QUESTION 1

QUESTION 2
QUESTION 3
QUESTION 4
QUESTION 5
QUESTION 6
QUESTION 7
QUESTION 8
QUESTION 9
QUESTION 10
QUESTION 11
QUESTION 12
QUESTION 13
QUESTION 14
QUESTION 15
QUESTION 16
QUESTION 17
QUESTION 18
SOLUTIONS

Question 1

No Assets = Equity + Liabilities

3 + 12 000 + 12 000
5 - 300 - 300
8 + 5 600 + 5 600
13 - 400 - 400
17 - 200 - 200
21 - and + 720
23 - and +5 100
- 100 -100
25 + 1 500 + 1 500
28 -1 320 - 1 320

Question 2

PG Traders
Cash receipts journal - January 2011 CRJ1
Details Bank

Totals 10,200

Direct deposit 6,000

16,200

PG Traders
Cash payments journal - January 2011 CPJ1
Details Bank

Totals 9,800

Bank charges 150

Dishonoured checque 700

10,650

FYI Notes on additional information

1 Previous period's bank recon. Opening balance for Bank GL account
2 Bank statement balance given as starting point for bank recon
Totals for CRJ and CPJ to open journals before adding additional transactions per bank
3 statement
4.1 Deposit appeared on previous bank recon - no entry required
4.2 Cheque 223 & 212 appeared on previous bank recon - no entry required
4.3 Bank charges - capture in CPJ
4.4 Dishonoured cheque - capture in CPJ
4.5 Direct deposit - capture in CRJ
5.1 Deposit not on B/S - Show on Bank recon
5.2 Outstanding cheques - Show on Bank recon

QUESTION b
(8 marks/10 minutes)

PG Traders
General Ledger
Dr Bank Cr

Date Description Fol Amount Date Description Fol Amount

11/01/01 Balance b/d 10,600 11/01/31 Total payments CPJ1 10,650

11/01/31 Total receipts CRJ1 16,200 Balance c/f 16,150

26,800 26,800

11/02/01 Balance b/d 16,150

QUESTION c
(10 marks/12 minutes)

PG Traders
Bank reconciliation statement as at 31 January
2011
Debit Credit

Credit balance per bank statement 12,000

Credit outstanding deposit 6,500

Debit outstanding cheques
221
900
 230
1,000
234
450

Debit balance per bank account 16,150

18,500 18,500

Question 3

(13 marks/16 minutes)

JOBBIES INTERNET ADVERTISING

STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2012
R R
Revenue 522,000
Cost of sales (300,000)
Gross profit 222,000
Distribution, administration and other expenses (253,478)
Advertising expenses 50,000
Salaries 120,000
Insurance 44,000
Stationary 5,000
Depreciation 34,478
Finance costs (28,000)
Interest on long term loan 28,000
Loss for the year (59,478)

Other comprehensive income for the year -

Total comprehensive income for the year (59,478)

Calculation: Depreciation
1 Software
Cost 50,000
Depreciation rate (Straight line) 25%
Depreciation for year 12,500
 2 Computer equipment
Cost 66,000
Depreciation rate (Straight line) 33.3%
Depreciation for year 21,978

QUESTION b
(5 marks/6 minutes)

JOBBIES INTERNET ADVERTISING

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 28
FEBRUARY 2012
R
Balance at 1 March 2011 0
Capital contributions during the year 300,000
Drawings (100,000)
Total comprehensive loss for the year (59,478)
Balance at 28 February 2012 140,522

QUESTION c
(5 marks/6 minutes)

JOBBIES INTERNET ADVERTISING

Depreciatio Carrying
Cost n value
Non-current
assets
Land and 450,00
buildings 0 0 450,000
Software 50,000 (12,500) 37,500
Computer equipment 66,000 (21,978) 44,022
531,522
Question 4

QUESTION 2
(10 marks/12 minutes)

Rand per Number of Total value of

Date unit units transactions
Opening
01-Jan inventory 15 15,000 R 225,000

30-Jan Purchases 25 25,000 R 625,000

03-Feb Sales 20,000 R 700,000

10-Mar Purchases 30 10,000 R 300,000

31-Mar Sales 13,000 R 455,000

Rand per Number of Inventory

Date unit units Total value CoS balance
Units Value Units Value
01-Jan Opening 15 R 225,000
 inventory 15,000 15,000 225,000

30-Jan Purchases 25 25,000 R 625,000 5,000 125,000 20,000 500,000

03-Feb Sales 20,000 R 700,000

03-Feb Remaining stock 25 20,000 R 500,000 13,000 325,000 7,000 175,000

10-Mar Purchases 30 10,000 R 300,000 10,000 300,000

31-Mar Sales 13,000 R 455,000

675,000 475,000

Conclusion:
Value of cost of sales: R 675,000.00
Value of closing inventory: R 475,000.00
QUESTION 5
(21 marks/30 minutes)

PG Traders
Statement of profit or loss and other comprehensive income for the year ended 28
February 2011
R R
Revenue 948,850
Cost of sales (758,300)
Gross profit 190,550
Other income 48,000
Rental income 48,000
Distribution, administration and other
expenses (115,580)
Wages and salaries 12,000
Telephone expenses 2,500
Credit losses 2,400
Insurance 10,680
Water and electricity 3,000
Sundry expenses 15,000
Trading inventory deficit 50,000
Depreciation 20,000

Finance charges (36,000)

Interest on loan 36,000
Profit for the year 86,970

Other comprehensive income for the year -

Total comprehensive income for the year 86,970
Question 6

(9 marks/11 minutes)
AS Uniforms
Cash receipts journal - August 2012 CRJ 8
Day Details Fol Bank

31 Total b/d 16,900

Direct deposit: Rental income (T Mickey) 3,500

Direct deposit: ARK Schools (Sales) 5,000

25,400
B8

AS Uniforms
Cash payments journal -August 2012 CPJ 8
Day Details Fol Bank

31 Total b/d 9,000

Debit order: RS Insurers 3,300

Debit order: VAL Cars 2,500

Bank charges 300

Interest 90

Dishonoured cheque (E Summer) 700

15,890
B8

QUESTION b
(4 marks/5 minutes)

AS Uniforms
General Ledger
Dr Bank B8 Cr
Descriptio Amoun Amoun
Date n Fol t Date Description Fol t
Total 01-
31-Aug-12 receipts CRJ8 25,400 Aug-12 Balance b/d 320
31- Total
Aug-12 payments CPJ8 15,890

Balance c/f 9,190

25,400 25,400

01-Sep-12 Balance b/d 9,190

QUESTION c
(9 marks/1 minutes)

AS Uniforms
Bank reconciliation statement as at 31 August 2012
Debit Credit

Credit balance per bank statement 5,690

Credit outstanding deposit 10,500

Debit outstanding cheques

917 950

925 750

928 1,000

931 4,300

Debit balance as per bank account 9,190

16,190 16,190
Question 7

(11.5 marks/14 minutes)

MAPONYE TRADERS
CASH RECEIPTS JOURNAL - JUNE 2012 CRJ 6
Da Fo Analysis of VAT Sundry accounts
Doc No Details Bank Sales Debtor Fo
y l receipts output
s Amount l Details

15,000.0 15,000.0
R 101 10 J Maponya 15,000.00 0 0 Capital

6,842.1
CRR15 12 Cash sales 7,800.00 7,800.00 1 957.89

5,600.0
R 104 15 D Maluleka 5,600.00 5,600.00 0

8,596.4
CRR16 17 Cash sales 9,800.00 9,800.00 9 1,203.51
QUESTION b
(12.5 marks/15 minutes)

MAPONYE TRADERS
CASH PAYMENTS JOURNAL - JUNE 2012 CPJ 6
Sundry accounts
VAT
Doc No Day Details Fol Bank Wages
Creditors Purchases input
Amount Fol Details

19 9 ZK Printers 2,200.00 270.18 1,929.82 Printing expenses

20 11 TP Cleaners 1,500.00 184.21 1,315.79 Cleaning expenses

21 13 GD Traders 8,000.00 7,017.54 982.46

22 14 Cash 2,500.00 2,500.00

23 16 BP Suppliers 7,000.00 7,000.00

QUESTION c
(11 marks/13 minutes)

MAPONYE TRADERS
GENERAL JOURNAL - JUNE 2012
Day Details Fol Debit Credit

6 Credit loss (2 200 x 100/114) 1,929.82

VAT Input (2 200 x 14/114) 270.18

Debtors (Mr Kekana) 2,200.00

Account written off as
irrecoverable

7 Debtors 138.75

Interest income 138.75

(3 330 x 0.1 x 5/12)
Interest charged at 10% pa for 5
months

8 Repairs 800.00

Stationary 800.00
Correction of error
Question 8

(16 marks/15 minutes)

# Assets Equity Liabilities

1 + R500 000 + R500 000 0
2 0 - R6 000 + R6 000
3 + R6 800 + R6 800 0
3 - R5 440 - R5 440 0
4 - R1 000 - R1 000 0
5 + R 500 and - R 500 0 0
6 - R1 800 0 - R1 800
7 + R4 500 + R4 500 0

FYI Note:
The following items impacts on equity:
Income (+)
Expenses (-)
Contributions (+)
Drawings (-)
QUESTION 9
(14.5 marks/17 minutes)

AD Traders
Cash receipts journal - February 2011 CRJ02
Settlement VAT Sundry accounts
Analysis VAT discount (Input)
Doc Day Details of receipts Bank Sales (Output) Debtors granted (Dr) (Dr) Amount Fol Details

R 228 4 L James 10,000 10,000 10,000 Capital

CRR31 8 Cash 6,600 6,600 6,000 600

CRR32 14 Cash 16,500 15,000 1,500

R 229 P Ngcobo 3,560 20,060 4,000 (400) (40)

Rental
R 230 23 K Smith 6,050 6,050 550 5,500 income

42,710 21,000 2,650 4,000 (400) (40) 15,500

Notes:
8. Goods sold on credit would be captured in the Sales
Journal.
 Question 10

[28 marks/34 minutes]

ROSE FLORIST
General Ledger
Dr Capital B1 Cr
Date Description Fol Amount Date Description Fol Amount

1/3/2012 Bank 50,000.00

Dr Bank B2 Cr
Date Description Fol Amount Date Description Fol Amount

1/3/2012 Capital 50,000.00 3/3/2012 Equipment 12,000.00

6/3/2012 Sales 7,500.00 4/3/2012 Purchases 5,000.00

10/3/2012 Sales 10,000.00 8/3/2012 Purchases 8,000.00

Water &
20/3/2012 Sales 20,000.00 22/3/2012 Electricity 3,000.00

28/3/2012 Wages 4,000.00

30/3/2012 Creditors: Elkins 6,000.00

Balance c/d 49,500.00

87,500.00 87,500.00

1/5/2012 Balance b/d 49,500.00

Dr Vehicles B3 Cr
Date Description Fol Amount Date Description Fol Amount

2/3/2012 Long-term loan 150,000.00

Dr Finance Bank: Long-term loan B4 Cr
Date Description Fol Amount Date Description Fol Amount

2/3/2013 Vehicles 150,000.00

Dr Equipment B5 Cr
Date Description Fol Amount Date Description Fol Amount

3/3/2012 Bank 12,000.00

Dr Purchases N2 Cr
Date Description Fol Amount Date Description Fol Amount

4/3/2012 Bank 5,000.00 30/3/2012 Inventory 2,000.00

8/3/2012 Bank 8,000.00

15/3/2012 Creditors 15,000.00

Dr Sales N1 Cr
Date Description Fol Amount Date Description Fol Amount

6/3/2012 Bank 7,500.00

10/3/2012 Bank 10,000.00

20/3/2012 Bank 20,000.00

Dr Creditors B6 Cr
Date Description Fol Amount Date Description Fol Amount
Purchases
30/3/2012 Bank 6,000.00 15/3/2012 (Elkins) 15,000.00

Dr Water and electricity N3 Cr

Date Description Fol Amount Date Description Fol Amount

22/3/2012 Bank 3,000.00

Dr Wages N4 Cr
Date Description Fol Amount Date Description Fol Amount
28/3/2012 Bank 4,000.00

Dr Inventory B7 Cr
Date Description Fol Amount Date Description Fol Amount

31/3/2012 Purchases 2,000.00

Question 11

(10 marks/11 minutes)

KEKANA TRADERS
CASH RECEIPTS JOURNAL -
JANUARY 2011 CRJ1
Settlement VAT Sundry accounts
F Analysis of VAT
Doc # Day Details Bank Sales Debtors discount Input Amount Fol Details
ol receipts output
granted (DR) (DR)

Rec 0003 3 R Kekana 60,000.00 60,000.00 60,000.00 Capital

CRR5 7 Cash sales 16,210.65 14,219.87 1,990.78

Credit card sales 12,320.15 28,530.80 10,807.15 1,513.00

Rec 004 17 P Rapoo 3,600.00 442.11 3,157.89 Rental income

CRR6 21 Cash sales 16,300.00 14,298.25 2,001.75

Credit card sales 12,636.40 32,536.40 11,084.56 1,551.84

121,067.20 50,409.82 7,499.48 - - - 63,157.89

QUESTION
b
(17 marks/19 minutes)

KEKANA TRADERS
CASH PAYMENTS JOURNAL - JANUARY 2011 CPJ1
Settlement Sundry accounts
VAT VAT
Da discount Amount Fol Details
Doc # Details Fol Bank Purchases Creditors Wages Input output
y received
(DR) (CR)
(CR)
0019 11 Silks Ltd 24,617.84 21,594.60 3,023.24
Telephone
0020 14 Telkom 435.80 53.52 382.28 expenses

0021 Cash 530.00 530

0022 19 Cash 1,500.00 1,500.00 Drawings

Mega Cotton
0023 20 Materials 16,247.22 18,052.47 (1,583.55) (221.70)
Water and
0024 24 Municipality 3,600.00 380.70 2,719.30 electricity

500.00 Rates and taxes

0025 25 V Kgobe 8,500.00 8,500.00 Salaries

0026 28 Cash 530.00 530

55,960.86 21,595 18,052 (1,584) 1,060 3,457.46 (221.70) 13,602
QUESTION c
(1.5 marks/3 minutes)

KEKANA TRADERS
PURCHASES JOURNAL - JANUARY
2011 PJ1
VAT
Doc # Day Details Fol input Purchases Creditors
Mega Cotton
5369 10 Materials 2,307.90 16,485.00 18,792.90

QUESTION d
(1.5 marks/3 minutes)

KEKANA TRADERS
PURCHASES JOURNAL - JANUARY
2011 PRJ1
VAT Purchases
Doc # Day Details Fol input return Creditors
Mega Cotton
CN1153 13 Materials 90.93 649.50 740.43
Question 12

[8 marks/10 minutes]

NKOME TRADERS
General Ledger
Dr Trading account Cr

Date Description Fol Amount Date Description Fol Amount

28/2/2011 Inventory 10,200 28/2/2011 Sales 245,240

Purchases 108,200 (246 860 - 1 200 - 420)

(109 000 - 800) Inventory 9,550

Profit or loss
account 136,390

254,790 254,790

QUESTION b
[13 marks/15 minutes]

NKOME TRADERS
General Ledger
Dr Trading account Cr

Date Description Fol Amount Date Description Fol Amount

Water and
28/2/2011 electricity 11,400 28/2/2011 Trading account 136,390

(10 450 + 950) Rental income 3,000

Telephone
expenses 5,040 (4 500 - (4 500 x 1/3))
 Salaries 20,400

Stationary 2,350

Credit losses 500

Depreciation 13,000
(4 000 + 9 000 )

Capital 86,700

139,390 139,390

Calculations
Depreciation: Equipment
Method: Straight line 10%

Cost price 40,000

Depreciation (40 000 x 0.1) 4,000

Depreciation: Vehicles
Diminishing
Method balance 20%

Cost Price 60,000

Accumulated
depreciation:Vehicles (15,000)

Carrying value 45,000

Depreciation (45 000 x 0.2) 9,000

Prepaid rental
Rental received on 2 January
2011 4,500
Iro Jan - March

Rent per month 1,500

2011 rent (Jan + Feb) 3,000

2012 rent (March) 1,500

QUESTION 13
(18 marks/22 minutes)

General Ledger
Account Account
Transaction debited credited A= E+ L
Telephone
10 expenses Bank - R 250 - R250 0
Interest
11 Bank income + R1 500 + R1 500 0
15 Bank Sales + R9 000 + R9 000 0
Cost of sales Inventory - R7 200 - R7 200 0
20 Drawings Inventory - R2 000 - R2 000 0

25 Inventory Bank + and - R70 000 0 0

Question 14

[6.5 marks/8 minutes]

BIG BUILDERS
SALES JOURNAL - DECEMBER 2011 SJ12
Doc No Day Details Fol VAT Sales Debtors
 Output

173 3 White Birdie 1,610 11,500 13,110

173 11 Brown Eagle 532 3,800 4,332

QUESTION B
[6.5 marks/8 minutes]

BIG BUILDERS
PURCHASES JOURNAL - DECEMBER
2011 PJ12
VAT
Doc No Day Details Fol Input Purchases Creditors

AD25 3 Lion Limited 1,078 7,700 8,778

I352 18 Penguin Limited 3,500 25,000 28,500

QUESTION C
[6.5 marks/8 minutes]

BIG BUILDERS
SALES RETURNS JOURNAL - DECEMBER
2011 SRJ12
VAT Sales
Doc No Day Details Fol Output returns Debtors

CN122 12 White Birdie 28 200 228

CN123 23 Brown Eagle 42 300 342

QUESTION D
[3.5 marks/4 minutes]

BIG BUILDERS
PURCHASES RETURNS JOURNAL - DECEMBER 2011 PRJ12
VAT Purchases
Doc No Day Details Fol Input returns Creditors

CN97 20 Penguin Limited 210 1,500 1,710

Question 15

(11 marks/13 minutes)

Cool Limited
Calculation of gross profit/loss for the year ended 28 February 2011
Sales 748,150
Less: Cost of sales (288,150)
460,000

Calculation of sales for the year ended 28 February 2011

Sales 750,000
Sales returns (1,500)
Settlement discount granted (350)
748,150

Calculation of cost of sales for the year ended 28 February 2011

Inventory (Opening balance) 149,500
Purchases 540,000
Purchase returns (2,000)
Freight charges on
purchases 650
Inventory (Closing balance) (400,000)
288,150

Note
Freight charges on sales is an expenses which is included under
Distribution, admin and other expenses
Do not set off against sales

Question 16

[7 marks/8 minutes]

TS STORES
CASH RECEIPTS JOURNAL - JANUARY 2012 CRJ1
Day Details Bank

31 Total b/d 19,750

Direct deposit: P Thomas 7,000

Direct deposit: S Samuels (Rent received) 4,000

30,750

TS STORES
CASH PAYMENTS JOURNAL - JANUARY 2012 CPJ1
Day Details Bank
31 Total b/d
 9,000

Dishonoured checque: K Govender 2,500

Debit order: Municipality (Water and
electricity) 3,000

Bank charges 175

14,675

Question 17

7 marks/8 minutes)

NP GLASSWORKS
CASH RECEIPTS JOURNAL - APRIL 2011 CRJ4
Day Details Bank

30 Balance b/d 65,650.00

Direct deposit: A Ngcobo (Rental income) 2,000.00

Interest income 459.50

68,109.50

NP GLASSWORKS
CASH PAYMENTS JOURNAL - APRIL 2011 CPJ4
Day Details Bank

30 Balance b/d 15,800.00

K Moodley (Unpaid cheque) 500.00

Bank charges 300.00

Debit order: WM Insurers
(Insurance) 3,500.00

20,100.00

QUESTION b
(5 marks/6 minutes)

NP Glassworks
General Ledger
Dr Bank Cr
Descriptio
Date n Fol Amount Date Description Fol Amount

30/4/201 Total CPJ 20,100.0

1/4/2011 Balance b/d 7,000.00 1 payments 4 0

30/4/201 Total CRJ 68,109.5 55,009.5

1 receipts 4 0 Balance c/f 0

75,109.5 75,109.5
0 0

55,009.5
1/5/2011 Balance b/d 0

QUESTION c
(10 marks/12 minutes)

NP GLASSWORKS
Bank reconciliation statement as at 30 April
2011
Debit Credit
Credit balance per bank
statement 46,409.50

Credit outstanding deposit 14,000.00

Debit outstanding checques
1652
1,900.00
1655
1,500.00
1658
2,000.00
 Debit balance per bank account 55,009.50

60,409.50 60,409.50

Question 18

(19 marks/23 minutes)

TRONICS BUSINESS SOLUTIONS

STATEMENT OF FINANCIAL POSITION AS AT 28
FEBRUARY 2011
ASSETS R
Non-current assets

Property, plant and equipment 660,500

Current assets

Inventory 67,500

Trade and other receivables 18,700

Cash and cash equivalents 16,000

TOTAL ASSETS 762,700

EQUITY AND LIABILITIES

Equity

Capital 320,200

Non-current liabilities

Long-term borrowings 380,000

Current liabilities

Trade and other payables 42,500

Current portion of long-term borrowings 20,000

TOTAL EQUITY AND LIABILITIES 762,700