18.7 What is the source document for the recording on the credit side: Bank, CRJ, R140”? Via Afrika Publishers » Accounting Grade 10 61, CPJ Details Sundry accounts Fol Amount Wages Debtors control 62 Discount received 5 Financial accounting of a sole trader Term 1 Topic Creditors control June 2010 Trading stock Cash Payments Journal of Lonely Traders – Bank Fol Name of payee Via Afrika Publishers » Accounting Grade 10 Answer sheet Day Doc, Term 1 Topic 5 Financial accounting of a sole trader 2.3.5 Creditors’ Journal Example of a Creditors Journal Creditors Journal of Enough Traders (1) – May 2010 CJ (2) Doc Day Creditor Fol Credit- Trading Statio- Sundry account (10) ors stock nery Amount Fol Details control (3) (4) (5) (6) (7) (8) (9) (11) (12) (13) Explanation of a Creditors Journal (This explanation must be studied together with the example in 2.3.5) 1 Name of the subsidiary journal, name of the business and the month in which the journal was prepared.  Correction of errors. Literature Study Guide: The Great Gatsby, X-kit Presteer! Grade 11 Mathematics Study Guide, X-kit Achieve! Posting to the Debtors Ledger is done on a daily basis. E No entry was made for an invoice issued to S Mashele, R1 400. 2 On 30 November the following amounts were posted to the Creditors control Account:  Creditors Journal total R42 700  Creditors Allowances Journal total R7 108  Cash Payments Journal totals: Payments to creditors R30 200 Discount received from creditors R1 681  General Journal totals: Debits R3 520 Credits R1 300 3 Creditors list on 30 November 2010 Debit Credit Ducasse Traders 689 Lund Stores 284 Lind Traders 2 065 AB Motors 4 460 Marais Traders 244 244 7 507 4 The following errors or omissions: Via Afrika Publishers » Accounting Grade 10 96. The entry was recorded in the Petty Cash Journal, but not posted to the ledger. 25 Issue receipt 151 to M. Motaung for R4 500 in partial payment of his debt. net wage. Grade 9 Mathematics Study Guide, X-kit Achieve! 3 The relevant source document number. 2 The correct Creditors list.  Items debtors received an allowance for but kept in their possession do not have an amount in the Cost of sales column as it was not taken back into stock. Receive a first and final dividend of 30 cents in the rand (this is already recorded in the books). 5 Subtract the debit side from the credit side: R1 158 – R700 = R458. 4 The specific day of the relevant month (heading May 2010). REQUIRED: Study the account and then answer the questions that follow. Petty cash (the contra account) will be credited with the same amount. When the petty cash cashier needs money for the petty cash box, the head cashier issues a cheque which is recorded in the CPJ. 2. 5 This column shows the source of the relevant payment, in other words, what is written on the cheque. Via Afrika Publishers » Accounting Grade 10 86, Term 1 Topic 5 Financial accounting of a sole trader 16.2 Calculate the balance of stock on hand on 30 September 2010. 12 The balance is taken over to the other side of the equation to indicate the start of a new month. If too many payments were made from the petty cash during the month, additional money can be requested from the head cashier. The Balance from the creditors ledger also gets carried to the creditors list and the total from the creditors list must correspond with the creditors control account in the general ledger. 13 The account in the General Ledger. My Africa!  Discount cancelled on a dishonoured cheque. Master &Sons, a creditor, who has a debit balance of R7000,appearson the debtors … The contra account is reflected as Creditors control which means that this was a credit transaction. The purpose of the debtors' allowances journal is to record transactions where goods are returned by debtors due to being faulty or not to specification or where allowances are made due to errors on the invoice. GRADE 12 . Answer all the questions on the answer sheets provided. Prepare the debtors ledger for A. Funis for September 2019 A. Funis had a balance of R7000 on 31 August 2019. If a workings figure/amount is shown as a final answer, allocate the working mark. Via Afrika Publishers » Accounting Grade 10 75, Term 1 Topic 5 Financial accounting of a sole trader 8 A decrease in stationery (if sent back) is done on the debit side. Record these transactions in the following debtors’ ledger account of the business: M. Motaung (D5). Issue invoice 153. Use the Debtors journal, Debtors allowances journal and Cash receipts journal recorded in Activity 2.4.A (see next page, p.10) to complete the following instructions: a) Post from the Debtors Journal to the Debtors ledger and General ledger of 12 Goods sold to J. Abrahams. 7 Total amount paid out of the petty cash per transaction. These should be in numerical order. Via Afrika Publishers » Accounting Grade 10 55, Term 1 Topic 5 Financial accounting of a sole trader Answer sheet Debtors Journal of Lonely Traders – June 2010 DJ Doc Day Debtors Fol Sales Cost of sales 2.3.3 Debtors Allowances Journal Example of a Debtors Allowances Journal Debtors Allowances Journal of Enough Traders (1) – May 2010 DAJ (2) Doc Day Debtors Fol Debtors Cost of sales Allowances 33 8 S. Moila D1 500 250 (3) (4) (5) (6) (8) (10) 1 800 900 (9) (11) B4/N2 (7) B3/N3 (7) Explanation of a Debtors Allowances Journal (This explanation must be studied together with the example in 2.3.3) 1 Name of the subsidiary journal, name of the business and the month in which the journal was prepared. Via Afrika Publishers » Accounting Grade 10 65, Term 1 Topic 5 Financial accounting of a sole trader Activity 10 (Creditors Allowances Journal) Required Use the following information from Lonely Traders to prepare the Creditors Allowances Journal for June 2010. Activity 16 (Analysis - Trading stock account) Required Analyse the Trading stock account in the books of Sophie Traders for September 2010 and answer the questions that follow. Via Afrika Publishers » Accounting Grade 10 89, Term 1 Topic 5 Financial accounting of a sole trader 17.8 What is the source document for the credit recording for: “Journal credits, GJ, R640”? (Mark-up is always 50%) 4 5 Sold trading stock on credit to S. Samson, R1 200. Via Afrika Publishers » Accounting Grade 10 47, Term 1 Topic 5 Financial accounting of a sole trader 2.2 Inventory systems There are two ways in which a business can keep record of the inventory in the business, namely the continuous inventory system or the periodic inventory system. Debtors & Creditors Reconciliation Statement.xls. 31 The total payments from petty cash for the month are R890. Grade 10 Accounting Ledger to his corresponding account in the Creditors Ledger manual de usuario del programa sae, was entered as follows in the General Ledger. 4 The credit side of the account is indicated with the abbreviation, 'cr.' Transactions: June 2010 4 Buy stationery for R80 from SNA Traders with money from the petty cash. 7 The total of the Creditors’ control account that will be debited in the General Ledger. Rekeningkunde hersieningsaktiwiteite, Gr 10 -12 gekoppel aan... 31 Ratings . This method is especially suited for a business that sells goods that are easily identifiable and measurable or of which the value could easily be determined. Subject: ... Grade 10 English First Additional Language Study Guide.  Mistake on source document = correct in the control account and on the list. 0.34MB . LEARNER SUPPORT MATERIAL PAGE EXERCISE NUMBER PAGE SECTION 7 Subsidiary Ledger – Creditors Ledger 135 - 141 7.1 7 Total amount of returns/Allowances to creditors per transaction. Graad 11 & 12 Afrikaans Huistaal Studiegids, X-kit Achieve! Once you have revised a section, do plenty of practice questions to check that you can apply your knowledge. Our CAPS-aligned Study Guides include step-by-step explanations, worked examples and plenty of exam practice. Speak openly to your child so that he feels that he can share problems or concerns with you. Accounting Equation and Analysis of transactions 2. Issue petty cash voucher 81. 6 Total discount received from creditors for items returned to them during the month = Duplicate debit note. 17 Buy trading stock from RN Wholesalers and receive their invoice for R14 000. Example of a Trading stock account Dr. Trading stock B6 Cr. 4 Receive an invoice from Solly Wholesalers for goods bought on credit, R4 100 minus 20% trade discount. 3 The account that will be credited in the General Ledger and the subsidiary ledger. These errors are only traced when the books are checked. Before the advent of computerised accounting systems, the Debtors ledger would have looked something like the illustration on the right. This fee was paid on behalf of a debtor (S, Small) for credit sales. 5 In the details column the business can reflect whether the entry was as a result of an invoice, receipt, cheque with the number of the receipt, invoice or cheque next to it. 11 Total cost of sales for credit sales that took place. Graad 12 Fisiese Wetenskappe: Fisika Studiegids, X-kit Achieve! Cash sales according to cash register roll, R15 400. Via Afrika Publishers » Accounting Grade 10 58, CPJ (2) Details (16) Sundry accounts (13) Fol Amount (15) (14) Wages (12) Debtors control (11) 59 5 Discount received Term 1 Topic Financial accounting of a sole trader Creditors control (10) MAY 2010 Trading stock (9) (8) Cash Payments Journal of Enough Traders (1) – Bank (7) Example of a Cash Payments Journal Fol (6) View the explanation of all the numbered points on the previous page Via Afrika Publishers » Accounting Grade 10 Name of payee (5) Day (4) Doc (3), Term 1 Topic 5 Financial accounting of a sole trader Discount received from creditors Bank + Discount received = Creditors’ control Creditors’ control – Discount received = Bank Creditors’ control – Bank = Discount received Examples Pay R3 800 to SNA Distributors in settlement of the business account of R4 000. CONSUMABLE STORES ON HAND ... debtors is that they have either go bankrupt, have financial problems or collection by the creditors (business in this context) due to various reasons is not … 22 Sell goods on credit to J. Abrahams for R1 500. Transactions: June 2011 1 The business decides to have a petty cash box for small transactions. Required Take all the information given below into account in order to reconstruct the following, showing how they would have appeared if the errors and omissions had not occurred: 1 The correct Creditors control account. 1.1.10 The document used when paying cash into the current account of the business J Debtors (10) 1.2 DEBTORS Mary Lee Stores is a clothing store that sells stock on credit. Grade 12 English Home Language Study Guide, X-kit Achieve! 5 This column shows the source of the relevant receipt. If an error has been made in a subsidiary journal, the following should happen:  Transaction is omitted = do a recording in the relevant journal. Bank Reconciliation 3. Selling price Profit margin Purchase price (cost) 1 R20 800 100% R? The amount (R380) received from the debtor, will be entered in the CPJ, but the R20 discount cannot be cancelled in the CRJ. Which system should be chosen and which system is the better? 6 There was no entry made in the General Ledger for the transfer of the account of W. van Jaarsveldt with a credit balance of R640 from his account in the Creditor’s Ledger. Activity 13 (General Journal) Required Record the following transactions in the General Journal of Davido Traders for May 2011. As previously mentioned, we not only have the general ledger, but also two other ledgers:- The Debtors Ledger- The Creditors LedgerWe also learned that all individual debtor T-accounts go in the debtors ledger and all individual creditor T-accounts go in the creditors ledger.For example, here is a debtor's ledger with a number of individual debtor T-accounts:Now, as far as we know, debtor and creditor T-accounts only go in the debtor … They follow the National Exam Guidelines. R. Ndlovu owes R2 400. 8 Fol (folio) refers to the journal from which was posted. Note: The business uses a mark-up of 66⅔% on cost price. Answer sheet Creditors Allowances Journal of Lonely Traders – May 2010 CAJ Doc Day Creditor Fol Creditors Trading Statio- Sundry account (10) control stock nery Amount Fol Details Via Afrika Publishers » Accounting Grade 10 66, Term 1 Topic 5 Financial accounting of a sole trader 2.3.7 Petty Cash Journal Example of a Petty Cash Journal Explanation of a Petty Cash Journal (This explanation must be studied together with the example in 2.3.7) 1 Name of the subsidiary journal, name of the business and the month in which the journal was prepared. GJ (General Journal)  Debits or credits will depend on the General Journal entry. 4 An increase in stationery (if more was bought) is done on the debit side. Encourage your learners to find out what works for them so you can support them. RECONCILIATION OF DEBTORS. Debtors list as at 30 November 2016 DEBTORS T. Thomoli (13 600 + 1 800 +1 800 +120 ) 17 320 D Vimbeni (9 800 + 72 ) 9 872 K. Khathisi (-480 + 480) 0 To get a percentage, multiply by 100. 3 The relevant source document number is entered here. The discount was granted. 2 The folio number of the account has to show whether the account is a balance sheet account (B) or a nominal account (N). Issue credit note 24. However, this discount was not posted to his account. Write out cheque 267 to restore the petty cash balance. Grade 11 English Home Language Study Guide, X-kit Achieve! Required Use the columns on the answer sheet to indicate how the errors and omissions must be recorded to reconcile the control accounts with debtors’ and creditors’ lists. Reconciliations; Fixed assets; Partnerships (Adjustments, General Ledger, Accounting Equation, Final Accounts, Financial Statements) Partnerships (Analysis and Interpretation) Clubs (Concepts, Ledger, Statement of Receipts and … Liabilities: Creditor – Rajesh ₹ 30,000. 4 The date of the entry needs to be shown. It was probably a correction of an error and whether it is a debit or credit entry depends on the error made. Free . X-kit Achieve Literature Study Guide: Prescribed Poetry for English FAL. 12 The owner (P. Loveday) took cheque 129 for R300 to buy flowers for his wife. The head cashier writes out cheque 210 for R500 and gives the money to the petty cash cashier. 3 The total of debtors’ allowances column in the Debtors Allowances Journal was under cast by R20. Note: The business uses a mark-up of 66⅔% on cost price. The following were debited against our bank account: Interest, R280 Bank charges, R320. Issue invoice 53. Subject: Accounting; subsidiary ledger in which the business records the details of the account of each debtor. No entry has been made in the General Journal. 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