FAC 1501

EXAM PACK

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INTRODUCTORY
FINANCIAL
ACCOUNTING

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OCTOBER –
NOVEMBER
2017

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SOLUTION 1: MULTIPLE CHOICE QUESTIONS
1.1. 1

1.2. 1

1.3. 4

1.4. 3

R
Assets 800 000
Property, plant & Equipment 600 000
Trade and other receivables 200 000

Less Liabilities (180 000)

Bank overdraft 100 000
Long – term borrowings 80 000

Equity 620 000

1.5. 5

R
Land & Buildings 2 904 000
Vehicles at carrying amount 1 645 076
Equipment at carrying amount 363 364
Fixed deposit 562 984
Total Non – current assets 5 475 424

1.6. 1

R
Creditors Control 601 880
Accrued expenses 24 980
Income received in advance 9 140
Current assets 636 000

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 1.7. 3

1.8. 4

1.9. 4

Assets = Equity + Liabilities

Equipment Debtors Bank Capital Income / Creditors
Expenses
R R R R R R
2017
July 1 + 60 000 +60 000
7 +11 000 +11 000
19 -7 000 -7 000
27 -50 -50
Net Effect +60 000 +11 000 -7 050 +53 000 +10 950

1.10. 2

SOLUTION 2: RECORDING OF TRANSACTIONS

General ledger Subsidiary Journal

Date Account to be debited Account to be credited
2017
August 5 Inventory Creditors` Control Purchases Journal

August 7 Debtors Control Sales Sales Journal

Cost of Sales Inventory

August 14 Packing Materials Inventory General Journal

August 23 Bank Debtors` control Cash Receipts Journal

August 26 Drawings Inventory General Journal

August 31 Insurance Bank Cash Payments Journal

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SOLUTION 3: BANK RECONCILIATION

(a) MARAKELE TRADERS

CASH RECEIPTS JOURNAL – NOVEMBER 2017

Details Bank
R
Provisional Total 1 089 000
Debtor - Direct deposit 48 000
Rental Income - Direct deposit 19 500
Interest Income 9 000
Total Receipts 1 165 500

CASH PAYMENTS JOURNAL – NOVEMBER 2017

Details Bank
R
Provisional Total 319 800
Debtor (dishonoured cheque) 16 500
Insurance - Stop order 15 000
Security services – debit order 7 500
Bank charges 2 400
Total Payments 361 200

(b) MARAKELE TRADERS

GENERAL LEDGER

Date Details Folio Amount Date Details Folio Amount

R R
Bank Account
2017 2017
November 1 Balance b/d 233 250 November 30 Total Payments CPJ 361 200
30 Total Receipts CRJ 1 165 500 30 Balance c/d 1 037 550
1 398 750 1 398 750

December 1 Balance b/d 1 037 550

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 (c) MARAKELE TRADERS

BANK RECONCILIATION STATEMENT AS AT 30 JUNE 2016

DR CR
R R
Credit balance as per bank statement 670 350
Wrong Deposit (345 000 + 210 000) 120 000
Outstanding cheques: 807 1 800
810 8 250
815 21 000
816 28 500
690 6 000
701 2 250
Outstanding Deposits (345 000 + 210 000) 555 000
Debit balance as per bank account 1 037 550
1 225 350 1 225 350

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SOLUTION 4: STATEMENT OF PROFIT OR LOSS
& OTHER COMPREHENSIVE INCOME

MOKALA TRADERS

STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME FOR THE

YEAR ENDED 30 SEPTEMBER 2017

R
Revenue (𝟏 𝟑𝟓𝟎 𝟔𝟎𝟎 − 𝟏𝟑 𝟎𝟓𝟎 − 𝟏𝟑 𝟖𝟎𝟎) 1 323 750
Cost of Sales (858 000)
Opening Inventory 217 950
Purchases (795 150 − 15 900 − 11 100) 768 150
Closing Inventory (128 100)
Gross Profit 465 750
Other Income 8 400
Interest on Fixed Deposit (105 000 ∗ 8%) 8 400
Total Income 474 150
Expenses (259 500)
Administration, Distribution & Other Expenses (247 500)
Water & Electricity 34 800
Salaries & Wages (135 450 + 3 000) 138 450
Telephone expenses 23 850
Stationery (10 200 − 3 750) 6 450
Repairs & Maintenance 2 850
Insurance 19 800
Credit Losses [17 250 + 1 800 + (21 450 − 19 200)] 21 300
Depreciation 11 250 + 112 500) 123 750
Finance Cost (12 000)
2 12 000
Interest on mortgage (10% ∗ 720 000 ∗ 12)

Profit for the year 214 650

Other Comprehensive Income -
Total Comprehensive Income 214 650

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MAY – JUNE
2017
(SECOND
PAPER)

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SOLUTION 1: MULTIPLE CHOICE QUESTIONS
1.1. 2

1.2. 4

1.3. 1

1.4. 3 (75 000 + 5 000 + 1 200 + 12 000 + 24 000) = 117 200

1.5. 1

1.6. 5

1.7. 2

1.8. 4

1.9. 3

1.10. 5

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 SOLUTION 2: TRADING ACCOUNT & PROFIT OR
LOSS ACCOUNT
(a) PROFIT TRADERS

GENERAL LEDGER
Date Details Folio Amount Date Details Folio Amount
R R
Trading Account
2017 2017
July 31 Opening Inventory GJ 90 000 July 31 Sales (325 000 − 40 000 − 20 000) GJ 265 000
31 Purchases (160 000 − 27 500 − 10 000) GJ 122 500 31 Closing Inventory GJ 310 000
31 Profit or Loss (Gross Profit) CRJ 362 500
575 000 575 000

(b) PROFIT TRADERS

GENERAL LEDGER
Date Details Folio Amount Date Details Folio Amount
R R
Profit or Loss Account
2017 2017
July 31 Water & Electricity GJ 39 250 July 31 Trading Account (Gross Profit) GJ 362 500
31 Telephone expenses GJ 42 150 31 Interest Income GJ 15 000
31 Salaries GJ 157 700 31 Rental Income GJ 56 000
31 Capital (Profit) GJ 194 400
433 500 433 500

SOLUTION 3: ACCOUNTING EQUATION

Date Assets = Equity + Liabilities General Ledger Accounts
R R R Dr Cr
2017
June 3 +20 000 Furniture
-20 000 Bank

9 +10 000 Inventory

+10 000 Trade Creditors Control

16 -6 000 Telephone
-6 000 Bank

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23 +3 000 Debtors Control
-3 000 Sales
-2 000 Cost of Sales
-2 000 Inventory

28 -15 000 Drawings

-15 000 Bank

SOLUTION 4: BANK RECONCILIATION

(a) ARIES TRADERS

CASH RECEIPTS JOURNAL – APRIL 2017

Details Bank
R
Provisional Total 13 250
T. Stephens - Direct deposit 41 000
M. Khumalo - Direct deposit 4 000
Interest Income 535
Total Receipts 58 785

CASH PAYMENTS JOURNAL – APRIL 2017

Details Bank
R
Provisional Total 28 150
B. Badu (dishonoured cheque) 1 700
Your Way Insurers – debit order 4 500
Wealth Investments – debit order 6 000
Bank charges 655
Total Payments 41 005

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 (b) ARIES TRADERS

GENERAL LEDGER

Date Details Folio Amount Date Details Folio Amount

R R
Bank Account
2017 2017
April 30 Total Receipts CRJ 58 785 April 1 Balance b/d 4 550
30 Total Payments CPJ 41 005
30 Balance c/d 13 230
58 785 58 785

May 1 Balance b/d 13 230

(c) ARIES TRADERS

BANK RECONCILIATION STATEMENT AS AT 30 APRIL 2017

DR CR
R R
Credit balance as per bank statement 36 880
Outstanding cheques: 807 14 000
296 4 450
297 7 800
Outstanding Deposits (1 900 + 700) 2 600
Debit balance as per bank account 13 230
39 480 39 480

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MAY – JUNE
2017

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SOLUTION 1: MULTIPLE CHOICE QUESTIONS
1.1. 2

1.2. 4

1.3. 1

1.4. 3

1.5. 1

14
1.6. 5 (34 200 ∗ ) = 𝟒 𝟐𝟎𝟎
114

1.7. 2

1.8. 4

1.9. 3

1.10. 5

SOLUTION 2: BANK RECONCILIATIONS

GAUTENG TRADERS

(a) CASH RECEIPTS JOURNAL – OCTOBER 2016

Details Bank
R
Provisional Total 19 400
Debtor - Direct deposit 5 300
Total Receipts 24 700

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 CASH PAYMENTS JOURNAL – OCTOBER 2016

Details Bank
R
Provisional Total 11 600
Debtor (dishonoured cheque) 900
Bank charges 600
Total Payments 13 100

(b) GAUTENG TRADERS

GENERAL LEDGER

Date Details Folio Amount Date Details Folio Amount

R R
Bank Account
2016 2016
October 31 Total Receipts CRJ 24 700 October 1 Balance b/d 7 000
31 Total Payments CPJ 13 100
30 Balance c/d 4 600
24 700 24 700

November 1 Balance b/d 4 600

(c) GAUTENG TRADERS

BANK RECONCILIATION STATEMENT AS AT 30 OCTOBER 2016

DR CR
R R
Credit balance as per bank statement 8 300
Outstanding cheques: 652 1 500
730 700
736 6 000
Outstanding Deposits 4 500
Debit balance as per bank account 4 600
12 800 12 800

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 SOLUTION 3: CASH RECEIPTS JOURNAL, CASH
PAYMENTS JOURNAL, SALES JOURNAL &
PURCHASES JOURNAL

LIMPOPO TRADERS

(a) CASH RECEIPTS JOURNAL – JULY 2016 CRJ07

Doc Day Details Analysis of Bank Sales VAT Debtors

No. receipts Output
R R R R R
250 2 Small Stores (i) 11 400 11 400 10 000 1 400
251 17 Tiny Stores 13 794 13 794 13 794
25 194 25 194 10 000 1 400 13 794

Calculations
(i) July 2 Sales

R
Total Sales 11 400
14 (1 400)
VAT (11 400 ∗ )
114
Net Sales 10 000

(b) CASH PAYMENTS JOURNAL – JULY 2016 CPJ07

Doc Day Details Bank Purchases VAT Input Creditors

No.
R R R R
890 8 Maxi Wholesalers 25 536 25 536
891 14 Large Wholesalers (i) 27 360 24 000 3 360
52 896 24 000 3 360 25 536

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 (i) July 14 Purchases

R
Total Purchases 27 360
14 (3 360)
VAT (27 360 ∗ 114)
Net Purchases 24 000

(c) SALES JOURNAL – JULY 2016 SJ07

Doc Day Details VAT Output Sales Debtors

No.
R R R
320 11 Mini Stores (i) 1 540 11 000 12 540
321 20 Little Stores (ii) 1 960 14 000 15 960
3 500 25 000 28 500

Calculations
(i) July 11 Sales

R
Total Sales 12 540
14 (1 540)
VAT (12 540 ∗ )
114
Net Sales 11 000

(ii) July 20 Sales

R
Total Sales 15 960
14 (1 960)
VAT (15 960 ∗ )
114
Net Sales 14 000

(d) PURCHASES JOURNAL – JULY 2016 PJ07

Doc Day Details VAT Input Purchases Creditors

No.
R R R
130 5 Huge Wholesalers (i) 2 940 21 000 23 940
560 24 Big Wholesalers (ii) 3 500 25 000 28 500
6 440 46 000 52 440

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Calculations
(i) July 5 Purchases

R
Total Purchases 23 940
14 (2 940)
VAT (23 940 ∗ 114)
Net Purchases 21 000

(ii) July 24 Purchases

R
Total Purchases 28 500
14 (3 500)
VAT (28 500 ∗ 114)
Net Purchases 25 000

SOLUTION 4: CALCULATIONS & STATEMENT

OF FINANCIAL POSITION

(a) Calculation of Depreciation on Vehicles = (100 000 ∗ 25%) = 𝟐𝟓 𝟎𝟎𝟎

(b) Calculation of Depreciation of Equipment = (30 000 − 9 000) ∗ 30% = 𝟔 𝟑𝟎𝟎

(c) Calculation of the Capital amount = (352 000 − 25 000 − 6 300) = 𝟑𝟐𝟎 𝟕𝟎𝟎

(d) Calculation of property, plant & Equipment

R
Land & Buildings 700 000
Vehicles (100 000 − 25 000 − 25 000) 50 000
Equipment (30 000 − 9 000 − 6 300) 14 700
Property, plant & Equipment 764 700

(e) Calculation of trade & other receivables amount = (20 000 − 3 500) = 𝟏𝟔 𝟓𝟎𝟎

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(f) Calculation of the cash & cash equivalents amount

= (40 500 + 2 500 + 1 500) = 𝟒𝟒 𝟓𝟎𝟎

(g) Calculation of the trade & other payables amount

= (17 000 + 23 000 + 5 000) = 𝟒𝟓 𝟎𝟎𝟎

(h) MPUMALANGA TRADERS

STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2016

R
ASSETS
NON CURRENT ASSETS 854 700
Property, Plant & Equipment (d) 764700
Financial Assets 90 000

CURRENT ASSETS 111 000

Inventories 50 000
Trade & other receivables (e) 16 500
Cash & cash equivalents (f) 44 500

TOTAL ASSETS 965 700

EQUITY AND LIABILITIES

EQUITY 320 700
Capital (c) 320 700

LIABILITIES 645 000

NON – CURRENT LIABILITIES 600 000
Long – term Borrowings 600 000

CURRENT LIABILITIES 45 000

Trade & Other Payables (g) 45 000

965 700

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OCTOBER –
NOVEMBER
2016

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SOLUTION 1: MULTIPLE CHOICE QUESTIONS
1.1. 3
When the perpetual inventory system is in use, the inventory account is always
updated whenever there are movements in inventory. In this particular case inventory
increases due to the purchase of inventory, as such the inventory account is updated
to record the increase in inventory.
If the periodic inventory system was in use, this purchase could have been recorded
in the purchases account.

1.2. 1

1.3. 2

Amount (R)
Purchases 500 000
Purchases returns (5 000)
Settlement discount received (2 000)
Donations of inventory (6 000)
Drawings of inventory (1 000)
Net Purchases 486 000

1.4. 4

Amount (R)
Sales 700 000
Settlement discount granted (3 000)
Sales Returns (8 000)
Net Purchases 689 000

1.5. 3

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 Amount (R)
Opening Inventory 900 000
Net Purchases (500 000 – 30 000 – 9 000) 461 000
Freight charges on purchases 15 000
Closing Inventory (700 000)
Cost of Sales 676 000

1.6. 1
When the owner contributes money into the business, this is called capital. The
amount in the bank (an asset) increases and assets increase on the debit side
whilst the capital (owner`s contribution into the business) increases and equity
increases on the credit side.

1.7. 3
Assets will increase as a result of the increase in furniture whilst liabilities will also
increase because the furniture was purchased on credit.

1.8. 4
The bank account is involved as cash was received and as this amount was
received with respect of sales, the sales account will also be involved.

1.9. 1
The assets will reduce because the account was paid using a business cheque
and water and electricity is an expense, which reduces equity.

1.10. 2
The assets increase because of the increase in the amount in the bank and when
bank (an asset) increases we debit the bank account. At the same time this amount
was received in settlement of a debtor, which reduces an asset (debtors) and
assets decrease on the credit side.

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SOLUTION 2: BANK RECONCILIATION
(a) ARK TRADERS

CASH RECEIPTS JOURNAL (BANK COLUMN ONLY) – MARCH 2016 CRJ03

Day Details Bank

2016 R
March 31 Provisional Total 12 500
31 S. Stone (direct deposit) 40 000
31 C. Carly (direct deposit) 2 000
31 Interest Income 415
31 Total Receipts 54 915

ARK TRADERS

CASH PAYMENTS JOURNAL (BANK COLUMN ONLY) - MARCH 2016 CPJ03

Day Details Bank

2016 R
March 31 Provisional Total 23 100
31 McQueen Insurers – insurance (debit order) 4 000
31 A. Naidoo - Debtors control (dishonoured cheque) 1 200
31 West Investments – debit order 5 000
31 Bank charges 500
31 Total Payments 33 800

(b) ARK TRADERS

GENERAL LEDGER

Bank
Date Details Folio Amount Date Details Folio Amount
R R
Bank Account

31 700 33 800
54 915 52 815
86 615 86 615

April 1 Balance b/d 52 815

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(c) ARK TRADERS

BANK RECONCILIATION STATEMENT AS AT 31 MARCH 2016

DR CR
R R
Credit balance as per bank statement 62 115
Debit Outstanding cheques: 240 1 000
246 3 500
247 7 000
Outstanding Deposits (1 800 + 400) 2 200
Debit balance as per bank account 52 815
64 315 64 315

SOLUTION 3: SALES JOURNAL, SALES

RETURNS JOURNAL & GENERAL JOURNAL
KIARA TRADERS

(a) SALES JOURNAL – MARCH 2016 SJ03

Doc Day Details Fol VAT Sales Debtors

no. output
R R R
564 3 O. McQueen (c1) DL1 2 240 16 000 18 240
565 7 T. Smith (c2) DL3 700 5 000 5 700
566 17 D. Francis (c3) DL6 630 4 500 5 130
567 25 B. Singh (c4) DL7 840 6 000 6 840

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Calculations

1. R
Sales inclusive of VAT 18 240
VAT (18 240 * 14 / 114) (2 240)
Sales exclusive of VAT 16 000

2. R
Sales inclusive of VAT 5 700
VAT (5 700 * 14 / 114) (700)
Sales exclusive of VAT 5 000

3. R
Sales inclusive of VAT 5 130
VAT (5 130 * 14 / 114) (630)
Sales exclusive of VAT 4 500

4. R
Sales inclusive of VAT 6 840
VAT (6 840 * 14 / 114) (840)
Sales exclusive of VAT 6 000

(b) KIARA TRADERS

SALES RETURNS JOURNAL – MARCH 2016 SRJ03

Doc Day Details Fol VAT Sales Debtors

no. output Returns
R R R
720 10 A. Thomas (c1) DL4 56 400 456
721 18 O. McQueen (c2) DL1 210 1 500 1 710

Calculations

1. R
Sales returns inclusive of VAT 456
VAT (456 * 14 / 114) (56)
Sales returns exclusive of VAT 400

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2. R
Sales inclusive of VAT 1 710
VAT (1 710 * 14 / 114) (210)
Sales exclusive of VAT 1 500

(c) KIARA TRADERS

GENERAL JOURNAL – MARCH 2016 GJ03

Day Details Fol Debit Credit

R R
4 Y. Moloi / Debtors` Control DL2 24
Interest Income 24
(1 200 * 8% * 3 / 12)
Interest charged on a
debtor`s account which had
been three months overdue
@ 8% p.a.
15 Credit losses (741 - 91) 650
VAT Input (741 * 14 / 114) 91 741
J. Pillay / Debtors` Control
Account of a debtor written
off as irrecoverable.

SOLUTION 5: STATEMENT OF CHANGES IN

EQUITY & STATEMENT OF FINANCIAL
POSITION
(a) ZEUS TRADERS

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 29 FEBRUARY

2016

Capital
R
Balance at 1 March 2015 1 540 000
Total Comprehensive Income (5 500 000 – 3 000 000) 2 500 000
Drawings (20 000)
Balance at 29 February 2016 4 020 000

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(b) ZEUS TRADERS

STATEMENT OF FINANCIAL POSITION AS AT 29 FEBRUARY 2016

R
ASSETS
NON – CURRENT ASSETS 3 550 000
Property, Plant & Equipment (2 650 000 + 400 000 – 40 000
+ 600 000 – 60 000) 3 550 000

CURRENT ASSETS 1 673 000

Inventories 500 000
Prepaid expenses 1 000
Trade & other receivables 270 000
Cash & cash equivalents (900 000 + 2 000) 902 000

TOTAL ASSETS 5 223 000

EQUITY AND LIABILITIES

EQUITY 4 020 000
Capital 4 020 000
LIABILITIES 1 203 000
NON – CURRENT LIABILITIES 1 000 000

Long – term borrowings (300 000 + 700 000) 1 000 000

CURRENT LIABILITIES 203 000

Trade & other payables (200 000 + 3 000) 203 000

TOTAL EQUITY AND LIABILITIES 5 223 000

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MAY – JUNE
2016

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SOLUTION 1: MULTIPLE CHOICE QUESTIONS
1. 1

2. 3

3. 4

4. 3

5. 4

6. 2

7. 3

8. 1

9. 3

10. 2

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SOLUTION 2: POSTING FROM SUBSIDIARY
JOURNALS TO THE GENERAL LEDGER
(a) PT STORES

GENERAL LEDGER

Date Details Folio Amount Date Details Folio Amount

R R
Bank Account
2015 2015
August 31 Total Receipts CRJ 627 500 August 1 Balance b/d 160 000
31 Balance c/d 46 103 31 Total Payments CPJ 513 603
673 603 673 603
September Balance b/d 46 103
1

(b)
Date Details Folio Amount Date Details Folio Amount
R R
Debtors Control Account
2015 2015
August 1 Balance b/d 300 000 August 31 Bank CRJ 300 000
31 Sales and VAT 31 Sales Returns 63 840
Output SJ 264 195 and VAT Output SRJ
31 Balance c/d 200 355
564 195 564 195
September 1 Balance b/d 200 355

(c)

Date Details Folio Amount Date Details Folio Amount

R R
Creditors Control Account
2015 2015
August 31 Bank CPJ 140 000 August 1 Balance b/d 250 000
31 Purchases 31 Purchases and
Returns and VAT PRJ 72 960 VAT Input PJ 441 750
31 Input c/d 478 790
Balance
691 750 691 750
September Balance b/d 478 790
1

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SOLUTION 3: BANK RECONCILIATION
(d) DG STORES

CASH RECEIPTS JOURNAL- APRIL 2015

Details Bank
R
Provisional Total 108 000
Interest Income 150
Total Receipts 108 150

CASH PAYMENTS JOURNAL- APRIL 2015

Details Bank
R
Provisional Total 64 700
ABC Insurers – insurance (debit order) 6 500
N. Enough - Debtors control (dishonoured
cheque) 1 000
Bank charges 100

Total Payments 72 300

(e) DG STORES

GENERAL LEDGER

Date Details Folio Amount Date Details Folio Amount

R R
Bank Account

500 000 72 300

108 150 535 850
608 150 608 150

May 1 Balance b/d 535 850

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(f) DG STORES

BANK RECONCILIATION STATEMENT AS AT 30 APRIL 2015

DR CR
R R
Credit balance as per bank statement 553 850
Outstanding cheques: 221 16 000
230 3 000
234 5 000
Outstanding Deposits (4 000 + 2 000) 6 000
Debit balance as per bank account 535 850
559 850 559 850

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SOLUTION 4: STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME AND
STATEMENT OF CHANGES IN EQUITY

(a) HSR STORES

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 JUNE 2015

R
Revenue (7 002 240 – 18 210 - 1 240) 6 982 790
Cost of Sales (5 600 000 – 1 000) 5 599 000
Gross Profit 1 383 790
Less Expenses (178 925)

Inventory shortfall (1 504 650 – 1 500 000) 4 650

Consumable stores (11 500 – 10 000) 1 500
Insurance (25 000 – 2 000) 23 000
Telephone expenses 10 000
Water and Electricity 32 800
Rental Expense 48 000
Stationery 20 000
Wages 32 000
Depreciation [10% * (213 000 – 143 250) 6 975

Net Profit 1 204 865

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(b)
HSR STORES

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2015

R
Balance as at 1 July 2014 2 500 000
Total Comprehensive Income 1 204 865
Drawings (174 300)
3 530 565

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OCTOBER –
NOVEMBER
2015

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SOLUTION 1: SUBSIDIARY JOURNALS

(a) TILE TRADERS

PURCHASES JOURNAL – OCTOBER 2015

Doc Day Details Folio VAT Purchases Creditors

no. Input
R R R
842 1 Luxury Tiles (1) CL3 604.80 4 320.00 4 924.80
25 5 Cheap Tiles (2) CL1 420.00 3 000.00 3 420.00
877 14 Exclusive Tiles (3) CL4 672.00 4 800.00 5472.00
635 20 Expensive Tiles (4) CL2 840.00 6 000.00 6 840.00
2 536.80 18 120.00 20 656.80

Calculations

R
(1) Total Purchases 4 924.80
VAT (14 / 114 * 4 924.80) 604.80
Purchases 4 320.00

R
(2) Total Purchases 3 420.00
VAT (14 / 114 * 3 420) 420.00
Purchases 3 000.00

(3) Total Purchases 5 472.00

VAT (14 / 114 * 5 472) 672.00
Purchases Returns 4 800.00

(4) Total Purchases 6 840.00

VAT (14 / 114 * 6 840.00) 840.00
Purchases 6 000.00

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(b) TILE TRADERS

PURCHASES RETURNS JOURNAL – OCTOBER 2015

Doc Day Details Folio VAT Purchases Creditors

no. Input Returns
R R R
17 4 Luxury Tiles (5) CL3 140.00 1 000.00 1 140.00
97 11 Bathroom Tiles (6) 112.00 800.00 912.00
14 15 Cheap Tiles (7) CL1 56.00 400.00 456.00
392 23 Expensive Tiles (8) CL2 134.40 960.00 1 094.40

442.40 3 160.00 3 602.40

Calculations

R
(5) Total Purchases Returns 1 140.00
VAT (14 / 114 * 1 140.00) 140.00
Purchases Returns 1 000.00

(6) Total Purchases Returns 912.00

VAT (14 / 114 * 912.00) 112.00
Purchases Returns 800.00

(7) Total Purchases Returns 456.00

VAT (14 / 114 * 456.00) 56.00
Purchases Returns 400.00

(8) Total Purchases Returns 1 094.40

VAT (14 / 114 * 1 094.40) 134.40
Purchases Returns 960.00

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SOLUTION 2: ACCOUNTING EQUATION

TOTO ELECTRICAL – SEPTEMBER 2015

Date Assets = Equity + Liabilities General ledger accounts

R R R Dr Cr
September + 1 200 Debtors
4 Control / L.
Logo
+ 1 200 Services
Rendered
10 - 350 Advertising
- 350 Bank
15 + 8 500 Tools &
Equipment
- 8 Bank
500
20 + 700 Bank
- 700 Debtors
Control / L.
Logo

22 + 4 050 Bank
+ 4 050 Services
Rendered
23 - 450 Drawings
- 450 Inventory
28 + 3 000 Inventory
+3 000 Creditors
Control /
Wires Inc
30 - 5 Bank
000 - 5000 Wages

www.studynotesunisa.co.za
SOLUTION 3: BANK RECONCILIATION
STATEMENT
(d) BG STORES

CASH RECEIPTS JOURNAL- FEBRUARY 2015

Details Bank
R
Provisional Total 30 000
T. Ngcobo – debtor (direct deposit) 35 000
Y. Tyrone – rent income (direct deposit) 12 000
Total Receipts 77 000

CASH PAYMENTS JOURNAL- FEBRUARY 2015

Details Bank
R
Provisional Total 21 000
A Singh - Debtors control (dishonoured
cheque) 6 500
Tellycom – telephone (debit order) 4 600
K. B Electricity – electricity (debit order) 5 000
Ourway Insurance – insurance (debit order) 3 500
Bank charges 425
Interest on overdraft 180

Total Payments 41 205

www.studynotesunisa.co.za
(e) BG STORES

GENERAL LEDGER

Date Details Folio Amount Date Details Folio Amount

R R
Bank Account
2015 2015
February 28 Total Receipts CRJ 77 000 February 1 Balance b/d 62 770
28 Balance b/d 26 975 28 Total Payments CPJ 41 205
103 975 103 975

March 1 Balance b/d 26 975

(f) BG STORES

BANK RECONCILIATION STATEMENT AS AT 28 FEBRUARY 2015

DR CR
R R
Debit balance as per bank statement 17 000
Outstanding cheques: 568 9 000
570 11 000
572 2 000
575 5 975
Outstanding Deposits 18 000
Credit balance as per bank account 26 975
44 975 44 975

www.studynotesunisa.co.za
SOLUTION 4: STATEMENT OF FINANCIAL
POSITION
POP TRADERS

STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2015

R
ASSETS
NON – CURRENT ASSETS 730 500
Property, Plant & Equipment (550 000 + 65 000 + 35 000 -
15000 – 9 500) 625 500
Financial assets 105 000

CURRENT ASSETS 95 550

Inventories (35 000 + 5 200) 40 200
Prepaid expenses 1 500
Trade & other receivables (16 000 – 3 700) 12 300
Cash & cash equivalents (37 550 + 3 500 + 500) 41 550

TOTAL ASSETS 826 050

EQUITY AND LIABILITIES

EQUITY 283 100
Capital 283 100
LIABILITIES 542 950
NON – CURRENT LIABILITIES 495 000

Long – term borrowings (420 000 + 75 000) 495 000

CURRENT LIABILITIES 47 950

Trade & other payables (6 300 + 36 000 + 3 350) 45 650
Income received in advance 2 300

TOTAL EQUITY AND LIABILITIES 826 050

www.studynotesunisa.co.za
MAY – JUNE
2015

www.studynotesunisa.co.za
SOLUTION 1: ACCOUNTING EQUATION AND
BANK RECONCILIATION

PART A

PJ STORES – WEEK ENDED 6 MARCH 2015

Date A= E+ L
R R R
March 2 + 20 000 + 20 000
(70 000 – 50 000)
3 + 3 500
- 3 500
4 + 5 000 + 5 000
5 - 600 - 600
6 - 950 - 950

PART B
(a) HOUSEHOLD APPLIANCES SERVICES

GENERAL LEDGER

Date Details Folio Amount Date Details Folio Amount

R R
Bank Account
2015 2015
April 1 Balance b/d 10 700 April 30 Total Payments CPJ 29 300
30 Total Receipts CRJ 35 800 30 Balance c/d 17 200
46 500 46 500

May 1 Balance b/d 17 200

www.studynotesunisa.co.za
 (b) HOUSEHOLD APPLIANCES

BANK RECONCILIATION STATEMENT AS AT 30 APRIL 2015

DR CR
R R
Credit balance as per bank statement 21 700
Error – wrong deposit 4 200
Outstanding cheques: 135 1 400
141 2 500
Outstanding Deposits 3 600
Debit balance as per bank account 17 200
25 300 25 300

SOLUTION 2: CASH RECEIPTS JOURNAL, CASH

PAYMENTS JOURNAL AND GENERAL JOURNAL
(a) SANAMUVA DISTRIBUTORS

CASH RECEIPTS JOURNAL (CRJ) – MAY 2015

Date Details Bank Sales Debtors VAT SUNDRIES
Control Output
Amount Details
R R R R R
1 Mr Samuva 50 000 50 000 Capital
7 Road Construct (c2) 41 952 36 800 5 152
20 Cash Sales (c3) 39 900 35 000 4 900
30 C.Carpenter 3 500 3 500

135 352 71 800 3 500 10 052 50 000

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CASH PAYMENTS JOURNAL (CPJ) – MAY 2015
Date Details Bank Purchases Creditors VAT Sundry Accounts
Control Input
Amount Details
R R R R R
1 Ingwe Rental
Properties (C1) 3 990 490 3 500 Expense
10 Internet
payment 45 200 30 200 15 000 Salaries
15 Petty Cash 1 500 1 500 Petty
Cash
28 Purchases (c4) 30 267 26 550 3 717
80 957 26 550 30 200 4 207 20 000

Calculations

R
(1) Total Rent 3 990
VAT (14 / 114 * 3 990) (490)
Rent Expense 3 500

R
(2) Total Sales 41 952
VAT (14 / 114 * 41 952) (5 152)
Sales 36 800

(3) Total Sales 39 900

VAT (14 / 114 * 39 900) (4 900)
Sales 35 000

(4) Total Purchases 30 267

VAT (14 / 114 * 30 267) (3 717)
Purchases 26 550

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(b) SANAMUVA DISTRIBUTORS

GENERAL JOURNAL

Date Details DR CR
R R
2015
May 30 Credit Losses (6 179 – 3 500) 2 679
C.Carpenter / Debtors Control 2 679

SOLUTION 3: FINAL ACCOUNTS – TRADING

ACCOUNT

CHOCOLATE TRADERS

GENERAL LEDGER

(a)

Date Details Folio Amount Date Details Folio Amount

R R
Sales Returns Account
2015 2015
March 31 Balance b/d 80 000 March 31 Sales GJ 80 000

(b)
Date Details Folio Amount Date Details Folio Amount
R R
Purchases Returns Account
2015 2015
March 31 Purchases GJ 55 000 March 31 Balance b/d 55 000

www.studynotesunisa.co.za
(c)

Date Details Folio Amount Date Details Folio Amount

R R
Sales Account
2015 2015
March 31 Sales Returns GJ 80 000 March 31 Balance b/d 650 000
31 Trading Account GJ 570 000
650 000 650 000

(d)
Date Details Folio Amount Date Details Folio Amount
R R
Purchases Account
2015 2015
March 31 Balance b/d 320 000 March 31 Purchases GJ 55 000
Returns GJ 265 000
31 Trading account
320 000 320 000

(e)
Date Details Folio Amount Date Details Folio Amount
R R
Inventory Account
2014 2015
April 1 Balance b/d 180 000 March 31 Trading Account GJ 180 000

2015
March 31 Trading Account G/J 130 000

(f)

Date Details Folio Amount Date Details Folio Amount

R R
Trading Account
2015 2015
March 31 Purchases GJ 265 000 March 31 Sales GJ 570 000
31 Inventory Inventory (closing) GJ 130 000
(opening) GJ 180 000 31
31 Profit or Loss
(gross profit) GJ 255 000
700 000 700 000

www.studynotesunisa.co.za
SOLUTION 4: PROPERTY, PLANT & EQUIPMENT
NOTE AND STATEMENT OF FINANCIAL
POSITION

ARK STORES

(a) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28

FEBRUARY 2015

PROPERTY, PLANT & EQUIPMENT

Land and Equipment Vehicles Total

Buildings
R R R
Carrying amount at beginning of 950 000 180 000 300 000 1 430 000
year

Cost 950 000 200 000 350 000 1 500 000

Accumulated Depreciation - (20 000) (50 000) (70 000)
Additions - - - -
Disposals - - - -
Depreciation for the year (c1) - (20 000)2 (60 000)1 (80 000)

Carrying amount at end of year 950 000 160 000 240 000 1 350 000

Cost 950 000 200 000 350 000 1 500 000

Accumulated Depreciation -- (40 000) (110 000) (150 000)

Calculations

1 Depreciation for the year on Equipment = 10% * 200 000 = 20 000

2 Depreciation for the year on vehicles = 20% * 300 000 = 60 000

www.studynotesunisa.co.za
(b) ARK STORES

STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2015

R
ASSETS
NON – CURRENT ASSETS 1 450 000
Property, Plant & Equipment 1 350 000
Financial assets 100 000

CURRENT ASSETS 95 550

Inventories 44 000
Prepaid expenses 2 500
Trade & other receivables 34 950
Cash & cash equivalents 28 500

TOTAL ASSETS 1 559 950

EQUITY AND LIABILITIES

EQUITY 739 950
Capital 739 950

LIABILITIES 820 000

NON – CURRENT LIABILITIES 780 000

Long – term borrowings 780 000

CURRENT LIABILITIES 40 000

Trade & other payables 36 500
Income received in advance 3 500

TOTAL EQUITY AND LIABILITIES 1 559 950

www.studynotesunisa.co.za
 OCTOBER –
NOVEMBER 2014

www.studynotesunisa.co.za
SOLUTION 1: ACCOUNTING EQUATION AND
CLASSIFICATION OF ACCOUNTS

LUFANO TRADERS

PART A

No. Equity = Assets - Liabilities

R R R
3 + 100 000 + 100 000
(350 000 – 250
000)
4 -4 000 -4 000
5 +70 000 + 70 000
6 + 2 500 +2 500
-2 000 -2 000
7 - 500 - 500

PART B

No. Assets Equity Liabilities

Income Expenses
R R R R
1 Telephone
expenses
2 Bank (favourable)
3 Equipment
4 Services rendered
5 Cash float
6 Accrued expenses
7 Long term loan: BA
Bank
8 Consumables
9 Machinery
10 Credit losses
recovered
11 Prepaid expenses
12 Short term loan: JP
Bank

www.studynotesunisa.co.za
SOLUTION 2: PROFIT OR LOSS ACCOUNT &
BANK RECONCILIATION

PART A

PROFIT OR LOSS ACCOUNT FOR THE YEAR ENDED 30 APRIL 2014

R
Revenue 900 900
Cost of Sales (5 600 000 – 1 000) 485 000
Gross Profit 415 900
Other Income 31 700
Rental Income 30 000
Profit on sale of non – current assets 1 700

Total Income 447 600

Less Expenses (346 326)
Bank charges 1 378
Interest expenses 948
Advertising 56 000
Telephone expenses 26 000
Water and Electricity 9 200
Stationery 12 000
Wages & Salaries 240 800

Net Profit 101 274

www.studynotesunisa.co.za
PART B

(a) SPEECH LINGO

GENERAL LEDGER

Date Details Folio Amount Date Details Folio Amount

R R
Bank Account
2014 2014
March 1 Balance b/d 4 895 March Total Payments CPJ 26 540
31 Total Receipts CRJ 21 400 31
31 Balance c/d 245
26 540 26 540

April Balance b/d 245

1

(b) SPEECH LINGO

BANK RECONCILIATION STATEMENT AS AT 30 MARCH 2014

DR CR
R R
Credit balance as per bank statement 1 210
Error – wrong deposit 3 470
Outstanding cheques: 114 850
121 1 125
123 560
Outstanding Deposits 4 550
Credit balance as per bank account 245
6 005 6 005

www.studynotesunisa.co.za
SOLUTION 3: CASH PAYMENTS JOURNAL AND
PURCHASES JOURNAL
APPLIANCES STORES

(a) CASH PAYMENTS JOURNAL (CPJ) – august 2014

Doc Day Details Bank Purchas VAT Credito Settleme Vat Sundry Accounts
no. es Input rs nt Output
Discoun (Cr)
t
Receive
d (Cr)
Amount Details
R R R R R
251 5 Folio Stationers
(1) 1 026 126 900 Stationery
252 7 Telkom (2) 5 700 700 5 000 Telephone
253 14 City Council (3) 5 928 728 5 200 Water &
Electricity
254 16 Smart
Appliances (4) 228 000 200 000 28 000
255 25 Big Appliances 114 000 114 000
256 25 Salaries 50 000 50 000 Salaries
257 26 Big Appliances
(5) 168 720 239 400 (62 000) (8 680)
573 374 200 000 29 554 353 400 (62 000) (8 680) 61 100

Calculations

R
(1) Total Stationery 1 026
VAT (14 / 114 * 1 026) (126)
Rent Expense 900

R
(2) Total Telephone 5 700
VAT (14 / 114 * 5 700) (700)
Telephone Expense 5 000

(3) Total Water and Electricity 5 928

VAT (14 / 114 * 5 928) (728)
Water & Electricity expense 5 200

(4) Total Purchases 228 000

VAT (14 / 114 * 228 000) (28 000)

www.studynotesunisa.co.za
 Purchases 200 000

(5) Amount paid = (R353 400 * 80% - R114 000) = R168 720

Total amount settled 239 400

Amount paid (168 720)
Total Settlement Discount 70 680
VAT (14 / 114 * 70 680) (8 680)
Net Settlement Discount 62 000

(b) APPLIANCE STORES

PURCHASES JOURNAL – AUGUST 2014

Doc Day Details VAT Input Purchases Creditors

no.
R R R
457 2 Big Appliances (6) 43 400 310 000 353 400
465 20 ABC Appliances (7) 7 000 50 000 57 000

50 400 360 000 410 400

Calculations

R
(6) Total Purchases 353 400
VAT (14 / 114 * 353 400) 43 400
Purchases 310 000

R
(7) Total Purchases 57 000
VAT (14 / 114 * 57 000) (7 000)
Purchases 50 000

www.studynotesunisa.co.za
SOLUTION 4: STATEMENT OF FINANCIAL
POSITION
(c) DINO`S DEALERS
STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2014

R
ASSETS
NON – CURRENT ASSETS 2 574 000
Property, Plant & Equipment (1 700 000 + 950 000 – 76 000) 2 574 000

CURRENT ASSETS 1 249 000

Inventories 245 000
Prepaid expenses 3 000
Trade & other receivables 150 000
Cash & cash equivalents (850 000 + 600 + 400) 851 000

TOTAL ASSETS 3 823 000

EQUITY AND LIABILITIES

EQUITY 2 580 000
Capital (2 900 000 – 15 000 + 2 200 000 – 1 760 000 – 745 2 580 000
000)

LIABILITIES 1 243 000

NON – CURRENT LIABILITIES 1 098 000

Long – term borrowings (718 000 + 380 000) 1 098 000

CURRENT LIABILITIES 145 000

Trade & other payables (127 000 + 2 000) 129 000
Income received in advance 16 000

TOTAL EQUITY AND LIABILITIES 3 823 000

www.studynotesunisa.co.za
MAY – JUNE
2014

www.studynotesunisa.co.za
SOLUTION 1: ACCOUNTING EQUATION

SCORE TRADERS – APRIL 2014

No. General ledger A= E+ L

Account Account
debited Credited
R R R
1 Printing & - 2 550
Stationery
Bank - 2 550
2 Repairs &
Maintenance - 350
Creditors
Control + 350
3 Inventory + 3 000

Bank - 3 000
4 Bank (250 *
7) + 1 750
Sales + 1 750
Cost of Sales - 1 050
Inventory - 1 050
5 Bank + 9 50
Services + 9 500
Rendered

www.studynotesunisa.co.za
SOLUTION 2: COST OF SALES & BANK
RECONCILIATION

PART A

2.1 COMPUTER TRADERS

CALCULATION OF COST OF SALES FOR THE YEAR ENDED 31 JANUARY 2014

R
Opening Inventory 50 700
Purchases (230 100 – 5 600) 235 700
Carriage on Purchases 12 400
Customs & excise duties on purchases 8 900
Closing inventory ( 40 200)

Cost of sales 267 500

PART B

2.2 CAMERA TRADERS

CASH RECEIPTS JOURNAL- APRIL 2014

Details Bank
R
Provisional Total 68 300
Interest Income 600
Debtor (direct deposit) 3 100
Radio Dealers – rent income (direct deposit) 3 600
Total Receipts 75 600

www.studynotesunisa.co.za
CASH PAYMENTS JOURNAL - APRIL 2014

Details Bank
R
Provisional Total 53 400
Debtors control - (dishonoured cheque) 2 000
Bank charges 500
Total Payments 55 900

2.3 CAMERA TRADERS

GENERAL LEDGER

Date Details Folio Amount Date Details Folio Amount

R R
Bank Account

26 950 55 900
75 600 46 650
102 550 102 550

May 1 Balance b/d 46 650

2.4 CAMERA TRADERS

BANK RECONCILIATION STATEMENT AS AT 30 APRIL 2014

DR CR
R R
Credit balance as per bank statement 15 600
Outstanding cheques: 930 2 500
940 4 700
970 1 900
Wrong debit (withdrawal) 4 300
Outstanding Deposits 35 850
Debit balance as per bank account 46 650
55 750 55 750

www.studynotesunisa.co.za
SOLUTION 3: CASH JOURNALS AND POSTING
TO THE BANK ACCOUNT

3.1 P HOME DEALERS

CASH RECEIPTS JOURNAL (CRJ) - MARCH 2014

Day Details Bank Sales Debtors VAT Sundry Accounts

Control Output
Amount Details
R R R R R
1 P Home 40 000 40 000 Capital
7 A Mali 500 500
15 Cash Sales (1) 3 990 3 500 490
25 A Mali 1 000 1 000
29 Cash Sales (2) 12 426 10 900 1 526
57 916 14 400 1 500 2 016 40 000

Calculations
R
(1) Total Sales 3 990
VAT (14 / 114 * 3 990) (490)
Rent Expense 3 500

R
(2) Total Sales 12 426
VAT (14 / 114 * 12 426) (1 526)
Sales 10 900

www.studynotesunisa.co.za
CASH PAYMENTS JOURNAL (CPJ) – MARCH 2014

Day Details Bank Purchas Creditors VAT Sundry Accounts

es Control Input
Amount Details
R R R R
1 Rent – Me Rent
Properties (3) 1 482 182 1 300 expense
2 Purchases (4) 24 510 21 500 3 010
5 Teldigit (5) 969 98 700 Equipment
(798 + 171) 171 Telephone
expenses
15 Wages 1 800 1 800 Wages
22 Equip
Supplies 5 000 5 000
33 761 21 500 5 000 3 290 3 971

Calculations

R
(3) Total Rent 1 482
VAT (14 / 114 * 1 482) (182)
Rent Expense 1300

R
(4) Total Purchases 24 510
VAT (14 / 114 * 24 510) (3 010)
Purchases 21 500

(5) Telephone installation 798

VAT (14 / 114 * 798) (98)
Equipment 700

Total payment = 798 + 171 = 969

www.studynotesunisa.co.za
3.2 P HOME DEALERS

GENERAL LEDGER

Date Details Folio Amount Date Details Folio Amount

R R
Bank Account

57 916 33 761
24 155
57 916 57 916

April 1 Balance b/d 24 155

www.studynotesunisa.co.za
SOLUTION 4: STATEMENT OF PROFIT OR LOSS
& OTHER COMPREHENSIVE INCOME & THE
STATEMENT OF CHANGES IN EQUITY
4.1 RG STORES

STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME FOR

THE YEAR ENDED 28 FEBRUARY 2014

R
Revenue (1 954 000 – 5 000 – 700) 1 948 300
Cost of Sales (760 000 - 900) (759 100)
Gross Profit 1 189 200
Other Income 19 500
Rental Income (6 500 * 3) 19 500

Total Income 1 208 700

Less Expenses (227 500)

Bank charges 300

Inventory Shortfall (54 000 – 52 000) 2 000
Depreciation [10% * 400 000 + 20% * (350 000 – 70 96 000
000) 5 400
Insurance (6 750 – 1 350) 6 500
Credit losses (2 000 + 1 500 + 3 000) 4 800
Advertising 36 000
Telephone expenses 25 500
Water and Electricity (24 000 + 1 500) 3 000
Stationery (3 500 – 500) 48 000
Wages & Salaries

Net Profit 981 200

4.2 RG STORES

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STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 28 FEBRUARY
2014

R
Balance at beginning of year 390 000
Total Comprehensive income 981 200
Drawings (50 000)
Balance at end of year 1 321 200

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OCTOBER –
NOVEMBER
2013

www.studynotesunisa.co.za
SOLUTION 1: TRIAL BALANCE

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SOLUTION 2: JOURNALS

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SOLUTION 3: BANK RECONCILIATION STATEMENT

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SOLUTION 4: FINANCIAL STATEMENT

www.studynotesunisa.co.za
MAY – JUNE
2013

72

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SOLUTION 1: ACCOUNTING EQUATION

SOLUTION 2: JOURNALS & GENERAL LEDGER

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www.studynotesunisa.co.za
SOLUTION 3: BANK RECONCILIATION
STATEMENTS

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www.studynotesunisa.co.za
SOLUTION 4: STATEMENT OF PROFIT OR LOSS
& OTHER COMPREHENSIVE INCOME

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