GR 9 Teachers Guide
GR 9 Teachers Guide
GR 9 Teachers Guide
Activity 1:
___Accounting is important because it forms the basis on which decisions about the future of the
business is taken. ___
Activity 2:
1 Write a complete sentence to indicate when each of the following documents will be used:
Cheque counterfoil: ___The cheque counterfoil is the source document used to record company payments
made by cheque in the Cash Payments Journal.__
Cash Register roll: ___The Cash Register Roll (tape) is the source document used to record the daily cash
sales in the Cash Receipts Journal.__
Deposit slip: ___The deposit slip is the source document used to record amounts deposited into the
business's bank account in the Cash Receipts Journal.__
Receipt: __The duplicate receipt is the source document used to record cash received such as rental
payments and payments from debtors in the Cash Receipts Journal.___
1
2 Circle the correct words in the word maze below to complete the missing words in the
Accounting cycle.
… are used to record … that place in the different … At the end of the …, the totals in the CRJ
and CPJ are added up and posted to the …. A … is now prepared when the balances and
total of each account are used. Now follows the drafting and analysis of the …
m w c s g b m f v i q j m m b r c g g w
k g x s t h g i s u y q j l r j g f i r
r z v q o r q n t d t y c m e a u y a i
f s x k a u a a n a s n a u g x o e m k
u s k j o u r n a l s c e i d u r r m l
q l l z c z i c s h o o r b e a f c t c
o h s z e e m i e a x z h p l j g q j p
h q a v c e f a k d c l d h l k r a e c
m h p r q q n l y q o t e t a m v b e z
a o j m m r b s r l n c i n r q v i x m
q o t s y q m t t g q a u o e r x t w z
x g f r w o u a l f t o g m n r c v b v
y l x h x r a t t h s p j r e s y f u t
e g r p j t f e z g f n z p g n i g a i
w o t k z j t m i x w w l l b i t d c v
v o n c v f q e c n a l a b l a i r t j
i j v g p b q n p m u f o t o r g q n c
c v t i f p m t g g d d n a i i b f k f
h i i a d t b s a y k f j u j y q x t c
h o b r p x l h p p q g m u r p g k i m
3 Select the transaction in column A, which is the right one for the document in column B. Write
1 or 2 etc. in the answer column.
A TRANSACTION B DOCUMENT ANSWER
1 Buy Stationery on credit a CRR 3
Arrange an overdraft with the bank
2 manager b Duplicate receipt 6
3 Renders a service to a customer for cash c Bank Statement 5
4 Pay the manager's Salary d Cheque counterfoil 4
Owner deposits capital directly into
5 the bank account e Duplicate invoice 7
6 Receive rent from the tenant f No document 2
7 Sell goods on credit g Original invoice 1
2
Activity 3:
Classify the following as Owner’s equity, Non-current assets, Current assets, Non-current liabilities,
Current liabilities, Income or Expenses.
Fixed deposit __Non-current asset___
Wages __Expense___
Advertising __Expense___
Salaries __Expense___
Stationery __Expense____
Insurance __Expense___
3
Activity 4:
1 Write in full: IFRS.
3.1 That what is really important to understand the business's financial position better, must
be shown separately.
__Materiality concept___
3.3 When the company's financial statements are done, it is always assumed that the business
will continue to exist in the immediate future.
__The continuing concern concept___
3.4 If the business still owes two months' rent at the end of the financial year it has to be included
in the Income Statement even though it is not paid yet.
__the Matching principle__
4
Chapter 2: Accounting Equation
Activity 5:
Complete the following sentences:
1 Assets increase on the __debit_ side.
2 Liabilities decrease on __debit_ side.
3 Owner's equity increases on the _credit_ side.
4 Income increase on the _credit_ side.
5 Expenses increase on the _debit_ side.
6 When income increases, Owner’s equity _increases_.
7 Owner’s equity _decreases_ as spending on expenses increases.
5
Activity 6:
6
Activity 7:
7
Activity 8:
8
Activity 9:
9
Activity 10:
Transactions:
1 Receive R10 000 cash as rent income.
2 Buy trading stock valued at R15 500. Pay R5 500 cash and receive the balance on account.
10
Chapter 3: General Ledger: Services business (Grade 8 review)
Activity 11:
Drawings B2
Feb 1 Balance b/d 30 000 -
28 Bank CPJ 15 000 -
45 000
Loan: ABSA B3
Feb 28 Bank CPJ 15 000 - Feb 1 Balance b/d 60 000 -
Balance c/f 45 000 -
60 000 - 60 000 -
Bank B4
Feb 1 Balance b/d 75 000 - Feb 28 Total Payments CPJ 95 000 -
28 Total Receipts CRJ 60 000 - Balance c/f 40 000 -
Equipment B5
Feb 1 Balance b/d 100 000 -
28 Bank CPJ 52 000 -
152 000
11
Nominal section
Current Income N1
Feb 1 Total b/d 35 000 -
28 Bank CRJ 35 000 -
70 000 -
Stationery N2
Feb 1 Total b/d 11 000 -
28 Bank CPJ 13 000 -
24 000 -
12
Activity 12:
Drawings B2
Apr 1 Balance b/d 23 000 -
30 Bank CPJ 22 000 -
45 000 -
Bank B3
Apr 1 Total receipts CRJ 225 000 - Apr 1 Balance b/d 5 000 -
30 Total payments CPJ 48 000 -
Balance c/f 172 000 -
225 000 - 225 000 -
Nominal section
Current Income N1
Apr 1 Total b/d 105 000 -
30 Bank CRJ 220 000 -
325 000 -
Rent expense N2
Apr 1 Total b/d 16 000 -
30 Bank CPJ 15 000 -
31 000 -
Donation N3
Apr 5 Bank CRJ 5 000 -
Refreshments N4
Apr 1 Total b/d 11 000 -
30 Bank CPJ 6 000 -
17 000 -
13
Activity 13:
Bank
Jan 1 Balance b/d 88 000 - Jan 31 Total payments CPJ 48 270 -
31 Total receipts CRJ 221 630 - Balance c/f 261 360 -
309 630 - 309 630 -
Equipment
Jan 1 Balance b/d 90 000 -
31 Bank CPJ 27 350 -
117 350 -
Nominal section
Current Income
Jan 1 Total b/d 90 000 -
31 Bank CRJ 105 555 -
195 555 -
Water and Snacks
Jan 1 Total b/d 11 000 -
31 Bank CPJ 16 020 -
27 020 -
Rental income
Jan 1 Total b/d 25 000 -
8 Bank CRJ 10 500 -
35 500 -
Repairs & Maintenance
Jan 1 Total b/d 500 -
30 Bank CPJ 1 320 -
1 820 -
14
Chapter 4: Trade Enterprises
Activity 14:
cost Profit% selling price
R700 30% R910
R4000 50% R6 000
R30 33 ⅓% R40
R7 600 25% R9 500
15
Chapter 5: Trade Enterprises with credit transactions
Activity 15:
Sundry
Creditors Trading
Doc D Name of Creditor Fol control Inventory Equipment Amount Fol Details
F169 3 Dumbo Dealers C1 37 718 - 37 380 - 338 - Stationery
F170 16 Dumbo Dealers C1 8 555 - 8 555 -
F171 20 Zoo Moo C3 18 000 - 18 000 -
F172 27 Zoo Moo C3 1 950 - 1 950 - Advertisement
66 223 - 8 555 - 55 380 - 2 288 -
16
Creditor’s Allowance Journal of Fancy Franchiser for September 2015 CAJ
Sundry
Creditors Trading
Doc D Name of Creditor Fol control Inventory Equipment Amount Fol Details
K111 11 Dumbo Dealers C1 3 120 - 3 120 -
K112 28 Zoo Moo Traders C3 195 - 195 - Advertisement
3 315 - 3 120 - 195 -
Sundry
Trading Creditors
Doc D Details Fol Bank Inventory control Amount Fol Details
17
Creditors Ledger of Fancy Franchiser
Dumbo Dealers C1
Date Details Fol Debit (-) Credit (+) Balance
Account rendered
Sep 1 (Balance) 20 125 -
Molefe's Shop C2
Sep 1 Account rendered 31 195 -
Creditor’s control B1
Sundry
Sep 30 Accounts CAJ 3 315 - Sep 1 Balance b/d 90 230 -
Bank CPJ 23 574 50 30 Sundry Accounts CJ 66 223 -
Balance c/f 129 563 50
156 453 156 453
Trading Inventory B2
Creditor’s
Sep 30 control CJ 8 555 -
Bank CPJ 3 520 -
12 075
18
Bank B3
Sep 30 Total payments CPJ 30 594 50
Equipment B4
Creditor’s
Sep 30 control CJ 55 380 - Sep 30 Creditor’s control CAJ 3 120 -
Balance c/f 52 260 -
55 380 - 55 380 -
19
Activity 16:
Sundry
Creditors Trading
Doc D Name of Creditor Fol control Inventory Equipment Amount Fol Details
A96 11 Barnie's Traders C1 35 000 - 31 500 - 3 500 -
Big Think
A97 16 Wholesalers C2 3 000 - 3 000 - Stationery
A98 21 Smart Shop C3 25 500 - 25 500 -
Big Think
A99 25 Wholesalers C2 2 000 - 2 000 - Drawings
65 500 - 57 000 - 3 500 - 5 000 -
Sundry
Creditor’s Trading
Doc D Name of Creditor Fol control Inventory Equipment Amount Fol Details
20
Cash Payments Journal of Bob Traders for March 2016 CPJ
Sundry
Trading Creditor’s
Doc D Payee Fol Bank Inventory control Amount Fol Details
201 3 Fine Suppliers 7 500 - 7 500 - Equipment
21
Creditor’s Leger of Bob Traders
Barnie's Traders C1
B
Date Details Fol Debit (-) Credit (+) Balance
Smart Shop C3
Mch 1 Balance b/d 22 500 -
22
General Ledger of Bob Traders
Creditor’s control B1
Mch 31 Bank CPJ 124 100 - Mch 1 Balance b/d 116 650 -
Balance c/f 58 050 - 31 Sundry accounts CJ 65 500 -
Drawings B2
Mch 20 Bank CPJ 5 000 -
Creditor’s
25 control CJ 2 000 -
7 000 -
Trading Inventory B3
Creditor’s
Mch 31 control CJ 57 000 -
Bank B4
Mch 31 Total payments CPJ 138 260 -
Equipment B5
Mch 3 Bank CPJ 7 500 -
Creditor’s
31 control CJ 3 500 -
11 000 -
23
Activity 17:
Sundry
Trading Creditor’s
Doc D Payee Fol Bank Inventory control Amount Fol Details
33 4 Chop's Shop C3 38 731 - 38 731 -
24
Creditor’s Journal of Froggie Traders for December 2015 CJ
Sundry
Creditor’s Trading
Doc D Name of Creditor Fol control Inventory Equipment Amount Fol Details
589 5 Rambo Retailers C2 10 900 - 10 900 - Advertisement
590 8 Chop's Shop C3 1 600 - 1 600 - Stationery
591 11 Tobie's Traders C1 22 950 - 22 950 -
592 18 Rambo Retailers C2 33 890 - 33 890 -
593 21 Chop's stores C3 11 625 - 11 625 -
594 29 Tobie's Traders C1 3 695 - 3 695 - Packaging
84 660 - 45 515 - 22 950 - 16 195 -
Sundry
Creditors Tading
Doc D Name of Creditor Fol control Inventory Equipment Amount Fol Details
159 6 Rambo Retailers C2 1 900 - 1 900 - - - - -
1 900 - 1 900 - - - - -
25
Creditor’s Ledger of Froggie Traders
Tobie's Traders C1
Date Details Fol Debit (-) Credit (+) Balance
Rambo Retailers C2
Dec 1 Balance b/d 36 363 -
Chop Shop C3
Dec 1 Balance b/d 38 731 -
26
General Ledger of Froggie Traders
Balance Sheet section
Creditor’s control B1
Dec 31 Bank CPJ 125 484 - Dec 1 Balance b/d 120 222 -
Balance c/f 79 398 - 31 Sundry Accounts CJ 84 660 -
204 882 - 204 882 -
Jan
‘16 1 Balance b/d 79 398 -
Trading Inventory B2
Creditor’s
Dec 31 control CJ 56 415 -
Bank B3
Dec 31 Total payments CPJ 150 844 -
Equipment B4
Creditor’s
Dec 31 control CJ 22 950 -
Nominal section
Advertisement N1
Creditor’s
Dec 5 control CJ 10 900 -
Packaging N2
Dec 11 Bank CPJ 2 000 -
Creditor’s
29 control CJ 3 695
5 695 -
27
Activity 18:
Questions to answer:
1 In what ledger section will the account be found?
__Balance Sheet section____________________________________
6 What else could possibly be entered on the debit side of Creditor’s control?
__Sundry accounts - (Returns) - CAJ___________________________
28
Activity 19:
30 684 - 23 685 -
29
Cash Receipts Journal of Yellow Boathouse for March 2016 CRJ
Sundry
Analysis
Cost of Debtor’s
Doc D Details Fol of Bank Sales
Sales control Amount Fol Details
receipts
30
Debtor’s Ledger of Yellow Boathouse
Gary Goossen D1
Date Details Fol Debit (+) Credit (-) Balance
Zanele Moloi D3
Mch 1 Balance b/d 14 320 -
Debtor’s control B1
Debtor’s
Mch 1 Balance b/d 39 100 - Mch 31 allowance DJ 900 -
31 Sales DJ 30 684 - Bank CRJ 15 111 -
Balance c/f 53 773 -
69 784 - 69 784 -
31
Nominal section
Sales N1
Mch 31 Debtor’s control DJ 30 684 -
Bank CRJ 21 814 -
52 498 -
Debtor’s allowance N2
Mch 31 Debtor’s control DJ 900 -
Cost of Sales N3
Trading
Mch 31 Inventory DJ 23 685 -
Trading
Inventory CRJ 16 361 -
40 046 -
32
Activity 20:
65 870 - 29 977 -
33
Cash Receipts Journal of Fantastic Suppliers for November 2015 CRJ
Sundry
Analysis
Cost of Debtor’s
Doc D Details Fol of Bank Sales
Sales Control Amount Fol Details
receipts
34
Debtor’s Ledger of Fantastic Suppliers
Debbie Naidoo D1
Date Details Fol Debit (+) Credit (-) Balance
Manny Peters D2
Nov 1 Balance b/d 32 345 -
Paula Moloi D3
Nov 1 Balance b/d 41 560 -
35
Bank B3
Nov 30 Total receipts CRJ 68 286 -
Nominal section
Sales N1
Nov 30 Debtor’s control DJ 65 870 -
Bank CRJ 10 150 -
76 020 -
Debtor’s allowance N2
Nov 30 Debtor’s control DAJ 800 -
Cost of Sales N3
Trading
Nov 30 Inventory DJ 29 977 -
Trading
Inventory CRJ 4 613 -
34 590 -
36
Activity 21:
33 389 - 18 780 -
37
Cash Receipts Journal of Satara Shop for April 2015 CRJ
Sundry
Analysis
Cost of Debtor’s
Doc D Details Fol of Bank Sales
Sales Control Amount Fol Details
receipts
38
Debtor’s Ledger of Satara Shops
M Pretorius D1
Date Details Fol Debit (+) Credit (-) Balance
A Frank D2
Apr 1 Balance b/d 19 235 -
D Zuma D3
Apr 1 Balance b/d 33 400 -
Debtor’s control B1
Debtor’s
Apr 1 Balance b/d 64 225 - Apr 30 allowance DAJ 1 440 -
30 Sales DJ 33 389 - Bank CRJ 58 732 -
Balance c/f 37 442
97 614 - 97 614 -
39
Bank B3
Apr 30 Total receipts CRJ 67 732 -
Nominal section
Sales N1
Apr 30 Debtor’s control DJ 33 389 -
Bank CRJ 9 000 -
42 389 -
Debtor’s allowance N2
Apr 30 Debtor’s control DAJ 1 440 -
Cost of Sales N3
Trading Trading
Apr 30 Inventory DJ 18 780 - Apr 30 Inventory DAJ 800 -
Trading
Inventory CRJ 5 000 - Total c/f 22 980 -
23 780 - 23 780 -
40
Activity 22:
41
Cash Receipts Journal of Southbroom Shop for May 2015 CRJ
Sundry
Analysis
Cost of Debtor’s
Doc D Details Fol of Bank Sales
Sales Control Amount Fol Details
receipts
42
Debtor’s Ledger of Southbroom Shop
Son-en-See Shop D1
Date Details Fol Debit (+) Credit (-) Balance
Debtor’s control B1
May 1 Balance b/d 59 862 - May 31 Debtor’s control DAJ 2 000 -
31 Sales DJ 176 696 - Bank CRJ 101 030 -
Balance c/f 133 528 -
236 558 - 236 558 -
43
Trading Inventory B2
May 1 Balance b/d 193 600 - May 31 Cost of sales DJ 130 112 -
Cost of sales CRJ 26 514 -
Balance c/f 36 974 -
193 600 - 193 600 -
Debtor’s allowance N2
May 31 Debtor’s control DAJ 2 000 -
Cost of Sales N3
Trading
May 31 Inventory DJ 130 112 -
Trading
Inventory CRJ 26 514 -
156 626 -
44
Activity 23:
Debtor’s control B1
Feb 1 Balance b/d 95 621 - Feb 28 Bank CRJ 49 400 -
28 Sales DJ 67 500 - Debtor’s control DAJ 10 125 -
Balance c/f 103 596 -
163 121 - 163 121 -
Drawings B4
Feb 1 Balance b/d 27 100 -
28 Bank CPJ 12 000 -
39 100 -
Loan: Capitec B5
Feb 28 Bank CPJ 18 000 - Feb 1 Balance b/d 21 900 -
Balance c/f 59 550 - 15 Bank CRJ 55 650 -
77 550 - 77 550 -
45
Nominal section
Sales N1
Feb 1 Total b/d 89 262 -
28 Bank CRJ 52 650 -
Debtor’s control DJ 67 500 -
209 412 -
Debtor’s allowance N2
Feb 28 Debtor’s control DAJ 10 125 -
Cost of Sales N3
Trading
Feb 1 Total b/d 66 120 - Feb 28 Inventory DAJ 7 500 -
Trading
28 Inventory CRJ 39 000 - Total c/f 147 620 -
Trading
Inventory DJ 50 000 -
155 120 - 155 120 -
46
Activity 24:
1 What is the name of the contra account at (A)?
__Bank_____________________________________________
7 Why may the cost of damaged merchandise not be recorded in the Debtor’s Allowance
Journal?
__Damaged inventory can not be put back again on the shelves and can not be re-added to
Inventory.____________________________________________
47
Activity 25:
48
Activity 26:
49
Activity 27:
50
Activity 28:
No. Account Account ASSETS Owner’s LIABILITIES
debited credited EQUITY
+ - - + - +
51
Activity 29:
Sundry
Trading Creditor’s
Doc D Payee Fol Bank Inventory control Amount Fol Details
334 1 Fine Shops C2 27 725 - 27 725 -
52
Cash Receipts Journal of Woest Shops for April 2015 CRJ
Sundry
Analysis
Cost of Debtor’s
Doc D Details Fol of Bank Sales
Sales Control Amount Fol Details
receipts
53
Creditor’s Journal of Woest Shops for April 2015 CJ
Sundry
Creditor’s Trading
Doc D Name of Creditor Fol control Inventory Equipment Amount Fol Details
120 5 Fine Shops C1 44 000 - 44 000 -
121 15 Tip Top Traders C2 12 101 - 5 601 - Stationery
6 500 - Packaging
122 17 Tip Top Traders C2 11 000 - 11 000 -
67 101 - 44 000 - 11 000 - 12 101 -
Sundry
Creditor’s
Doc D Name of Creditor Fol control Inventory Equipment Amount Fol Details
55 15 Fine Shops C2 15 000 - 15 000 -
54
Debtor’s Journal of Woest Shops for April 2015 DJ
21 155 - 11 754 -
2 689 - 1 494 -
Fine Shops C2
Apr 1 Balance b/d 27 725 -
55
Debtor’s Ledger of Woest Shops
G Kruger D1
Date Details Fol Debit (+) Credit (-) Balance
H Harmse D2
Apr 1 Balance b/d 14 200 -
Creditor’s control B1
Apr 30 Bank CPJ 57 225 - Apr 1 Balance b/d 56 985 -
Sundry
Accounts CAJ 15 000 - 30 Sundry Accounts CJ 67 101 -
Balance c/f 51 861 -
124 086 124 086 -
56
Bank B3
Apr 30 Total receipts CRJ 59 870 - Apr 30 Total payments CPJ 73 135 -
Balance c/f 13 265 -
73 135 - 73 135 -
Debtor’s control B4
Apr 1 Balance b/d 50 600 - Apr 30 Bank CRJ 23 650 -
Debtor’s
30 Sales DJ 21 155 - allowance DAJ 2 689 -
Balance c/f 45 416 -
71 755 - 71 755 -
Cost of sales N2
Trading
Apr 30 Inventory CRJ 22 638 - Apr 30 Trading Inventory DAJ 1 494 -
Trading
Inventory DJ 11 754 -
34 392 -
57
Activity 30:
Cash Payments Journal of Spookasem (Cotton Candy) Retailer for January 2016 CPJ
Sundry
Trading Creditor’s
Doc D Details Fol Bank Inventory control Amount Fol Details
B/S 1 True Colours C3 3 910 - 3 910 -
58
Cash Receipts Journal of Spookasem Retailer for January 2016 CRJ
Sundry
Analysis
Cost of Debtor’s
Doc D Details Fol of Bank Sales
Sales Control Amount Fol Details
receipts
59
Creditor’s Journal of Spookasem Retailer for January 2016 CJ
Sundry
Creditor’s Trading
Doc D Name of Creditor Fol control Inventory Equipment Amount Fol Details
18 5 Cool Stuff C1 5 450 - 5 450 -
19 Liplekker Lekkers C2 3 615 - 3 200 - 415 - Packaging
9 065 - 3 200 - 5 450 - 415 -
Sundry
Creditor’s Trading
Doc D Name of Creditor Fol control Inventory Equipment Amount Fol Details
4 14 Liplekker Lekkers C2 300 - 300 -
300 - 300 -
60
Debtor’s Journal of Spookasem Retailer for January 2016 DJ
6 504 - 5 820 -
500 - 320 -
Cool Stuff C1
Date Details Fol Debit (-) Credit (+) Balance
Liplekker Lekkers C2
Jan 1 Balance b/d 24 875 -
61
True Colours C3
Jan 1 Balance b/d 3 910 -
Buks D1
Date Details Fol Debit (+) Credit (-) Balance
Dorris D2
Jan 1 Balance b/d 13 100 -
Wouter D3
Jan 1 Balance b/d 13 350 -
62
General Ledger of Spookasem Retailer
Balance Sheet section
Creditor’s control B1
Jan 31 Bank CPJ 17 613 - Jan 1 Balance b/d 40 000 -
Sundry
accounts CAJ 300 - 31 Sundry accounts CJ 9 065 -
Balance c/f 31 152 -
49 065 - 4 9065 -
54 670 - 54 670 -
Debtor’s control B4
Jan 1 Balance b/d 30 000 - Jan 31 Bank CRJ 6 675 -
Debtor’s
31 Sales DJ 6 504 - allowances DAJ 500 -
Balance c/f 29 329 -
36 504 - 36 504 -
Nominal section
Sales N1
Jan 1 Total b/d 80 400 -
31 Bank CRJ 16 895 -
Debtor’s control DJ 6 504 -
103 799 -
63
Cost of sales N2
Jan 1 Total b/d 30 200 - Jan 31 Trading Inventory DAJ 320 -
Trading
31 Inventory CRJ 13 516 - Total c/f 49 216 -
Trading
Inventory DJ 5 820 -
49 536 - 49 536 -
64
Activity 31:
Cash Payments Journal of Taai (Sticky) Fudge for August 2015 CPJ
Sundry
Trading Creditor’s
Doc D Details Fol Bank Inventory control Amount Fol Details
B/S 8 Sweet Fudge C3 9 993 - 9 993 -
65
Cash Receipts Journal of Taai Fudge for August 2015 CRJ
Sundry
Analysis
Cost of Debtor’s
Doc D Details Fol of Bank Sales
Sales Control Amount Fol Details
receipts
66
Creditor’s Journal of Taai Fudge for August 2015 CJ
Sundry
Creditor’s Trading
Doc D Name of Creditor Fol control Inventory Equipment Amount Fol Details
894 1 Strong Stuff C1 10 225 - 9 025 - 1 200 - Packaging
10 225 - 9 025 - 1 200 -
Sundry
Creditor’s Trading
Doc D Name of Creditor Fol control Inventory Equipment Amount Fol Details
685 26 Strong Stuff C1 500 - 500 - Packaging
500 - 500 -
67
Debtor’s Journal of Taai Fudge for August 2015 DJ
49 857 - 34 855 -
68
Debtor’s Allowance Journal of Taai Fudge for August 2015 DAJ
1 450 - 1 000 -
Strong Stuff C1
Date Details Fol Debit (-) Credit (+) Balance
Radical Ridge C2
Aug 1 Balance b/d 9 630 -
Sweet Fudge C3
Aug 1 Balance b/d 9 993 -
69
Debtor’s Ledger of Taai Fudge
Jack Jackson D1
Date Details Fol Debit (+) Credit (-) Balance
Samuel Moodley D2
Aug 1 Balance b/d 15 690 -
William Wise D3
Aug 1 Balance b/d 29 450 -
Creditor’s control B1
Aug 31 Bank CPJ 19 645 - Aug 1 Balance b/d 29 275 -
Sundry
Accounts CAJ 500 - 31 Sundry Accounts CJ 10 225 -
Balance c/f 19 355 -
39 500 - 39 500 -
70
Trading Inventory B2
Aug 1 Balance b/d 168 233 - Aug 31 Cost of sales CRJ 14 914 -
Creditor’s
31 control CJ 9 025 - Cost of sales DJ 34 855 -
Cost of sales DAJ 1 000 - Balance c/f 128 489 -
178 258 - 178 258 -
Bank B3
Aug 1 Balance b/d 156 230 - Aug 31 Total Payments CPJ 30 795 -
31 Total Receipts CRJ 50 616 - Balance c/f 176 051 -
206 846 - 206 846 -
Debtor’s control B4
Aug 1 Balance b/d 68 252 - Aug 31 Bank CRJ 28 991 -
Debtor’s
31 Sales DJ 49 857 - allowances DAJ 1 450 -
Balance c/f 87 668 -
118 109 - 118 109 -
Cost of sales N2
Trading
Aug 31 Inventory CRJ 14 914 - Aug 31 Trading Inventory DAJ 1 000 -
Trading
Inventory DJ 34 855 - Total c/f 48 769 -
49 769 - 49 769 -
71
Activity 32:
Plant World C1
Date Details Fol Debit (-) Credit (+) Balance
Strong Trees C2
Jun 1 Balance b/d 15 298 -
72
Debtor’s Ledger of Select Plants
Fanie Fourie D1
Date Details Fol Debit (+) Credit (-) Balance
Walter Crouse D2
Jun 1 Balance b/d 21 850 -
Nico Nel D3
Jun 1 Balance b/d 21 250 -
Kim Opperman D4
Jun 13 Invoice 667 DJ 800 - 800 -
73
Chapter 6: Trial Balance and Year-end transactions
Activity 33:
Question: Calculate the interest rate paid on the loan. Show your calculation.
74
Activity 34:
75
Activity 35:
Statement of Comprehensive Income of Blue Traders for the year ended on 31 May 2016
Sales (Revenue) 800 000
Cost of sales (300 000)
Gross profit 500 000
Other operating income 55 600
Rental income 55 600
Gross operating income 555 600
Operating expenses (230 710)
Advertisement 23 560
Wages 95 600
Fuel 6 000
Stationery 18 200
Telephone 9 300
Insurance 11 250
Water and electricity 66 800
Operating profit / (loss) 324 890
Interest income 2 010
Profit / (loss) before interest expense 326 900
Interest expense (16 250)
Net profit / (loss) for the year 310 650
76
Statement of Financial Position of Blue Traders as at 31 May 2016
ASSETS
Non-current assets 846 530 -
Tangible assets 1. 846 530 -
Financial assets - -
Current assets 578 350 -
Stock 402 350 -
Trade and receivables 90 000 -
Cash and cash equivalents 2. 86 000 -
TOTAL ASSETS 1 424 880 -
1. Tangible assets:
Land and Buildings 290 000
Vehicles 194 278
Equipment 362 252
846 530
2. Cash and cash equivalents:
Bank 82 500
Petty cash 2 500
Cash float 1 000
86 000
77
3. Owner’s Equity
Opening 950 000
+ Additional capital -
+ Net profit for the year 310 650
Drawings (26 000)
Ending Balance 1 234 650
Activity 36:
Statement of Comprehensive Income of Pink Lion Traders for the year ended on 31 December
2015
Sales 920 000
Less: Cost of sales (471 790)
Gross profit 448 210
Other operating income 39 555
Rental income 39 555
Gross operating income 487 765
Operating expenses (265 250)
Advertisement 6 820
Wages 5 600
Fuel 14 600
Salaries 145 010
Stationery 6 320
Telephone 24 000
Insurance 26 000
Water and electricity 36 900
Operating profit / (loss) 222 515
Interest income 5 100
Profit / (loss) before interest expense 227 615
Interest expense (3 125)
Net profit / (loss) for the year 224 490
78
Statement of Financial Position of Pink Lion Traders as at 31 December 2015
ASSETS
Non-current assets 805 715 -
Tangible assets 1. 720 715 -
Financial assets 85 000 -
Current assets 144 100 -
Stock 102 620 -
Trade and receivables 36 980 -
Cash and cash equivalents 2. 4 500 -
TOTAL ASSETS 949 815 -
1. Tangible assets:
Land and Buildings 300 650
Vehicles 320 350
Equipment 99 715
720 715
2. Cash and cash equivalents:
Petty cash 2 000
Cash float 2 500
4 500
3. Ownership interest:
Opening 600 555
Additional capital -
Drawings (15,690)
Net profit for the year 224 490
809355
79
Activity 37:
General Journal of Blue Traders for May 2016 GJ
80
General Ledger of Blue Traders
Capital
May 31 Drawings GJ 26 000 - May 31 Balance b/d 950 000 -
Profit and loss
Balance c/f 1 234 650 - account GJ 310 650 -
1 260 650 1 260 650 -
Sales
May 31 Trading Account GJ 800 000 - May 31 Total b/d 800 000 -
Cost of sales
May 31 Total b/d 300 000 - May 31 Trading Account GJ 300 000 -
Advertisement
Profit and loss
May 31 Total b/d 23 560 - May 31 account GJ 23 560 -
Rental income
Profit and loss
May 31 account GJ 55 600 - May 31 Total b/d 55 600 -
Wages
Profit and loss
May 31 Total b/d 95 600 - May 31 account GJ 95 600 -
Fuel
Profit and loss
May 31 Total b/d 6 000 - May 31 account GJ 6 000 -
Stationery
Profit and loss
May 31 Total b/d 18 200 - May 31 account GJ 18 200 -
81
Telephone
Profit and loss
May 31 Total b/d 9 300 - May 31 account GJ 9 300 -
Insurance
Profit and loss
May 1 Total b/d 11 250 - May 31 account GJ 11 250 -
Trading Account
May 31 Cost of Sales GJ 300 000 - May 31 Sales GJ 800 000 -
Profit and loss
account GJ 500 000 -
800 000 - 800 000 -
82
Activity 38:
General Journal of Pink Lion Traders for December 2015 GJ
83
General Ledger of Pink Lion Traders
Capital
Dec 31 Drawings GJ 15 690 - Dec 31 Balance b/d 600 555 -
Profit and loss
Balance c/f 809 355 - account GJ 224 490 -
825 045 - 825 045 -
Sales
Dec 31 Trading Account GJ 920 000 - Dec 31 Total b/d 920 000 -
Cost of sales
Dec 31 Total b/d 471 790 - Dec 31 Trading Account GJ 471 790 -
Rental income
Profit and loss
Dec 31 account GJ 39 555 - Dec 31 Total b/d 39 555
Advertisement
Profit and loss
Dec 31 Total b/d 6 820 - Dec 31 account GJ 6 820 -
Wages
Profit and loss
Dec 31 Total b/d 5 600 - Dec 31 account GJ 5 600 -
Fuel
Profit and loss
Dec 31 Total b/d 14 600 - Dec 31 account GJ 14 600 -
Interest on overdraft
Profit and loss
Dec 31 Total b/d 3 125 - Dec 31 account GJ 3 125 -
Salaries
Profit and loss
Dec 31 Total b/d 145 010 - Dec 31 account GJ 145 010 -
84
Stationery
Profit and loss
Dec 31 Total b/d 6 320 - Dec 31 account GJ 6 320 -
Telephone
Profit and loss
Dec 31 Total b/d 24 000 - Dec 31 account GJ 24 000 -
Insurance
Profit and loss
Dec 31 Total b/d 26 000 - Dec 31 account GJ 26 000 -
Trading Account
Dec 31 Cost of sales GJ 471 790 - Dec 31 Sales GJ 920 000 -
Profit and loss
account GJ 448 210 -
920 000 - 920 000 -
Profit and Loss
Dec 31 Sundry accounts GJ 268 375 - Dec 31 Trading Account GJ 448 210 -
Capital GJ 224 490 - Sundry accounts GJ 44 655
492 865 - 492 865 -
85
Chapter 8: Petty Cash
Activity 39:
Sundry
Doc D Details Fol Petty cash Refreshments Stationery Amount Fol Details
100 3 Cash 260 - 260 - Debtor’s control: K Koekemoer
101 8 Cash 300 - 300 - Drawings
102 15 Pick 'n Pay 165 - 165 -
103 16 SPCA 300 - 300 - Donation
Tinkerbell Home
104 24 Industry 299 - 200 -
1324 - 365 - 860 -
Sundry
86
General Ledger of Fabulous Sweets
Petty cash B2
May 1 Balance b/d 44 - May 31 Total payments PCJ 1 324 -
Bank CPJ 1 456 - Balance c/f 1 500 -
31 Bank CPJ 1 324 -
2 824 - 2 824 -
87
Activity 40:
Petty cash Journal of Jump, Hop and Skip Shop for February 2016 PCJ
Sundry
Doc D Details Fol Petty cash Refreshments Stationery Amount Fol Details
965 11 Checkers 85 - 85 -
966 14 Cash 140 - 140 - Wages
967 19 Cash 190 - 190 - Postage
968 25 CNA 320 - 320 -
735 - 85 - 320 - 330 -
Cash Payments Journal of Jump, Hop and Skip Shop for February 2016 CPJ
Sundry
Trading
Doc D Details Fol Bank Inventory Creditors Amount Fol Details
980 1 Cash 1 000 - 1 000 - Petty cash
991 28 Cash 735 - 735 - Petty cash
1 735 - 1 735 -
88
General Ledger of Jump, Hop and Skip Shop
Bank B1
Feb 1 Balance b/d 3 050 -
28 Total payments CPJ 1 735 -
4 785 -
Petty cash B2
Feb 1 Balance b/d 1 390 - Feb 28 Total payments PCJ 735 -
Bank CPJ 1 000 - Balance c/f 2 390 -
28 Bank CPJ 735 -
3 125 - 3 125 -
89
Activity 41:
Sundry
Doc D Details Fol Petty cash Refreshments Stationery Amount Fol Details
333 6 Shoprite 96 - 96 - Consumables
Beautiful Flower
334 16 Shop 299 - 299 - Staff expenses: Gifts
335 26 Shell Garage 120 - 120 - Fuel
336 27 Cash 50 - 50 - Debtor’s Control
565 - 565 -
Sundry
Trading Creditor’s
Doc D Details Fol Bank Inventory Control Amount Fol Details
493 30 Cash 565 - 565 - Petty cash
565 - 565 -
90
General Ledger of XYZ Traders
Bank B1
Jun 1 Balance b/d 13 555 - Jun 30 Petty cash CPJ 565 -
Balance c/f 12 990 -
13 555 - 13 555 -
Petty cash B2
Jun 1 Balance b/d 4 000 - Jun 30 Total payments PCJ 565 -
30 Bank CPJ 565 - Balance c/f 4 000 -
4 565 - 4 565 -
91
Chapter 9: Revision activities
Activity 42:
No. Account Account ASSETS Owner’s LIABILITIES
debited credited EQUITY
+ - - + - +
92
Activity 43:
No. Account Account ASSETS Owner’s LIABILITIES
debited credited EQUITY
+ - - + - +
93
Activity 44:
94
Activity 45:
95
Activity 46:
96
Activity 47:
97
Activity 48:
98
Activity 49:
99
Nominal section
Sales N1
Jan 1 Total b/d 1 575 000 -
31 Debtor’s Control DJ 535 500 -
Bank CRJ 284 025 -
2 394 525 -
Cost of sales N2
Jan 1 Total b/d 900 000 - Jan 31 Trading Inventory DAJ 30 000 -
Trading
31 Inventory DJ 306 000 -
Trading
Inventory CRJ 162 300
1 368 300 -
Stationery N3
Jan 1 Total b/d 7 039 - Jan 31 Creditor’s control CAJ 2 000 -
Creditor’s
31 control KJ 8 766 - Total c/f 27 055 -
Bank CPJ 13 250 -
29 055 - 29 055 -
100
Activity 50:
Statement of Comprehensive Income of Snappy Traders for the year ended 31 March 2015
Sales 648 000
Cost of sales (360 000)
Gross profit 288 000
Other Operating Income 107 000
Rental income 107 000
Gross operating income 395 000
Operating expenses (209 224)
Advertisement 23 650
Fuel 8 252
Water and electricity 36 258
Salaries 109 020
Stationery 3 890
Telephone 8 984
Packaging 2 370
Insurance 16 800
Operating profit / (loss) 185 776
Interest income -
Profit before Interest expense 185 776
Interest expense (32 406)
Net profit / (loss) for the year 153 370
101
Statement of Financial Position of Snappy Traders as at 31 March 2015
ASSETS
Non-current assets 930 000 -
Tangible assets 1. 930 000 -
Financial assets - -
Current assets 813 470 -
Stock 265 000 -
Trade and receivables 28 400 -
Cash and cash equivalents 2. 520 070 -
TOTAL ASSETS 1 743 470 -
EQUITY AND LIABILITIES
Owners’s Equity 3. 1 528 370 -
1. Tangible assets:
Land and Buildings 700 000
Vehicles 120 000
Equipment 110 000
930 000
2. Cash and cash equivalents:
Bank 512 070
Savings account 3 500
Petty cash 800
Cash float 3 700
520 070
102
3. Owner’s Equity:
Opening 1 335 000
Plus: Additional contributions 65 000
Plus: Net profit 153 370
Less: Drawings (25 000)
Ending balance 1 528 370
Activity 51:
Statement of Comprehensive Income of Hick & Hock Traders for the year ended 30 June 2015
Sales 210 392
Cost of sales (105 196)
Gross profit 105 196
Other Operating Income 15 000
Rental income 15 000
Gross operating income 120 196
Operating expenses (55 196)
Wages 10 800
Water and electricity 2 916
Salaries 35 000
Stationery 4 788
Telephone 1 692
Operating profit / (loss) 65 000
Interest income -
Profit before Interest expense 65 000
Interest expense -
Net profit / (loss) for the year 65 000
103
Statement of Financial Position of Hick & Hock Traders as at 30 June 2015
ASSETS
Non-current assets 175 450 -
Tangible assets 1. 175 450 -
Financial assets - -
Current assets 92 560 -
Stock 16 280 -
Trade and receivables 13 845 -
Cash and cash equivalents 2. 62 435 -
TOTAL ASSETS 268 010 -
EQUITY AND LIABILITIES
Owner’s Equity 3. 253 210 -
1. Tangible assets:
Land and Buildings 100 000
Vehicles 51 800
Equipment 23 650
175 450
2. Cash and cash equivalents:
Bank 2 385
Petty cash 50
2 435
104
3. Owner’s Equity:
Opening balance 140 000
Additional contributions 60 000
Net profit for the year 65 000
Drawings (11 790)
Ending Balance 253 210
Activity 52:
Statement of Comprehensive Income of Dapper Muis (Brave Mouse) Traders for the year ended
30 June 2016
Sales 720 900
Cost of sales (400 500)
Gross profit 320 400
Other Operating Income 21 200
Rental income 21 200
Gross operating income 341 600
Operating expenses (177 556)
Wages 57 988
Water and electricity 32 885
Salaries 66 220
Stationery 7 895
Telephone 12 568
Operating profit / (loss) 164 044
Interest income 681
Profit before Interest expense 164 725
Interest expense (1 600)
Net profit / (loss) for the year 163 125
105
Statement of Financial Position of Dapper Muis Traders as at 30 June 2016
ASSETS
Non-current assets 301 100 -
Tangible assets 1. 301 100 -
Financial assets - -
Current assets 159 610 -
Stock 58 560 -
Trade and receivables 24 725 -
Cash and cash equivalents 2. 76 325 -
TOTAL ASSETS 460 710 -
EQUITY AND LIABILITIES
Owner’s Equity 3. 351 775 -
1. Tangible assets:
Land and Buildings 100000
Vehicles 98920
Equipment 102180
301100
2. Cash and cash equivalents:
Bank 72825
Petty cash 1250
Cash float 2250
76 325
106
3. Owner’s Equity:
Opening balance 191 000
Additional contributions -
Net profit for the year 163 125
Drawings (2 350)
Ending Balance 351 775
Activity 53:
1. c
2. b
3. d
4. a
107