S t u dy & M a s t e r A c c o u n t i n g S TUDY G U I DE G r a d e 1 0
Study & Master
M
PL
Other Grade 10 titles
in this series include:
Not only does this study guide give you an overview of the
content required to master Accounting, it also:
• explains key concepts you need to fully understand the
subject matter
• guides you with introductory activities
• includes “Test yourself” questions, with marks, to test
your knowledge
• provides exemplar papers for both the June and
November examinations.
SA
Photocopiable templates in a separate booklet include:
• all the important tables and financial reports
• answer books for all the exam papers.
• English
• Life Sciences
• Geography
• Mathematical Literacy
• Mathematics
• Physical Sciences
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Study Guide 10
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Elsabé Conradie | Derek Kirsch | Mandy Moyce
CAPS