Question 1
Mekgoe Florist is situated in the Western Cape. The business is a registered VAT vendor and makes use of the perpetual inventory system. The VAT rate is 15%.
Answer saved
The following transactions must be recorded in the subsidiary journals of Mekgoe Florist:
Marked out of
10.00
Flag Transaction 1:
question
On 5 March 2024, Mr Mekgoe withdrew R900 from Mekgoe Florist’s bank account as the impress amount to start the petty cash float of Mekgoe Florist. The money was kept by Mr
Mekgoe who acted as petty cashier.
Transaction 2:
PETTY CASH VOUCHER No. 1
Date: 16 March 2024 Amount
Required for: R c
Coffee (purchased from non-VAT vendor) 120 00
Signature: Mr Mekgoe
Authorised by: Mrs Mekgoe
Transaction 3:
PETTY CASH VOUCHER No. 2
Date: 20 March 2024 Amount
Required for: R c
SA Stores - Cleaning materials for use in shop 475 00
Signature: Mr Mekgoe
Authorised by: Mrs Mekgoe
SA Stores
20/03/2024
Till
02
Liquid soap
5 @ R35,00
R175,00
BPI1001
Tile cleaner 3 @
R100,00
R300,00
PP1003
TOTAL R475,00
, Cash R475,00
Change R0,00
15% VAT R61,96
Slip no 0012
VAT no 5690233875
Thank you
Transaction 4:
On 31 March 2024, Mr Mekgoe completed a withdrawal slip and withdrew the cash needed from Mekgoe Florist’s bank account to restore the petty cash impress amount to R900.
Required:
Record the above transactions in the correct subsidiary journal of Mekgoe Florist.
Instructions for numeric responses:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a 0 (zero)
4. If a column name is not applicable, choose N/A from the dropdown menu.
5. For numeric responses only show the amount, do not show the "R" (eg: 1000)
Mekgoe Florist
Petty cash journal – March 2024 PCJ1
Receipts Payments
Sundry accounts
Day Fol Amount Day Details No Fol Total Entertainment VAT Wages Amount Details
Input
R R R R R R
5 16 1
CRJ1 900.00 Cash 120.00 120.00 0 0
Question 2
Mr S Africa is the owner of SA Traders. On 31 March 2021, SA Traders owns vehicles amounting to R450 000. Clients owe R75 000 for services rendered and SA Traders owes R34 000 to
Answer saved a florist for flower arrangements purchased on credit. SA Traders also has an unfavourable bank balance of R15 000 cash.
Marked out of
3.00
Determine the net worth of SA Traders as at 31 March 2021 by making use of the basic accounting equation.
Flag
question
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
, 2. Use a full stop to indicate any decimals (eg: 1000.01)
3. You must enter cents even if it is 0 (eg .00)
4. Only show the amount, do not show the R (eg: 12141.72)
5. If the net effect on the accounting equation is a decrease, please enter the amount as a negative (eg: -12141.72)
Answer: 476000.00
Question 3 Vundla Bookstore is situated in KwaZulu Natal. The business of the bookstore entails the selling of books as well as rendering editing services. The business is a registered VAT vendor and makes use of the
Answer saved periodic inventory system. During the month of March 2024, Vundla Bookstore maintained an unfavourable bank balance. The VAT rate is 15%.
Marked out of
7.00
On 8 March 2024, Vundla Bookstore rendered editing services to a client and invoiced the client R1 780 (VAT inclusive), and the client paid the full amount owing with a debit card.
Flag
question
REQUIRED:
Analyse the transaction of Vundla Bookstore that took place on 8 March 2024 in tabular format as follows:
Account to Account to Effect on the basic accounting equation
Date
be debited be credited Assets Equity Liabilities
Example: May 2 Vundla Bookstore purchased inventory for the amount of R5 000 (VAT exclusive) and paid cash. Vundla
Bookstore makes use of the periodic inventory system.
R R R
May 2 Purchases and VAT Bank -5 000 -5 000 0
Input
Complete the table below by selecting the account to be debited and the account to be credited from the dropdown menu and filling in the applicable amounts in the correct spaces.
Instructions for numeric responses:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. When an element decreases, use a negative sign in front of the amount (eg: -1000.01)
4. When an element increases, the amount will be without any sign (eg: 1000.01)
5. Only show the amount, do not show the "R" (eg: 1000)
Account(s) to Account(s) to Effect on the basic accounting equation
Date
be debited be credited Assets Equity Liabilities
R R R
March 8
Bank Services rendered 1547.83 1547.83 0
Question 4 Raphulu Spaza is situated in the Limpopo province. The Spaza shop is a registered VAT vendor and applies the principles of the periodic inventory system. After a recent robbery, the
Answer saved owner of Raphulu Spaza decided to run his business cashless and opened a bank account with Savers Bank. During the month of March 2024 Raphulu Spaza maintained a favourable
, Marked out of bank balance. On 1 March 2024, the owner of Raphulu Spaza opened a small car wash in the parking area of the shop as an additional service to customers. The VAT rate is 15%.
5.00
On 5 March 2024 an entry for R320 interest received on the favourable bank balance appears on the bank statement of Raphulu Spaza.
Flag
question
Required:
Record the transaction on 5 March 2024 in the correct subsidiary journal of Raphulu Spaza.
Instructions for numeric responses:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a 0 (zero)
4. If a column name is not applicable, choose N/A from the dropdown menu.
5. Only show the amount, do not show the "R" (eg: 1000)
Raphulu Spaza
Cash receipts journal – March 2024 CRJ1
Sundry accounts
Doc Day Details Fol Bank Sales VAT Amount Fol Details
Analysis of Receipts
No Output
BS01 5 Interest received 320.00 320.00 0 41.73 278.26 Interest received
Question 5 On 1 March 2024, Edutech (not a registered VAT vendor) borrowed R270 000 from Futures Bank at an interest rate of 14% per annum repayable over 10 years. The R270 000 was
Answer saved deposited into the bank account of Edutech. Edutech plans to use the funding to invest in computer equipment that enables the development of virtual reality applications for education
Marked out of purposes. The VAT rate is 15%.
10.00 On 31 March 2024, Edutech made a down payment on the loan with an electronic funds transfer for R4 192.
Flag
question
Required:
Post the above transactions as recorded in the subsidiary journals for 1 March 2024 and 30 March 2024 to the general ledger of Edutech.
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a 0 (zero)
4. For numeric responses only show the amount, do not show the "R" (eg: 1000)
Dr Cr
Bank
2024 R 2024 R
Mar 1
Loan: Futures Bank CRJ 270000.00
Mar 31 Loan: Futures Bank CPJ 41292.00
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