exam pack from 2015 to 2017.pdf

Required 11 finalise the cash receipts journal and

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Required: 1.1 Finalise the cash receipts journal and the cash payments journal and post the totals of the cash receipts journal and cash payments journal to the bank account. (12) 1.2 Open and complete the bank account for April 2008 in the general ledger of Lungile Services. (5) 1.3 Prepare a bank reconciliation statement as at 30 April 2008. (8)
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QUESTION 2 (18 marks) (22 minutes) The following information relates to Ekhozi Trading for the month ending 29 February 2008. The balance of the debtors control account on 1 February was R15 300. Totals of the selected journal columns for February 2008 are as follows: Cash receipts journal: R Debtors ................................................................................................................ 15 000 Settlement discount granted ................................................................................. 2 000 Sales .................................................................................................................... 22 000 Cash payment journal: Creditors ............................................................................................................... 27 000 Purchases ............................................................................................................. 15 400 Debtors (R/D cheques) ......................................................................................... 2 200 Sales journal ............................................................................................................ 13 000 Purchases journal ................................................................................................... 14 000 Sales return journal ................................................................................................ 400 Bills payable journal ............................................................................................... 900 Bills receivable journal .......................................................................................... 1 100 General journal: Credit losses ........................................................................................................ 1 300 Accounts with debit balances transferred from the creditors ledger as debtors balances .............................................................................................................................. 500 Interest charged on overdue accounts ................................................................. 800 Settlement discount on R/D cheque ..................................................................... 70 On reconciling the balance on the debtors control account with the list of balances from the debtor’s ledger, the following were discovered: 1. The sales journal was overcast by R200. 2. Credit note for R90 to P Prune, was erroneously omitted. 3. Sales invoice for R1 500 has been entered correctly in T Toy’s ledger account but incorrectly in the sales journal as R1 150. 4. Debtor P Paul, who owed R1 600, was declared insolvent. His estate paid 60 cents in the Rand. All the relevant entries must still be recorded in the books. 5. While preparing the bank reconciliation, it was discovered that a direct deposit was made by S Son, a debtor for R2 000. All relevant entries must still be done. Required: Prepare the debtors control account (properly balanced) in the general ledger of Ekhozi Trading at 29 February 2008. (18)
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QUESTION 3 (32 marks)(38 minutes) F Focus runs a small business from home, and does not keep proper accounting records. He needs to calculate his profit/loss for income tax purposes and requests your assistance. You establish the following: Balances at 30 April: 2007 R 2008 R Furniture at cost (Bought on 30 April 2007) ........................................ Tools and equipment at cost (Bought on 30 April 2007) .................... Inventory: Trading ............................................................................... Bank (favourable) ................................................................................ Bank overdraft ..................................................................................... Long-term borrowings ......................................................................... Creditors .............................................................................................. Income received in advance ............................................................... Accrued expenses .............................................................................. 25 000 46 500 9 800 - 6 500 14 000 5 200 3 800 1 600 25 000 46 500 10 200 2 480 - 9 200 6 120 5 000 1 300 . Additional information : (a) F Focus drew R100 000 during the year for own use. (b) Depreciation at 20% per annum on the cost price of furniture, as well as tools and equipment must still be provided for. Required: 3.1 Calculate the estimated profit/loss of F Focus for the year ended 30 April 2008. (15) 3.2 Prepare the statement of financial position of F Focus as at 30 April 2008. (8) 3.3 Prepare the note on property, plant and equipment as at 30 April 2008. (9)
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QUESTION 4 (26 marks)(31 minutes) The following information was obtained from the books of Roberto Traders.
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