Mandla Traders' (not a registered VAT vendor) financial year ends annually on 31 December. The business uses the perpetual
inventory system. During the current financial year of 20.22, Mandla Traders had credit sales of R405 000. The company
applies a 35% mark-up on cost price.
The correct recording of the transaction in the general ledger of Mandla Traders will be:
Instructions:
OSCAR THE TUTOR 1. Use a full stop to indicate any decimals (eg: 1000.01)
oscardiura@gmail.com 2. Round off to the nearest Rand (eg: 50.56 is 51)
+27737560989 3. Only show the amount, do not show the R (eg: 12141.72)
for FAC MAC ECS DSC TAX QMI FIN INV BNU STA tutorials
Dr Cost of sales Cr
20.22 20.22
Dec 31 Inventory SJ 300000.00 Dec 31 Trading account GJ
300000.00 35/135*405000
300000.00 300000.00
Dr Sales Cr
20.22 20.22
Dec 31 Trading account GJ Dec 31 Trade receivables control SJ
405000.00 405000.00
405000.00 405000.00
.
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Pre vi o us ac t i vi t y
Assessment 1
OSCAR THE TUTOR
oscardiura@gmail.com
+27737560989
for FAC MAC ECS DSC TAX QMI FIN INV BNU STA
tutorials
,The following information for August 20.19 relates to NP Glassworks:
1. Pencil totals of the bank columns in the cash journals at 31 August 20.19:
2. The bank statement for August 20.19 reflected the following items which did not appear in the cash journals for August 20.19:
Credit balance per bank statement at 31 August 20.19, R44 109.
Direct deposit: Ms A Ngcobo, R2 000. NP Glassworks sublets part of its building to Ms A Ngcobo, who pay the monthly rental via electronic funds transfer.
Interest on the favourable bank account, R459.
A deposit meant for another client, R5 400.
Service fees, R300.
Debit order, WM Insurers, R6 300
3. Items appearing in the cash journals for August 20.19 but not on the bank statement for August 20.19:
A deposit on 30 August 20.19, R14 000.
4. On 1 August 20.19, the opening balance of the bank account was R7 000 (favourable).
Complete the cash payments journal of NP Glassworks, bank column only, for August 20.19.
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
If an options has been provided and it is not applicable to the specific questions please put N/A in the accounts column and a 0 in the amounts column.
Start with the subtotal and thereafter keep the transactions strictly in the order they were given.
Subtotal 15 800
Service fees 300
Insurance 6 300
N/A 0
22 400
Service fees Sales WM Insurers/trade receivables control N/A Subtotal A Ngcobo/trade payables control
Rent expenses Bank charges Insurance 14 000 WM Insurers/trade payables control Interest on bank account
,Question 6 The balance of the insurance account in the trial balance prepared on 30 June 2024 is R88 900. The insurance contract was entered into on 1 October 2023. The monthly insurance premium for this financial year is R12 700 per month. On 1 July 2024, the
Answer saved bookkeeper of KA Traders made a further electronic funds transfer of R76 200 to Clarke Insurers. The financial year end of KA Traders is 30 June. Time left 0:45:24
Marked out of
6.00 The correct general ledger entries in the insurance account in the books of KA Traders on 30 June 2024 are ...
Flag Instructions:
question
1. First do the adjustment general ledger entries and then do your closing transfer general ledger entries.
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. Round off to the second decimal after the full stop (eg: 50.56)
4. Only show the amount, do not show the R (eg: 12141)
KA TRADERS
GENERAL LEDGER
Dr Insurance Cr
2024 R 2024
Jun 30 Accrued expenses 25400.00
Jun 30 Profit or loss account 114300
Bank 88900.00
, Mzansi Trading, not a registered VAT vendor, uses the periodic inventory system.
The following is an extract from the financial records of Mzansi Trading for May 2024:
R
Trade receivables: opening balance (1 May) 224 800
Credit sales 75 500
Cash receipts journal: Trade receivables column total (31 May) 131 760
Sales returns journal: Trade receivables column (31 May) 9 770
At month's end, the Bookkeeper completed a debtor’s reconciliation and found the following:
1. The trade receivables column in the cash receipts journal was overcast by R2 874.
2. On 03 May, Mr Thompson returned goods sold to him on credit in the amount of R2 980. This transaction was incorrectly
recorded in the Purchases returns journal instead of the Sales returns journal.
3. On 12 May, goods sold on credit in the amount of R6 332 were recorded in the sales journal as R3 662. No journal entry has
been made to correct this error.
4. On 27 May 2024 Mzansi Trading was informed that S Smidt, a debtor who owed the entity R2 650, had been declared insolvent.
The amount must be written off as irrecoverable.
5. On 31 May 2024, Mzansi Trading charged interest on overdue clients’ accounts of R235.
Required:
Complete the trade receivables account in the general ledger of Mzansi Trading for the month ending 31 May 2024.
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 zero ("0")
4. Only show the amount, do not show the "R" (eg: 1000)
Dr Trade receivables control Cr
2024 R 2024 R
May 1 Balance b/d 224800.00 May 1 Balance b/d 0
31 Sales SJ 78170.00 31 Bank CRJ 128886.00
75500+6332-3662 131760-2874
Interest income GJ 235.00 Credit losses GJ 2650.00
Purchases returns SRJ 2980.00
Balance c/d 0 Balance c/d 168689.00
303205.00 303205.00
June 1 Balance b/d June 1 Balance b/d
168689.00 0
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Pre vi o us ac t i vi t y
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