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Grade 8

Authors:Yvette Russell | Lisa Akerman | Séan Topper

EMS / AccountingTeacher’s Guide

Grade 8

Authors:Yvette Russell | Lisa Akerman | Séan Topper

EMS / AccountingTeacher’s Guide

www.studyingbusiness.co.za

www.studyingbusiness.co.zawww.studyingbusiness.co.za

Grade 8 Accounting Educator’s Guide

Studying Business

Grade 8 Accounting

2012 Edition 3rd Print

Lisa Akerman Sean Topper

Yvette Russell

1 © 2012 Studying Business


Published by:

Excom Publishers CC PostNet Suite 75

Private Bag X3 Paardekraal

1752

Email: [email protected]

Fax: 0865108005

ISBN:

© Studying Business

Design, Layout and Print by Corpnet

011 704 0504 [email protected]

Copyright: No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means whatsoever, without the prior written permission of the authors. Note: ONLY FOR THE USE OF PORTFOLIOs: Individual exercises may be copied for submission provided this is only for the Portfolio of the learner who has purchased the book. Exercises and Rubrics MAY NOT be shared with other learners, schools or clusters.



Task 1

Ensure the learners have provided at least 6 different assets and six different expenses. Check the classification of these items.

Task 2:

Owner’s Equity Assets Liabilities Income Expenses

Current assets Non Current

Assets

Current

liabilities

Non Current

liabilities

Capital (139 000) Bank (75 000) Vehicle

(64 000)

Bank (11 000) Equipment

(11 000)

Bank (17 000)

Trading

Inventory

(20 000)

Creditor

(3 000)

Vehicle

(85 000)

Loan

(85 000)

Bank (3 000) Current

Income

(3 000)

CHAPTER 1

BASIC ACCOUNTING CONCEPTS



Task 3: List of 5 expenses

1 Reams of paper, it is an expense because once it is used you can’t replace it.

2 Telephone, it is an expense because the calls have already been made and cannot be

redialled without paying for them.

3 Water and electricity, it is an expense because you cannot recover it once it has been

used.

4 Tea and coffee, it is an expense because it is consumed.

5 Toilet paper, it is an expense because it gets flushed down the toilet never to be used

again.

Possible other expenses: Fertilizer, light bulbs, stationery.

Task 4

1. Capital is also known as investment.

2. A debtor owes money to the business. The debtor has bought goods on credit.

3. Yes, the school does have debtors, as parents pay our school fees every month. They

receive the service now but pay later.

4. A business may not always have sufficient capital. The business can then borrow money

from the bank or buy

5a) R10 000 x 100 = 20%

R50 000 1

5b) R 7 000 x 100 = 17,5%

R40 000 1


Jose

Sticky Note

Complete the sentence... goods (merchandise) on credit.


Task 5

ASSETS = OWNER'S EQUITY + LIABILITIES

No Amount Reason Amount Reason Amount Reason

1 +800 000 Bank increases +800 000 Capital increases

2 -200 Bank decreases -200 Stationery =

expense

3 +600 Bank increases +600 Current income

4 -5 590 Bank decreases -5 590 Rent expense

5 -3 225 Bank decreases -3 225 Packing material =

expense

6 -13 000 Bank decreases -13 000 Wages = expense

7 -6 450 Bank decreases

+6 450 Equipment increases


+475 000 Land and Building

increases



10 +5 985 Bank increases +5 985 Current income



CHAPTER 2

ASSETS = OWNER’S EQUITY + LIABILITIES

If the account says the word: expense or income there is no need to repeat that the account is infact one of those. (number 3 & 4 & 10)



Task 6





+340 000

Land & Building

increases

3 -800 Bank decreases -800

Water and

electricity =

expense

4 +8 200 Bank increases + 8 200 Rent income


6 -3 000 Bank decreases -3 000 Wages = expense


Advertisement =

expense


Insurance =

expense





6

© 2012 Studying Business


Task 7





+275 000 Vehicle increases

3 -200 Bank decreases -200 Drawings increases

4 -750 Bank increases -750 Fuel = expense

5 +3 850 Bank increases +3 850 Current income


+2 450

Equipment

increases

7 +3 500 Bank increases +3 500 Rent income


Stationery =

expense



+4 695

Trading inventory

increases



Task 8

8.2 (a-c)

CHAPTER 3

ACCOUNTING CYCLE AND THE FLOW OF TRANSACTIONS

Date Datuum: 25/05/10 To Aan: TELKOM For Vir: Telephone Balance b/f Saldo o/b

2 000

Amount paid in Bedrag inbetaal

Other debits Ander debiete

Balance Saldo

This cheque Hierdie tjek

450

Balance c/f SaldoBalance o/d

1550

04

R450,00

Cheque number

Cheque Counterfoil

Name of Payee

Drawee

Account Number

Cheque number



Task 9 Checklist Criteria Yes No Is the name of the store displayed clearly? 2 0 Has a date been used? 1 0 Has the item being purchased listed correctly? 2 0 Is the VAT amount calculated correctly? 2 0 Is the total amount reflected clearly 2 0 Overall impression. Good? 1 0 TOTAL /10



Task 10

CHAPTER 4

A SERVICE UNDERTAKING

Cash Receipts Journal of Invisible Cleaners for January 2010 CRJ1

Analysis of

Receipts

Bank

Current

Income

Sundry

Doc D Details Fol Amount Fol Details

R01 1 Mr Muscle 205 000 - 205 000 - 205 000 - Capital

crr 3 Services Rendered 400 - 400 - 400 -

R02 7 Books Galore 4 200 - 4 200 - 4 200 - Rent Income

R03 11 Mr Muscle 70 000 - 70 000 - 70 000 - Capital

crr 18 Services Rendered 1 790 - 1 790 - 1 790 -


287 149 - 7 949 - 279 200 -


Jose

Sticky Note

Delete day 18

Jose

Sticky Note

Do not bold underline this amount

Jose

Sticky Note

Delete this amount from the bank column

Jose

Sticky Note

Change the amount to 71 790


Task 11

Cash Receipts Journal of DJ’s for ALL for January 2010 CRJ1

Analysis of

Receipts

Bank

Current

Income

Sundry


R01 1 Mr Kay 500 000 - 500 000 - 500 000 - Capital


bs 6 ABSA Bank 250 - 250 - 250 - Interest Income

R02 15 Mr Kay 50 000 - 50 000 - 50 000 - Capital



R03 29 Mr Kay 50 000 - 50 000 - 50 000 - Capital

631 375 - 31 125 - 600 250 -


Jose

Sticky Note

Omit this amount from the analysis of receipts column

Jose

Sticky Note

Delete the day in column

Jose

Sticky Note

Delete the day in this column

Jose

Sticky Note

Do not bold underline the amount

Jose

Sticky Note

Do not bold underline the amount

Jose

Sticky Note


Jose

Sticky Note


Jose

Sticky Note

Change the bank amount to 77 125


Task 12

Cash Receipts Journal of Zippy’s Waste Removal for October 2010 CRJ1

Analysis of

Receipts

Bank

Current

Income

Sundry


R01 1 Zola Seven 300 000 - 300 000 - Capital

crr Services Rendered 900 - 300 900 - 900 -



R02 15 Mr Homeless 5 000 - 5 000 - Rent Income

R03 Zola Seven 50 000 - 55 000 - 50 000 - Capital


bs 28 FNB 30 - 30 - 30 - Interest Income

358 990 - 3 960 - 355 030 -


Jose

Sticky Note

Omit this amount from the analysis of receipts column


Task 13

Cash Receipts Journal of Upper Cut for November 2010 CRJ1

Analysis of

Receipts

Bank

Current

Income

Sundry


R01 1 Cindy Nel 700 000 - 700 000 - 700 000 - Capital


R02 5 Lola Lee 4 000 - 4 000 - 4 000 - Rent Income







R05 30 Josie Black 10 000 - 10 000 - 10 000 - Rent Income

860 290 - 46 290 - 814 000 -


Jose

Sticky Note

Change name of business to: Black Pearl

Jose

Sticky Note

Change details to: Elizabeth Molapo

Jose

Sticky Note

Change details to: Elizabeth Molapo


Task 14

Cash Receipts Journal of Cash Services for May 2010 CRJ1

Analysis of

Receipts

Bank

Current

Income

Sundry


R001 1 Mr Luckey Zola 325 000 - 325 000 - 325 000 - Capital


R002 12 Mr Luckey Zola 50 000 - 50 000 - Capital

crr Services Rendered 2 563 - 52 563 - 2 563 -




391 543 - 16 543 - 375 000 -



Task 15

Cash Receipts Journal of Mimeo’s Deliveries for October 2010 CRJ1

Analysis of

Receipts

Bank

Current

Income

Sundry


R01 1 Mimeo Joubert 100 000 - 100 000 - Capital


crr 5 Services Rendered 480 - 480 -

R02 Mimeo Joubert 115 000 - 115 480 - 115 000 - Capital



R03 25 Gigi’s Doggie Parlour 3 890 - 3 890 - Rent Income

R04 Mimeo Joubert 105 000 - 105 000 - Capital


328 410 - 4 520 - 323 890 -


Jose

Sticky Note

Change the name of the business to: Thabo's Deliveries

Jose

Sticky Note

Change details to: Thabo Zondi

Jose

Sticky Note


Jose

Sticky Note



Task 16

Cash Receipts Journal of Marais Plumbers for January 2010 CRJ1

Analysis of

Receipts

Bank

Current

Income

Sundry


R001 1 Mr Marais 165 000 - 165 000 - 165 000 - Capital


R002 10 Mr Marais 290 000 - 290 000 - Capital


crr 21 Services Rendered 2 750 - - 2 750 -

bs ABSA 40 - 40 - Interest Income

R003 Mr Marais 18 000 - 20 790 - 18 000 - Capital


491915 - 18 875 - 473040 -


Jose

Sticky Note

Delete this amount from the analysis of receipts column and insert into bank column.

Jose

Sticky Note

Change this amount to 20 750

Jose

Sticky Note

Delete this total from the analysis of receipts column.

Jose

Sticky Note

Change this total to 491 915

Jose

Sticky Note


Jose

Sticky Note

Add a total to this column: 473 000


Task 17

Cash Payments Journal of Tom’s Electrical for July 2010 CPJ 1

Sundry

Doc D Name of Payee Fol Bank

Equipment

Material

Amount

Fol Details

87 1 Telkom 690 - 690 - Telephone 88 Wesbank 4 000 - 4 000 - Loan: Wesbank 89 4 Shell Garage 500 - 500 - Petrol 90 Waltons 12 878 - 11 999 - 879 - Stationery 91 7 Cash 3 000 - 3 000 - Wages 92 9 Eskom 1 785 1 785 - Training 93 12 Cash 500 - 500 - Petty Cash 94 14 Vortex 6 788 6 788 - 95 Cash 3 000 - 3 000 - Wages 96 15 Crabtree 3 422 - 3 422 - 97 Weylands 9 755 - 9 755 98 21 Cash 3 000 - 3 000 - 99 27 Wakefields 12 000 - 12 000 - Rent Expense 100 Municipality 4 216 - 4 216 - Water & Electricity 101 Cash 3 300 - 3 300 - Wages 102 29 Fix-It 2 600 2 600 - Repairs 103 30 SOS Wholesalers 350 - 350 -

71 784 28 542 - 3 772 - 39 470 -


Jose

Sticky Note

Change name to Sipho's

Jose

Sticky Note

Insert details: Wages


Task 18

Cash Payments Journal of Personal Chauffeur for September 2010 CPJ 1

Sundry

Doc D Name of Payee Fol

Bank

Equipment

Stationery

Amount Fol Details

01 1 Municipality 1 999 - 1999 - Water and electricity 02 7 Makro 467 - 467 -

03 10 Incredible Audio 700 - 700 -

04 15 BP 529 - 529 - Fuel 05 18 Cash 500 - 500 - Drawings 06 20 Cash 1 500 - 1 500 - Wages 07 24 Cell C 346 - 346 - Telephone 08 26 The Mercury 1 800 - 1 800 - Advertising

7 841 - 700 - 467 - 6 674 -


Jose

Sticky Note

Transaction has been omitted: Doc: 04 Day: 10 Name of Payee: Stationery Store Bank column: 999 Equipment column: 999

Jose

Sticky Note

Replace the Doc Numbers from Day 15 to Day 26 i.e. Day 15 = 05 Day 18 = 06 Day 20 = 07 Day 24 = 08 Day 26 = 09

Jose

Sticky Note

Change the total of the bank column to: 8 840

Jose

Sticky Note

Change the Equipment total to: 1 699


Task 19

Cash Payments Journal of Langs Way for March 2010 CPJ1

Sundry


Bank

Equipment

Consumable Stores

Amount Fol Details

001 1 VW Mastercars 259 000 - 259 000 - Vehicle 002 Municipality 1 000 - 1 000 - Electricity 003 CHC Stores 250 740 - 250 740 - 004 2 Pick ‘n Pay 3 890 - 3 890 - 005 Caxton Papers 2 000 - 2 000 - Advertising

006 3 Golden Printers 1 899 - 1 899 - Stationery

007 7 SPCA 100 - 100 - Donations 008 11 Loco Ads 2 135 - 2 135 - Advertising 009 14 Wash ‘n Go 1 440 - 1 440 - 010 15 Pick ‘n Pay 4 751 - 4 751 - 011 17 Telkom 250 - 250 - Telephone 012 19 HP 9 999 - 9 999 - 013 20 DEFY 5 699 - 5 699 - 014 23 Cash 500 - 200 - Drawings

300 - Wages 015 26 Lucy Lang 15 000 - 15 000 - Salaries 016 29 Shell Garage 1 257 - 1 257 - Fuel

559 660 - 266 438 - 10 081 - 283 141 -


Jose

Sticky Note

Change details to: Morningside Garage


Task 20

Cash Payments Journal of Reds Hairdresser for January 2010 CPJ1

Sundry

Doc D Name of Payee Fol Bank Wages

Packing material Amount Fol Details

541 3 Doring distributors 5 550 - 5 550 -

542 Cash 14 000 - 14 000 -

543 5

Cresta Management Services 8 990 - 8 990 - Rent Expense

544 Teddy Suppliers 4 645 - 4 645 - Stationery 545 9 Cash 7 220 - 7 220 - 546 15 I Ivins 9 300 - 9 300 - Equipment 547 R Ramsy 6 900 - 6 900 - Consumable Stores

548 21 Metro Cash and Carry 1 200 - 1 200 -

549 Cash 4 625 - 4 625 - 550 30 Trip Repairs 4 880 - 4 880 - Repairs 551 Cash 10 300 - 10 300 -

77 610 - 36 145 - 6 750 - 34 715 -


Jose

Sticky Note

Change details to: Trading Stock


Task 21

Cash Payments Journal of Eric’s Plumbers for June 2010 CPJ1

Sundry


Bank

Equipment

Material Cost

Amount Fol Details

222 1 Muncipality 892 - 892 - Water and Electricity

223 Fran’s Properties 5 600 - 5 600 - Rent Expense

224 Comp-Limited 10 000 - 10 000 -

225 5

Wobker Plumbers Wholesalers 2 563 - 2 563 -

226 Sam’s Suppliers 785 - 785 - Stationery

227 8 Cash 4 156 - 4 156 - Wages 228 9 James’ Stores 4 887 - 4 887 - 229 15 ROP CC 1 580 - 1 580 -

230 Hart’s Wholesalers 6 990 - 6 990 -

231 Cash 7 500 - 7 500 - Wages 232 26 Beta Stores 2 560 - 2 560 - 233 Telkom 4 100 - 4 100 - Telephone 234 29 Car CC 1 600 - 1 600 - Repairs

235 30 Sam’s Suppliers 450 - 450 - Stationery

53 663 - 24 437 - 4 143 - 25 083 -


Jose

Sticky Note

Change the name to: Khan's

Jose

Sticky Note

Change the name of payee to: Bayat's Properties

Jose

Sticky Note

Change the name of payee to: Tahir Suppliers

Grade 8 Accounting Educators Guide

Task 22

Cash Receipts Journal of Fast Movers for June 2010 CRJ1

Analysis of

Receipts

Bank

Current

Income

Sundry


01 1 I Mkhize 80 000 - 80 000 - 80 000 - Capital



crr 24 Services Rendered 9 800 - 9 800 -

02 I Mkhize 100 000 - 109 800 100 000 - Capital

198 235 - 18 235 - 108 000 -


Jose

Sticky Note



Task 22 continued

Cash Payments Journal of Fast Movers for June 2010 CPJ1

Sundry


Bank

Equipment Amount Fol Details

001 Daihatsu 40 000 - 40 000 - Vehicle 002 7 Sony 30 000 - 30 000 -

003 Oscar Properties 2 900 - 2 900 - Rent Expense

004 12 Expressions Agency 910 - 910 - Advertising

005 15 Cash 275 - 275 - Wages 006 18 Doctor Dent 800 - 800 - Repairs 007 20 Santam 650 - 650 - Insurance 008 24 MTN 450 - 450 - Telephone 009 25 I Mkhize 8 000 - 8 000 - Salaries

010 30 Garage Surplus 250 - 250 - Rent expense

84 235 - 30 000 - 54 235 -


Jose

Sticky Note

Insert a 1

Jose

Sticky Note

Delete the 7

Jose

Sticky Note

Insert a 7


Task 23

Cash Receipts Journal of Jolie’s Nursery School for June 2010 CRJ1

Analysis of

Receipts

Bank

Current

Income

Sundry


R001 1 Angelina Jolie 1 000 000 - 1 000 000 - 1 000 000 - Capital


R002 Jennifer Aniston 15 000 - 15 000 - Rent Income

bs Investic 2 357 - 40 557 - 2 357 - Interest Income

1 040 557 - 23 200 - 1 017 357 -



Cash Payments Journal of Jolie’s Nursery School for June 2010 CPJ1

Sundry


Bank Wage Equipment

Amount Fol Details

001 6 Pitt Motors 350 000 - 350 000 - Vehicles

002 Playground Warehouse 315 000 - 315 000 -

003 7 Cash 2 500 - 2 500 - 004 18 Mom’s Mail 750 - 750 - Advertising

005 30 Hollywood Municipality 14 150 - 9 600 - Rates

4 550 - Water and Electricity 006 Angelina Jolie 35 000 - 35 000 - Salaries 007 Cash 2 500 - 2 500 -

719 900 - 5 000 - 315 000 - 399 900 -



Task 24

Cash Receipts Journal of Football Cleaners for July 2010 CRJ1

Analysis of

Receipts

Bank

Current

Income

Sundry


R088 1 A. Ferguson 60 000 - 60 000 - 60 000 - Capital

R089 9 Mr Liver Pool 2 000 - 2 000 - 2 000 - Rent Income



R090 A. Ferguson 100 000 - 100 000 - 100 000 - Capital

169 213 - 7 213 - 162 000 -


Jose

Sticky Note

Delete this amount

Jose

Sticky Note

Change this amount to 102 980


Task 24 Continued

Cash Payments Journal of Football Cleaners for July 2010 CPJ1

Sundry


Bank

Equipment Amount Fol Details

61 3 Ronaldo Stores 10 000 - 10 000 -

62 Manchester Municipality 1 500 - 1 500 - Water and Electricity

63 8 Drogba Rentals 7 040 - 7 040 - Rent Expense

64 9 Scholes Stationers 3 849 - 3 789 - 60 - Stationery

65 15 Cash 2 000 - 2 000 - Wages 66 Spar 72 - 72 - Consumable Stores

67 24 Giggs Suppliers 2 250 - 2 250 -

68 Cash 600 - 600 - Drawings

69 25 Sir A. Ferguson 7 000 - 7 000 - Salaries

34 511 16 039 - 18 472 -



Task 25

Cash Receipts Journal of Topies Tailors for October 2010 CRJ 1

Analysis of

Receipts

Bank

Current

Income

Sundry


R01 1 Mrs Topie 200 000 - 200 000 - 200 000 - Capital



R02 Hilda Cronje 2 220 - 6 720 - 2 220 - Rent Income

R03 11 Mrs Topie 205 000 - 205 000 - 205 000 - Capital


430 610 - 23 390 - 407 220 -


Grade 8 Accounting Educator’s Guide Task 25 continued

Cash Payments Journal of Topies Tailors for October 2010 CPJ 1

Stationery

Sundry

Doc

D Name of Payee Fol Bank Wages Amount Fol Details

01 1 Colombo Estates 5 550 - 5 550 - Rent Expense 02 4 Cash 3 170 - 3 170 - 03 6 TNA-Traders 55 - 55 - 04 10 Fielas Insurers 6 640 - 6 640 - Insurance

05 11

Sommer Lekker Traders 980 - 980 - Packing material

06 Cash 5 900 - 5 900 - 07 15 Donkie Traders 2 850 - 2850 -

08

Rhodes Furniture’s 11 000 - 11 000 - Equipment

09 23 Steve’s Motors 122 000 - 122 000 - Vehicles 10 25 TNA-Traders 145 - 145 - 11 30 Computer CC 4 000 - 4 000 - Equipment

162 290 - 3 050 - 9 070 - 150 170 -


Jose

Sticky Note

Change name of payee to: Montana-Traders

Jose

Sticky Note

Change name of payee to: Montana-Traders


Task 26

Cash Payments Journal of Lone Hill Hairdresser for January 2010 CPJ 1

Sundry

Doc

D Name of Payee Fol Bank Equipment

Wages Amount Fol Details

01 3 Tina’s Traders 3 450 - 3 450 -

02 Dik Daan Estates 5 980 - 5 980 - Rent Expense 03 10 Rooibos Rand 6 700 - 6 700 -

04

13 Siembamba Estates 175 000 - 175 000 - Land and Buildings

05

15 Jimmy’s computers 10 700 - 10 700 -

06 Bennies Dealers 1 600 - 1 600 - Packing material 07 20 Cash 1 200 - 1 200 - 08 29 Cash 555 - 555 - 09 30 Tops-Traders 558 - 558 - Stationery

205 743 - 20 850 - 1 755 - 183 138 -


Grade 8 Accounting Educator’s Guide Task 26 Continued

Cash Receipts Journal of Lone Hill Hairdresser for January 2010 CRJ 1

Analysis of

Receipts

Bank

Current

Income

Sundry

Doc D Details Fol Amount Fol Details R01 3 Mrs Mooi 395 000 - 395 000 - Capital




R02 Mrs Mooi 105 000 - 109 000 - 105 000 - Capital


524 260 - 24 260 - 500 000 -



Task 27

General Ledger of Rambo Services

Balance Sheet Section

Capital B1

2010Aug 1 Bank CRJ 78 000 -

30 Bank CRJ 49 300 -

127 300 -

Drawings B2

2010 Aug 28 Bank CPJ 5 830 -

Land and Buildings B3 2010 Aug 1 Bank CPJ 95 000 -

Equipment B4 2010 Aug 31 Bank CPJ 12 024 -

Bank B5

2010 Aug 31

Total Receipts or Sundry Accounts CRJ 144 307 -

2010 Aug 31

Total Payments or Sundry Accounts CPJ 133 044 -

Balance c/d 11 263 -

144 307 - 144 307 -

2010 Sept 1 Balance c/d 11 263 -


Jose

Sticky Note

Change this to: b/d

Grade 8 Accounting Educator’s Guide Task 28

Cash Receipt Journal of Herman’s Repairs for January 2010 CRJ 1

Analysis of Current Sundry

Doc D Details Fol Receipts Bank Income Amount Fol Details

R 33 1 Herman Greenberg 100 000 - 100 000 - 100 000 - B1 Capital

CRR 5 Services rendered 2 500 - 2 500 - 2 500 -

R 34 10 Miss Marais 12 000 - 12 000 - 12 000 - N2 Rent income

CRR Services rendered 10 500 - 22 500 - 10 500 -

137 000 - 13 000 - 112 000 -

B2 N1

Task 28 Continued

Cash Payment Journal of Herman’s Repairs for January 2010 CPJ 1

Bank Wages Packing Sundry

Doc D Name of Payee Fol Material Amount Fol Details

C 23 5 John’s Stores 3 000 - 3 000 -

24 7 Cash 2 500 - 2 500 -

25 18 Dinky Stationers 5 000 - 5 000 N5 Stationery

26 29 Real Deals 1 000 - 1 000 -

11 500 - 2 500 - 4 000 - 5 000

B2 N3 N4


Jose

Sticky Note

Delete this amount from column

Jose

Sticky Note

Change this amount to: 22 500


2010 Feb 1 Balance c/d 125 500 -

Nominal Account Section Current Income N1

2010 Jan 31 Bank CRJ 13 000 -

Rent Income N2

2010 Jan 10 Bank CRJ 12 000 -

Wages N3 2010 Jan 31 Bank CPJ 2 500 - Packing Material N4 2010 Jan 31 Bank CPJ 4 000 -

Stationery N5 2010 Jan 18 Bank CPJ 5 000 -

General Ledger of Herman’s Repairs


Capital B1

2010 Jan 1 Bank CRJ 100 000 -

Bank B2 2010 Jan 31

Total Receipts CRJ 137 000 -

2010 Jan 31 Total Payments CPJ 11 500 -


137 000 - 137 000 -


Jose

Sticky Note

Change this to: b/d


Task 29

Cash Receipt Journal of Accountants CC for November 2010 CRJ

Analysis of Current Sundry

Doc D Details Fol Receipts Bank Income Amount Fol Details

R 58 5 James Jameson 4 000 - 4 000 - 4 000 N2 Rent income

59 8 Peter Patel 5 300 5 300 5 300 N2 Rent income

Crr 13 Services rendered 2 100 - 2 100 - 2 100 -

Crr 30 Services rendered 900 - 900 - 900 -

12 300 - 3 000 - 9 300 -

B1 N1

Task 29 Continued

Cash Payment Journal of Accountants CC for November 2010 CPJ

Bank Wages Advertising Sundry

Doc D Name of Payee Fol Amount Fol Details

C 112 6 M Net 3 000 - 3 000 -

113 17 Letterheads Shop 5 000 - 5 000 N5 Stationery

114 22 BP Garage 300 - 300 N6 Fuel

115 28 Cash 4 200 4 200

12 500 - 4 200 - 3 000 - 5 300

B1 N3 N4



General Ledger of Accountants CC


Bank B1 2010 Nov 30


2010 Nov 30 Total Payments CPJ 12 500 -

Balance c/d 200 -

12 500 - 12 500 -

2010 Dec 1 Balance c/d 200 -

Nominal Account Section

Current Income N1

2010 Nov 30 Bank CRJ 3 000 -

Rent Income N2

2010 Nov 5 Bank CRJ 4 000 -

8 Bank CRJ 5 300 -

9 300 - Wages N3 2010 Nov 30 Bank CPJ 4 200 -

Advertising N4 2010 Nov 30 Bank CPJ 3 000 -

Stationery N5 2010 Nov 17 Bank CPJ 5 000 -

Fuel N6 2010 Nov 22 Bank CPJ 300 -


Jose

Sticky Note

Change this to: b/d

Grade 8 Accounting Educator’s Guide Task 30

Cash Receipts Journal of Fairy CC for February 2010 CRJ 1

Analysis of

Receipts

Bank

Current

Income

Sundry


R 01 1 Mrs. Roux 550 000 - 550 000 - 550 000 - B1 Capital


R 02 12 Mrs. Roux 100 000 - 100 000 - B1 Capital

CRR Services rendered 2 333 - 102 333 - 2 333 -

R 03 15 Baby Blue 4 100 - 4 100 - N2 Rent income

CRR Services rendered 755 - 4 855 - 755 -



671 644 17 544 654 100

B2 N1



Cash Payments Journal of Fairy CC for February 2010 CPJ

Sundry Doc D Name of Payee Fol Bank Wages Stationery Amount Fol Details 01 1 Dean Developers 250 000 - 250 000 - B3 Land and Buildings 02 4 Municipality 560 - 560 - N5 Water and Electricity 03 6 Cash 1 500 - 1 500 - 04 FRB Partnership 480 - 480 - 05 9 Manie Motors 185 000 - 185 000 - B4 Vehicles 06 12 Cash 11 500 - 11 500 - 07 17 Mark-Traders 6 980 - 6 980 - N6 Packing material 08 22 Rina Jansen 2 500 - 2 500 - N7 Rent expense 09 28 Cash 4 230 - 4 230 - 10 Sam's Stationery 8 700 - 8 700 - 471 450 17 230 9 180 445 040

B2 N3 N4



General Ledger of Fairy CC


Capital B1

2010 Nov 1 Bank CRJ 550 000 -

12 Bank CRJ 100 000 -

650 000 -

Bank B2 2010 Nov 30


2010 Nov 30 Total Payments CPJ 471 450 -


671 644 - 671 644 -

2010 Dec 1 Balance c/d 200 194 -

Land and Buildings B3 2010 Nov 1 Bank CPJ 250 000 -

Vehicles B4 2010 Nov 30 Bank CPJ 185 000 -

Nominal Account Section Current Income N1

2010 Nov 30 Bank CRJ 17 544

Rent Income N2

2010 Nov 15 Bank CRJ 4 100 -

Wages N3 2010 Nov 30 Bank CPJ 17 230 -


Jose

Sticky Note

Change this to b/d

Jose

Sticky Note

Change the day to: 9


Stationery N4 2010 Nov 30 Bank CPJ 9 180 - Water and Electricity N5 2010 Nov 4 Bank CPJ 560 - Packing Material N6 2010 Nov 17 Bank CPJ 6 980 - Rent Expense N7 2010 Nov 22 Bank CPJ 2 500 -



Task 31

Cash Receipts Journal of BBBEE Services - August 2010 CRJ 1

Doc D Details Fol Analysis Bank Current SUNDRY of receipt Income Amount Fol Detail

R01 1 D Tutu 80 000 - 80 000 - 80 000 - Capital


CRR 18 Services rendered 562 - 562 - 562 -


R02 30 D. Tutu 59 200 - 59 200 - 59 200 - Capital

R03 31 T. Mbeki 8 500 - 8 500 - 8 500 - Rent income

157 709 - 10 009 - 147 700 -


Jose

Sticky Note

Change the details to: D Ndoovu

Jose

Sticky Note

Change the details to: D Ndoovu

Jose

Sticky Note

Change the details to: T. Moloi

Jose

Sticky Note

Insert: B5

Jose

Sticky Note

Insert N1

Jose

Sticky Note

Insert B1

Jose

Sticky Note

Insert B1


Cash Payments Journal of BBBEE Services - August 2010 CPJ1

Doc D Name of Payee Fol Bank Equipment Wages SUNDRY Amount Fol Detail

Q01 1 Tokyo Estates 105 000 - 105 000 - B3 Land & Buildings

02 5 Cyril Stationers 568 - 568 - Stationery

03 7 Cash 2 000 - 2 000 -

04 13 Maria Dealers 6 700 - 6 700 -

05 14 Cash 2 000 - 2 000 -

06 McCarthy Auto 1 105 - 1 105 - Repairs

07 21 Cash 2 000 - 2 000 -

08 22 Zuma Plastics 500 - 500 - Packing Material

09 25 Maria Dealers 2 999 - 2 999 -

10 Cyril Stationers 2 387 2 387 - Stationery

11 26 Cash 2 000 - 2 000 -

12 28 Cash 2 830 - 2 830 - B2 Drawings

13 30 D Tutu 9 600 - 9 600 - Salary

139 689 - 9 699 - 8 000 - 121 990 -

B5 B4


Jose

Sticky Note

Change the name of payee to: D Ndlovu

Jose

Sticky Note

Insert N2

Jose

Sticky Note

Insert N2

Jose

Sticky Note

Insert N3


General Ledger of BBBEE Services


Capital B1

2010 Aug 1 Balance b/d 250 000 -

Bank CRJ1 80 000 -

30 Bank CRJ1 59 200 -

389 200 -

Drawings B2 2010 Aug 28 Bank CPJ1 2 830 -

Land and Buildings B3 2010 Aug 1 Balance b/d 520 000 - Bank CPJ1 105 000 -

625 000 -

Equipment B4 2010 Aug 1 Balance b/d 8 977 - 31 Bank CPJ1 9 699 -

18 676 -

Bank 2010 Aug 31

Total Receipts CRJ1 157 709 -

2010 Aug 1 Balance b/d 2 000 -

31 Bank CPJ1 139 689 - Balance c/d 16 020 -

157 709 - 157 709 -

2010 Sept 1 Balance b/d 16 020 -


Jose

Sticky Note

Delete this entire row

Jose

Sticky Note

Delete this total

Jose

Sticky Note

Change the details to: Total Payments


Nominal Section

Current Income N1

2010 Aug 1 Total b/d 265 077 -

31 Bank CRJ1 10 009 -

275 086 -

Stationery N2 2010 Aug 1 Total b/d 700 - 5 Bank CPJ1 568 - 10 Bank CPJ1 2 387 -

3 655 -

Wages N3 2010 Aug 1 Total b/d 6 000 - 31 Bank CPJ1 8 000 -

14 000- Task 32 CASH RECEIPTS JOURNAL – 30 September 2010 Bank R160 000 Current Income R15 000 Capital R140 000 Rent Income R 5 000 CASH PAYMENTS JOURNAL – 30 September 2010 Bank R18 921 Wages R5 000 Material Costs R7 690 Equipment R6 231



Task 32 continued

General Ledger of Sipho’s Landscape


Capital B1

2010 Sept 1 Balance b/d 179 123 -

30 Bank CRJ 140 000 -

319 123 -

Equipment B2 2010 Sept 1 Balance b/d 34 567 - 30 Bank CPJ 6 231 -

40 798 -

Bank B3 2010 Sept 1 Balance b/d 2 346 -

2010 Sept 30 Total Payments CPJ 18 921 -

30 Total Receipts CRJ 160 000 - Balance c/d 143 425 -

162 346 - 162 346 -

2010 Oct 1 Balance b/d 143 425 -



Task 32 continued

Nominal Section

Current Income N1

2010 Sept 1 Total b/d 7 990 -

30 Bank CRJ 15 000 -

22 990 -

Rent Income N2

2010 Sept 1 Total b/d 15 000 -

30 Bank CRJ 5 000 -

20 000 -

Wages N3 2010 Sept 1 Total b/d 25 000 - 30 Bank CPJ 5 000 -

30 000 -

Material Costs N4 2010 Sept 1 Total b/d 200 - 30 Bank CPJ 7 690 -

7 890 -



Task 33

General Ledger of Face-IT Consultants


Capital B1 Oct 1 Bank CRJ 200 000 -

11 Bank CRJ 5 000 -

205 000 -

Vehicles B2 Oct 1 Balance b/d 134 343 -

Bank B3

Oct 1 Balance b/d 6 872 -

Oct 31

Total payments / Sundry Accounts CPJ 942 667 -

31

Total receipts / Sundry Accounts CRJ 430 610 - Balance c/d 505 185 -

942 667 - 942 667 -

Nov 1 Balance b/d 505 185 -

Nominal Account section

Current Income N1 Oct 31 Bank CRJ 33 498 -

Rent Income N2 Oct 6 Bank CRJ 5 220 -

Stationery N3 Oct 1 Total b/d 458 - 3 Bank CPJ 722 -

1 180 -

Advertising N4 Oct 18 Bank CPJ 13 380 00



Task 34 Trial Balance of Rambo Services - 31 July 2010

Fol Debit Credit

Balance Sheet section Capital B1 120 000 Drawings B2 10 000 Land and Buildings B3 40 000 Vehicles B4 25 000 Equipment B5 3 000 Bank B6 28 900 Nominal Account section Current income N1 15 900 Rent income N2 4 100 Wages N3 9 000 Stationery N4 3 000 Salary N5 11 000 Rent expenses N6 6 000 Fuel N7 4 100 140 000 140 000

Task 35

Trial Balance of River Sand Lodge – 31 May 2010

Fol Debit Credit

Balance Sheet section Capital B1 233 225 Drawings B2 12 100 Land and Buildings B3 100 088 Vehicles B4 35 700 Equipment B5 58 200 Bank B6 37 899 Nominal Account section Current Income 17 268 Rent Income N2 1 998 Interest Income N3 9 488 Salary N4 10 546 Wages N5 4 890 Interest expense N6 9 003 Fuel N7 903 Material Cost N8 750 261 979 261 979


Jose

Sticky Note

Change this to: Sales

Jose

Sticky Note

Change this detail to: Cost of Sales

Jose

Sticky Note

Shift this amount to the debit column

Jose

Sticky Note

Change this total to: 135 900

Jose

Sticky Note


Jose

Sticky Note


Jose

Sticky Note

Change this amount to: 29 799 (Bold)


Task 36

Trial Balance of Red Roses on 31 December 2010

Fol Debit Credit

Balance Sheet section Capital B1 500 000 Bank B2 200 000 Equipment B3 200 000 Vehicles B4 250 000 Drawings B5 60 000 Nominal Account section Current Income N1 339 100 Wages N2 140 000 Consumable Stores N3 15 000 Stationery N4 35 000 Rent Income N5 10 000 Fuel N6 4 000 Sundry Income N7 15 000 Telephone N8 2 000 Water and Electricity N9 3 100 864 100 864 100

Task 36 continued

Red Roses

Income Statement for the year ending 31 December 2010

Current income 339 100 -

Other operating income 25 000 -

Rent Income 10 000 -

Sundry Income 15 000 -

Gross operating income 364 100 - Operating expenses (199 100 -)

Wages 140 000 -

Consumable Stores 15 000 -

Stationery 35 000 -

Fuel 4 000 -

Telephone 2 000 -

Water and Electricity 3 100 -

Net profit for the year 165 000 -


Jose

Sticky Note


Jose

Sticky Note


Jose

Sticky Note


Jose

Sticky Note


Jose

Sticky Note


Jose

Sticky Note



Task 37

Trial Balance of Doggy Parlour 28 February 2010

Fol Debit Credit

Balance Sheet section Capital B1 50 000 Bank overdraft B2 30 000 Equipment B3 185 000 Vehicles B4 72 000 Drawings B5 4 500 Nominal Account section Current Income N1 195 000 Wages N2 40 000 Consumable Stores N3 1 800 Fuel N4 1 200 Sundry Income N5 38 250 Rent expense N6 4 000 Water and Electricity N7 3 950 Advertising N8 800 313 250 313 250

Doggy Parlour Income Statement for the year ending 28 February 2010



Sundry Income 38 250 -


Wages 40 000 -


Fuel 1 200 -

Rent expense 4 000 -


Advertising 800 -




Task 38

Trial Balance of Johannesburg Car 30 June 2010

Fol Debit Credit

Balance Sheet section Capital B1 20 000 Bank B2 10 000 Equipment B3 5 500 Drawings B4 2 400 Nominal Account section Current Income N1 30 000 Wages N2 21 000 Consumable Stores N3 8 420 Rent Income N4 3 180 Advertising N5 2 600 Water and Electricity N6 3 000 Telephone N7 260 53 180 53 180

Johannesburg Car Income Statement for the year ending 30 June 2010



Rent Income 3 180 -


Wages 21 000 -


Advertising 2 600 -


Telephone 260 -

Net loss for the year (2 100 -)



Task 39

Trial Balance of Western Province Services – 31 December 2010

Fol Debit Credit


Capital B1 650 000 -

Drawings B2 1 000 -

Vehicles B3 128 000 -

Equipment B4 85 000 -

Land and Buildings B5 410 000 -

Cash float B6 2 100 -

Bank B7 164 410 -


Current Income N1 243 360 -

Wages N2 90 300 -

Rent Income N3 55 100 -

Stationery N4 12 100 -

Fuel N5 35 415 -

Postage N6 2 220 -

Water and Electricity N7 8 510 -

Insurance N8 9 405 -

948 460 - 948 460 -



Task 39 continued

Western Province Services Income Statement for the year ending 31 December 2010


Other operating income 55 100 - Rent Income 55 100 -

Gross operating income 298 460 - Operating expenses (157 950 -) Wages 90 300 -

Stationery 12 100 -

Fuel 35 415 -

Postage 2 220 -


Insurance 9 405 -


Western Province Services

Balance Sheet at 31 December 2010

ASSETS Note

Non-Current Assets 623 000 00

Tangible assets 1 623 000 00

Current Assets 166 510 00

Inventory -

Trade and other receivables -

Cash and cash equivalents 2 166 510 00

TOTAL ASSETS 789 510 00

EQUITY and LIABILITIES

Owner's Equity 3 789 510 00

Non-Current liabilities -

Current liabilities -

-

TOTAL EQUITY and LAIBILITIES 789 510 00


Jose

Sticky Note

Change this figure to: 8 510


Notes to the Balance Sheet:

1. Tangible assets:

Land and buildings 410 000

Vehicles 128 000

Equipment 85 000

623 000

2. Cash and cash equivalents:

Bank 164 410

Cash float 2 100

166 510

3. Owner’s equity:

Capital balance 1 January 2010 650 000

Net profit for the year 140 510

Drawings (1 000)

Balance 31 December 2010 789 510



Task 40

Use the following Trial Balance and prepare an Income Statement and Balance Sheet:

Trial Balance of Pink Foot – 28 February 2010

Fol Debit Credit


Capital B1 382 130 -

Drawings B2 500 -

Land and Buildings B3 290 125 -

Equipment B4 85 000 -

Vehicles B5 110 000 -

Bank B6 16 000 -

Petty cash B7 800 -


Current Income N1 321 600 -

Telephone N2 14 780 -

Rent Income N3 32 140 -

Repairs N4 12 650 -

Advertising N5 19 220 -

Sundry expenses N6 86 125 -

Salaries N7 124 125 -

Insurance N8 8 545 -

751 870 - 751 870 -


Jose

Sticky Note

Change to: 700

Jose

Sticky Note

Change to: 11 200

Jose

Sticky Note

Change to: 37 140

Jose

Sticky Note

Change to: 752 070

Jose

Sticky Note

Change to: 752 070


Task 40 continued

Pink Foot Income Statement for the year ending 28 February 2010



Rent income 37 140 -


Telephone 14 780 -

Repairs 12 650 -

Advertising 19 220 -

Sundry Expenses 86 125 -

Salaries 124 125 -

Insurance 8 545 -


Pink Foot

Balance Sheet at 28 February 2010

ASSETS Note

Non-Current Assets 485 125 -

Tangible assets 1 485 125 -

Current Assets (15 200 -) Inventory -


Cash and cash equivalents 2 (15 200 -)

TOTAL ASSETS 469 925 -


Owner's Equity 3 474 925 -

Non-Current liabilities -

Current liabilities -

-

TOTAL EQUITY and LAIBILITIES 474 925 - This Balance Sheet does not balance. Can you figure out why?


Jose

Sticky Note

Change amount to: (10 400)

Jose

Sticky Note


Jose

Sticky Note

Change total to: 474 725

Jose

Sticky Note

Change amount to: 474 725

Jose

Sticky Note

Change amount to: 474 725



1. Tangible assets:

Land and buildings 290 125

Vehicles 110 000

Equipment 85 000

485 125


Bank (16 000)

Cash float 800

(15 200)


Capital balance 1 March 2009 382 130

Net profit for the year 93 295

Drawings (500)

Balance 28 February 2010 474 725

Task 41

Cost price Profit Selling price

1) R100 R50 R150

2) R880 10% R968

3) R4 200 25% R5 250

4) R999 5% R1 048-95

5) R909.09 10% R1000

6) R2000 30% R2 600

7) R4 217.86 40% R5 905

8) R2 933.33 50% R4 400

9) R 4 500 100% R9 000

10) R7 500 20% R9 000


Jose

Sticky Note


Jose

Sticky Note


Jose

Sticky Note

Change amount to: (700)


Task 42

Cash Receipts Journal of Invisible Ink for September 2010 CRJ1

Analysis of Cost of Sundry

Doc Day Details Fol Receipts Bank Sales sales Amount Fol Details

R001 1 Mr Invisible 255 000 - 255 000 - 255 000 - Capital

crr 3 Sales 1 500 - 1 500 - 1 500 - 1 000 -

crr 7 Sales 3 000 - 3 000 - 2 000 -

R002 Mr Apple 6 000 - 9 000 - 6 000 - Rent Income

crr 15 Sales 5 822 - 5 822 - 2 911 -

R003 Mr Invisible 45 000 - 50 822 45 000 - Capital

crr 19 Sales 8 250 - 8 250 - 8 250 - 4 000 -

crr 22 Sales 4 500 - 4 500 - 4 500 - 3 600 -

R004 30 Mr Invisible 30 000 - 30 000 - 30 000 - Capital

359 072 - 23 072 - 13 511 - 336 000 -

B1 N1 B2/N2



Task 43 Cash Receipts Journal of Tom Thumb Party Packs for June 2010 CRJ1



R001 1 TomThumb 50 000 - 50 000 - 50 000 - Capital

R002 4 Tinkerbell 3 000 - 3 000 - Rent Income

crr Sales 4 000 - 7 000 - 4 000 - 2 000 -

R003 10 P. Pan 3 500 - 3 500 - 3 500 - Rent Income

crr 17 Sales 6 000 - 6 000 - 6 000 - 3 750 -

crr 18 Sales 4 000 - 4 000 - 4 000 - 3 000 -

crr 26 Sales 3 500 - 3 500 - 1 750 -

R004 Tom Thumb 50 000 - 53 500 - 50 000 - Capital

124 000 - 17 500 - 10 500 - 106 500 -

B1 N1 N2/B2



Task 44 Cash Receipts Journal of Hero Traders for July 2010 CRJ1



crr 02 Sales 2 010 - 2 010 - 2 010 - 1 608 -

crr 9 Sales 3 500 - 3 500 - 2 800 -

R12 Mr J Timberlake 500 000 - 503 500 - 500 000 - Capital

crr 16 Sales 5 340 - 5 340 - 5 340 - 4 272 -

R13 25 Mrs Spider 5 200 - 5 200 - 5 200 - Rent Income

516 050 - 10 850 - 8 680 - 505 200 -

B1 N1 N2/B2



Task 45

Cash Receipts Journal of Pumpkin Printers for March 2010 CRJ1



R001 1 Mr Pumpkin 155 000 - 155 000 - 155 000 - Capital

crr 3 Sales 1 500 - 1 500 - 1 500 - 1 000 -

crr 4 Sales 3 000 - 3 000 - 2 000 -

R002 Mr Banana 3 000 - 6 000 - 3 000 - Rent Income

crr 19 Sales 9 000 - 9 000 - 6 000 -

bs FNB 95 - 95 -

Interest Income

R003 Mr Pumpkin 66 000 - 75 095 - 66 000 - Capital

crr 22 Sales 4 500 - 4 500 - 4 500 - 3 000 -

R004 30 Mr Pumpkin 269 000 - 269 000 - 269 000 - Capital

511 095 - 18 000 - 12 000 - 493 095 -



Task 46

Cash Receipts Journal of Vaughn Retailers for December 2010 CRJ1



R01 1 Ms Vaughn 500 000 - 500 000 - 500 000 - Capital

crr 5 Sales 10 500 - 10 500 - 10 500 - 7 500 -

crr 16 Sales 12 040 - 12 040 - 8 600 -

R02 Ms Vaughn 32 000 - 44 040 - 32 000 - Capital

crr 18 Sales 18 200 - 18 200 - 18 200 - 13 000 -

R03 28 Ms Vaughn 20 000 - 20 000 - Capital

crr Sales 8 932 - 28 932 - 8 932 - 6 380 -

601 672 - 49 672 - 35 480 - 552 000 -


Jose

Sticky Note

Entry omitted: Doc: crr Day: 20 Details: Sales Analysis of Receipts: 16 800 (underlined in bold) Bank: 16 800 Sales: 16 800 Cost of sales: 12 000

Jose

Sticky Note


Jose

Sticky Note


Jose

Sticky Note



Task 47

Cash Receipts Journal of Dull Dealers for May 2010 CRJ1

Analysis of

receipts Bank Sales Cost of Sales

Sundry

Doc Day Details Fol Amount Fol Details

R01 1 Daphne Dull 195 000 - 195 000 - 195 000 - Capital

crr 5 Sales 2 000 - - 2 000 - 1 000 -

R02 Daphne Dull 125 000 - 127 000 - 125 000 - Capital

crr 22 Sales 1 800 - 1 800 - 900 -

R03 Daphne Dull 30 000 - 31 800 - 30 000 - Capital

353 800 - 3 800 - 1 900 - 350 000 -


Jose

Sticky Note

Change the name to Dakshi Dealers

Jose

Sticky Note

Change the details to: Mrs Dakshi

Jose

Sticky Note

Delete this entire row

Jose

Sticky Note

Bold underline this amount

Jose

Sticky Note

Insert 2 000 in this column

Jose

Sticky Note

Insert a row: Doc: crr Day: 11 Details: Sales Analysis of R: 9 000 Sales: 9 000 Cost of sales: 4 500 Insert another row: Doc:R02 Details: Mrs Dakshi Analysis of R: 125 000 (bold underlined) Bank: 134 000 Sundry Amount: 125 000 Details in Sundry: Capital

Jose

Sticky Note

Change the total to: 362 800

Jose

Sticky Note


Jose

Sticky Note



Cash Payments Journal of Dull Dealers for May 2010 CPJ1

Sundry

Doc Day Details Fol Bank Stationery Trading

Inventory Equipment Amount Fol Details

01 1 Cash and Carry Wholesalers

3 500 -

3 500 -

02 3 Jimmy’s Sole Traders

25 000 -

25 000 -

03 5 Cash 6 330 - 6 330 - Wages

04 Survival CC 5 650 - 5 650 -

05 Packers (Pty) Ltd 955 - 955 - Packing Material

06 16 The Star 320 - 320 - Advertising

07 Sammy’s Shop 2 840 - 440 - 2 400 -

08 Hill Dealers 11 250 - 11 250 -

09 22 Cash 5 900 - 5 900 - Wages

10 Makro 12 000 - 12 000 -

11 30 Damelin College 31 000 - 31 000 - Drawings

12 B Naude 15 500 - 15 500 - Salaries

120 245 - 440 - 42 900 - 16 900 - 60 005 -

Note to learner: What do you notice about the wages account? What do you suggest would be better and why? Wages are paid out weekly, therefore it happens frequently and so should receive its own column.


Jose

Sticky Note

Change the name to: Dakshi Dealers

Jose

Sticky Note

Insert a day: 11

Jose

Sticky Note

Delete this entry

Jose

Sticky Note

Change Doc to: 10

Jose

Sticky Note

Change Doc to 11

Jose

Sticky Note


Jose

Sticky Note



Task 48

General Ledger of Invisible Ink


Bank B1 2010 Sept 30

Total Receipts CRJ1 35 9072 -

Trading Inventory B2

2010 Sept 30 Cost of Sales CRJ1 13 511 -


Sales N1

2010 Sept 30 Bank CRJ1 23 072 -

Cost of Sales N2 2010 Sept 30

Trading Inventory CRJ1 13 511 -

Task 49

General Ledger of Tom Thumb Balance Sheet Section

Bank B1 2010 June 1 Balance b/d 255 000 -

30 Total Receipts CRJ1 124 000 -

379 000 - Trading Inventory B2 2010 June 1 Balance b/d 100 000 -

2010 June 30 Cost of Sales CRJ1 10 500 -


100 000 - 100 000 -

2010 July 1 Balance b/d 89 500 -



Nominal Account Section Sales N1

2010 June 1 Total b/d 135 000 -

30 Bank CRJ1 17 500 -

152 500 - Cost of Sales N2 2010 June 1 Total b/d 80 000 -

30 Trading Inventory CRJ1 10 500 -

90 500 -

Task 50

General Ledger of Hero Traders Balance Sheet Section

Bank B1 2010 July 1 Balance b/d 90 000 -

31 Total Receipts CRJ1 516 050 -

606 050 - Trading Inventory B2 2010 July 1 Balance b/d 60 000 -

2010 July 30 Cost of Sales CRJ1 8 680 -


60 000 - 60 000 -

2010 Aug 1 Balance b/d 51 320 -

Nominal Account Section Sales N1

2010 July 1 Total b/d 120 000 -

30 Bank CRJ1 10 850 -

130 850 - Cost of Sales N2 2010 July 1 Total b/d 60 000 - 30 Trading Inventory CRJ1 8 680 -

68 680 -



Task 51

General Ledger of Mama Themba’s Spar


Capital B1

2010Dec 1 Balance b/d 50 000 -

5 Bank CRJ 10 000 -

10 Bank CRJ 20 000 -

80 000 -

Trading Inventory B2 2010Dec 1 Balance b/d 36 888 -

2010Dec 31 Cost of Sales CRJ 13 260 -

31 Bank CPJ 14 999 - Balance c/d 38 627 -

51 887 - 51 887 -

2010Jan 1 Balance b/d 38 627 -


Bank B3 2010Dec 1 Balance b/d 23 678 -

2010Dec 31 Total Payments CPJ 52 420 -


87 468 - 87 468 -

2011Jan 1 Balance b/d 35 048 -

Nominal Section Sales N1

2010 Dec 1 Total b/d 14 338 -

31 Bank CRJ 25 335 -

39 673 - Cost of Sales N2 2010 Dec 1 Total b/d 5 972 -

31 Trading Inventory CRJ 13 260 -

19 232 67



Wages N3 2010 Dec 1 Total b/d 3 000 - 31 Bank CPJ 7 560 -

10 560 - Task 52

General Ledger of Marcus Wholesalers


Bank B1 2010June 1 Balance b/d 18 775 -

2010 June 30 Total Payment CPJ 15 356 -


42 564 - 42 564 -

2010July 1 Balance b/d 27 208 -

Trading Inventory B3 2010June 1 Balance b/d 45 890 -

2010 June 30 Cost of Sales CRJ 8 993 -

30 Bank CPJ 8 455 - Balance c/d 45 352 -

54 345 - 54 345 -

2010July 1 Balance b/d 45 352 -



Task 52 continued

Nominal Section

Sales N1

2010 June 1 Total b/d 12 000 -

30 Bank CRJ 16 899 -

28 899 -

Cost of Sales N2 2010 June 1 Total b/d 6 000 -

30 Trading Inventory CRJ 8 993 -

14 993 - Task 53 Correct Partially

correct Not correct

Appropriate Heading 2 1 0 Four accounts named correctly 2 1 0 Trading Inventory – is shown as an asset 2 1 0 Cost of Sales is shown as an expense influencing owner’s equity

2 1 0

Sales is shown as an income influencing owner’s equity

2 1 0

Bank is shown as an asset 2 1 0 The double entry principle is clear in the poster, for every debit there is a credit

4 2 0

The contra accounts are indicated correctly. 4 2 0 TOTAL / 20 Task 54

1. 70 000 ÷50 000 =1.4

Mark-up: 40% OR Sales – Cost of Sales x 100

Cost of sales 70 000 – 50 000 x 100 50 000 = 40%



Josie’s Boutique Income Statement for the year ending 31 March 2010

Sales (or Turnover) 70 000 -

Cost of Sales 50 000 -

Gross Profit 20 000 -


Rent Income 10 000 -


Stationery 2 500 -

Wages 5 500 -

Telephone 2 000 -


Task 54 continued Josie’s Boutique Balance Sheet on 31 March 2010

ASSETS Note



Current Assets 280 00 -

Inventory 185 000 -


Cash and cash equivalents 2 95 000 -

TOTAL ASSETS 445 000 -



Non-Current Liabilities 116 000 -

Mortgage loan: FNB 116 000 -

Current Liabilities

Trade and other payables -

TOTAL EQUITY and LIABILITIES 445 000 -


Jose

Sticky Note

Put amount in brackets



1. Tangible assets:

Vehicles 95 000

Equipment 70 000

165 000


Bank R185 000


Capital balance 1 April 2009 R329 000

Net profit for the year R 20 000

Drawings (R 20 000)

Balance 31 March 2010 R329 000

Task 55

Income Statement of Joshua’s Music Store for year ending 31 March 2010

Sales 320 000 -

Cost of Sales 160 000 -

Gross Profit 160 000 -

Other operating income -

Gross operating income 160 000 -

Operating expenses 182 000 -

Advertising 26 000 -

Packing Material 12 000 -

Stationery 5 000 -

Wages 65 000 -

Insurance 56 000 -

Telephone 18 000 -

Net profit for the year (22 000 -)


Jose

Sticky Note


Jose

Sticky Note


Jose

Sticky Note



Task 55 continued

Balance Sheet of Joshua’s Music Store on 31 March 2010

ASSETS Note Non-Current Assets 325 000 -



Inventory 395 000 -



TOTAL ASSETS 752 000 - EQUITY and LIABILITIES Owner's Equity 3 418 000 - Non-Current Liabilities 288 000 -

Loan: ABSA 288 000 -

Current Liabilities 46 000 -

Trade and other payables 4 46 000 -


Notes to the Balance Sheet: 1. Tangible assets:

Land & Buildings R295 000

Equipment R 30 000

R325 000


Bank R32 000


Capital balance 1 April 2009 R500 000

Net profit for the year (22 000)

Drawings (60 000)

Balance 31 March 2010 R418 000 4. Trade and other payables:

Creditors Control R46 000



Task 56

Balance Sheet of Fashion Warehouse on 28 February 2010

ASSETS Note




Inventory 100 000 -

Trade and other receivables 2 34 000 -


TOTAL ASSETS 752 500 - EQUITY and LIABILITIES


Non-Current Liabilities 562 500 -

Loan: ABSA 562 500 -

Current Liabilities 25 000 -

Trade and other payables 5 25 000 -


1. R115 000 2. To pay for the Building

Task 57 Assess according to your own criteria.


Jose

Sticky Note

Only bold block the 25 000

Jose

Sticky Note

Unblock this amount

Jose

Sticky Note

Bold block this amount


Task 58 Effect

No General Ledger Assets Owner’s Equity Liabilities

Debit Credit +

(debit)

-

(credit)

-

(debit)

+

(credit)

-

(debit)

+

(credit)

1 Bank Capital 500 000 500 000

2 Trading

Inventory

Bank 2 181.82 2 181.82

3 Wages Bank 1 780 1 780

4 Bank Current

Income

1 485 1 485

5 Rent

Expense

Bank 5 590 5 590

6 Stationery Creditors

Control

530 530

7 Creditors

Control

Bank 200 200

8 Bank Rent

Income

893 893


Jose

Sticky Note

Change amount to 2 160

Jose

Sticky Note

Change amount to 2 160

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