QUESTION 4: [24 marks; 14 minutes]
INSTRUCTION:
Open the accounts in the general ledger with the given balances. Use the given totals and
calculate the missing amounts and complete the accounts in the General Ledger of Clever
Traders. Balance all the accounts.
NOTE: The business sells stock at a profit mark-up of 50 % on cost price.
Balances on 1 March 2018:
Bank
R20 200
Trading Stock
R25 700
Sales
R39 060
Cost of sales
R26 040
TOTALS ON 31 MARCH 2018:
CRJ: Bank
R?
Sales
R 42 000
Cost of sales
R?
Sundry accounts
R103 000
CPJ: Bank
R71 507
Stationery
R2 777
Trading stock
R51 300
Sundry accounts
R17 430
GENERAL LEDGER OF CLEVER TRADERS
Dr
BANK
TRADING STOCK
Cr
Dr
SALES
COST OF SALES
Cr