exam pack from 2015 to 2017.pdf

Trial balance of roberto traders as at 30 june 2008

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TRIAL BALANCE OF ROBERTO TRADERS AS AT 30 JUNE 2008 Debit R Credit R Capital ..................................................................................... Drawings ................................................................................. Land and Buildings at cost ..................................................... Vehicles at cost ....................................................................... Furniture and fittings at cost .................................................. Accumulated depreciation on vehicles (30-06-2008) ............. Accumulated depreciation on furniture and fittings (30-06-2008) Debtors control ....................................................................... Inventory: Trading - 01-07-2007 ............................................. Bank ........................................................................................ Cash float ................................................................................ Mortgage loan ......................................................................... Loan from Africa Bank ............................................................ Creditors control ..................................................................... Sales ....................................................................................... Carriage on purchases ........................................................... Commission income ............................................................... Credit losses ........................................................................... Depreciation ............................................................................ Insurance ................................................................................ Packing materials ................................................................... Purchases ............................................................................... Purchases returns ................................................................... Rent income ............................................................................ Sales returns ........................................................................... Settlement discount granted ................................................... Settlement discount received ................................................. Wages ..................................................................................... Water and electricity ............................................................... 2 445 200 000 120 000 65 000 6 780 13 550 7 775 500 660 244 15 400 2 400 3 300 154 880 1 338 553 56 775 4 400 100 000 54 700 22 700 150 000 50 000 3 200 256 400 15 000 245 3 600 155 656 000 656 000 Additional information: Trading Inventory of R14 885 at 30 June 2008, has not yet been brought into account. Required: 4.1 Show the journal entries for bringing the closing inventory into account. (3) 4.2 Show the journal entries for the closing of accounts applicable. (13) 4.3 Complete the trading account and the profit and loss account in the general ledger. (10)
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SOLUTION(S) : ACN101M EXAMINATION PAPER FOR ACN101M OCT/NOV 2008 QUESTION 1 (25 marks) (30 minutes) (Note: 9 = one mark, and ^ = ½ mark) Cash receipts journal of Lungile Services for April 2008 Receipts (Bank) R Pencil total/ sub-total 9 6 648 Repairs (Cheque 558 cancelled) Rent income (B/S) Purchases (Correction cheque 824) Water and electricity (Cancellation cheque 828) 9 360 9 240 99 180 99 84 7 512 (7) Cash payments journal of Lungile Services for April 2008 Payments (Bank) R Pencil total/ sub-total 9 8 623 Interest on bank overdraft (B/S) Bank charges 99 10 99 239 8 872 (5) Dr BANK ACCOUNT Cr R R Apr 1 30 Balance b/d Total receipts 9 2 152 9 7 512 Apr 30 Total payments Balance 9 c/d 9 8 872 792 9 664 9 664 May 1 Balance 9 b/d 792 (5) BANK RECONCILIATION STATEMENT AS AT 30 APRIL 2008 debit credit Balance as per bank statement Credit outstanding deposit Debit cheques not yet presented for payment: No. 813 No. 827 No. 829 Balance as per bank account R 99 102 9 376 9 685 9 792 R 99 803 9 1 152 1 955 1 955 (8) TOTAL: 25
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QUESTION 2 (18 marks) (22 minutes) Dr DEBTORS CONTROL Cr 01 Feb 2008 29 Feb 2008 01 March 2008 Balance Sales (13 000 9 - 200 9 +350 9 ) Bank General journal (500+800+70) 9 9 9 Balance b/d SJ CRJ GJ b/d R 15 300 9 13 150 2 200 9 1 370 29 Feb 2008 Bank (15 000 9 + 960 9 +2 000 9 ) Sales return (400 9 +90 9 ) Bills receivables General journal (1 300 + 640) 9 9 Balance CPJ SRJ GJ GJ c/d R 17 960 490 1 100 9 1 940 10 530 9 32 020 32 020 10 530 9
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QUESTION 3 (32 marks)(38 minutes) 3.1 Calculation of profit/loss (15 marks) F FOCUS STATEMENT OF ASSETS AND LIABILITIES AS AT 30 APRIL 2007 9 ASSETS R Furniture Tools and equipment Inventory ^ 25 000 ^ 46 500 ^ 9 800 TOTAL ASSETS 81 300 LIABILITIES Long-term borrowing Creditors Income received in advance Accrued expenses Bank overdraft ^ 14 000 ^ 5 200 ^ 3 800 ^ 1 600 ^ 6 500 TOTAL LIABILITIES 31 100 (5) Calculation of equity at the beginning of the period Equity = Assets – Liabilities = R81 300 – R31 100 = R50 200 STATEMENT OF ASSETS AND LIABILITIES AS AT 30 APRIL 2008 9 ASSETS R Furniture Tools and equipment Inventory Bank ^ 25 000 ^ 46 500 ^ 10 200 ^ 2 480 TOTAL ASSETS 84 180 LIABILITIES Long-term borrowing Creditors Income received in advance Accrued expenses ^ 9 200 ^ 6 120 ^ 5 000 ^ 1 300 TOTAL LIABILITIES 21 620 (5)
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