s Trader i wading enty and makes use ofthe perioic nventorysstem. When writing-up th cosing ansfes,the sales retums account must be closed off0 th sls account.
Selctane:
ot
Orase
o2 )
A St Constructn focated in Gacteng, specaizes
i constructingtin hores. The busines s ot reistared VAT venco. I January 2024, S Constuction
had fvourtle bank blonce,
Vneboutsl O 20 sy 2024, SuitConstruction cus n inveic forR17 500 Mt Biler o the rent of s Buldzer. iaths Bulders has oty paid the amount,
ReQuIReD:
Al the tramacton of SwitConsructon that tock plae on 20 January 2024, n tbular formata olows
oate ‘Account o be debited ‘mount Elomentdebied ‘Accounttobe credad mount Elementcreded
Exomple: May2 St Consruction purchased inventor for the amount o RS 000 and paid cash it Construction makes useof the parodic Inventory systen.
® ®
May2 Purchases so00 Expense. Bk 5000 Asaet
Complete thetable below by selcting the account o be dbited the account to b credited and the element afected o thefinanilstatements income, expense,aset, equity and lslies) rom thedropdown menu and illing inthe appiiable amounts i th corectspaces.
Pless ndicate whethe th transacton ncreases o decreases the ffectd dlment (ncome, expense, asses, equlty and Habilties) 1 the amount column (see nstructon 3 and 4 for examples)
Instructions fornumerc responses:
1. Use full top o ndicte any decimas (s 100001
2 Round off 10 th second deckmal afterthe fullstop (3. 3056)
3 Whenan lement decreaes use negatvesign n frontofthe amount (e 100001
4 When an clement increass,the amount will e withoutany sign(<: 1000.01)
5 Onlyshow thesmourt,do ot show the "R (- 1000)
Dne ‘Account1 be debied ‘amount Element debied ‘Accounto be creded Ao Element cedited
® "
Jan20 Tradeand thrrecoivoblescontol 750000 Asset Sencesrndred 0000 ncome
TUTORING FOR FAC,MAC,ECS,STA,DSC,
TAX, FIN ,INV,QMI, BNU,MNG,MNB,BSM,
CLA
whatsapp me on+27737560989
EMAIL:
,st o 21
S S —Fonry221
e
TUTORING FOR FACMAC,ECS,STA,DSC,TAX, FIN ,INV.QMI,
BNU,MNG,MNB,BSM, CLA
whatsapp me on+27737560989
EMAIL:
,The following information relates to a bank reconciliation of WaMarks Traders:
1. The balance as per the bank account in the general ledger, before taking the items below into account, was R7 130
(unfavourable).
2. A debit order for R1 480, relating to advertising, that appears on the bank statement has not been entered in the
applicable cash journal.
3. A deposit of R8 880 that appears on the bank statement, regarding a customer who deposited directly into the bank
account, has not been entered in the applicable cash journal.
4. Payments totalling R7 218 have been correctly entered in the cash payments journal but have not been presented for
payment.
5. The balance as per the bank statement was R4 420 (favourable).
What will the outstanding deposits amount be in the bank reconciliation statement?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Only show the amount, do not show the R (eg: 12141.72)
Answer: 2528.00
TUTORING FOR FAC,MACECS,STA,DSC,TAX, FIN
LINV,QMI, BNU,MNG,MNB,BSM, CLA
whatsapp me on+27737560989
EMAIL:
, Question 6
Answer saved Machete Traders specialises in selling quality household appliances and various household goods. The business is a
Marked out of registered VAT vendor and applies the principles of the periodic inventory system. The VAT rate is 15%.
20.00 The following is an extract from the trial balance of Machete Traders as at 31 March 2023:
R
Net sales 346 991
Net purchases 207 902
Carriage on purchases 4977
Opening inventory 64 420
Closing inventory 74 669
Required:
1. Record the closing transfers in the general journal for the following accounts:
* Sales
e Purchases
* Carriage on purchases
« Opening inventory
e Closing inventory
2. Record the closing transfer for the gross profit or gross loss.
Instructions for numeric responses:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. Please complete the journals in the order indicated through the narrations provided.
General journal of Machete Traders - March 2023
Description Debit Credit
R R
Sales 346991
Selctane:
ot
Orase
o2 )
A St Constructn focated in Gacteng, specaizes
i constructingtin hores. The busines s ot reistared VAT venco. I January 2024, S Constuction
had fvourtle bank blonce,
Vneboutsl O 20 sy 2024, SuitConstruction cus n inveic forR17 500 Mt Biler o the rent of s Buldzer. iaths Bulders has oty paid the amount,
ReQuIReD:
Al the tramacton of SwitConsructon that tock plae on 20 January 2024, n tbular formata olows
oate ‘Account o be debited ‘mount Elomentdebied ‘Accounttobe credad mount Elementcreded
Exomple: May2 St Consruction purchased inventor for the amount o RS 000 and paid cash it Construction makes useof the parodic Inventory systen.
® ®
May2 Purchases so00 Expense. Bk 5000 Asaet
Complete thetable below by selcting the account o be dbited the account to b credited and the element afected o thefinanilstatements income, expense,aset, equity and lslies) rom thedropdown menu and illing inthe appiiable amounts i th corectspaces.
Pless ndicate whethe th transacton ncreases o decreases the ffectd dlment (ncome, expense, asses, equlty and Habilties) 1 the amount column (see nstructon 3 and 4 for examples)
Instructions fornumerc responses:
1. Use full top o ndicte any decimas (s 100001
2 Round off 10 th second deckmal afterthe fullstop (3. 3056)
3 Whenan lement decreaes use negatvesign n frontofthe amount (e 100001
4 When an clement increass,the amount will e withoutany sign(<: 1000.01)
5 Onlyshow thesmourt,do ot show the "R (- 1000)
Dne ‘Account1 be debied ‘amount Element debied ‘Accounto be creded Ao Element cedited
® "
Jan20 Tradeand thrrecoivoblescontol 750000 Asset Sencesrndred 0000 ncome
TUTORING FOR FAC,MAC,ECS,STA,DSC,
TAX, FIN ,INV,QMI, BNU,MNG,MNB,BSM,
CLA
whatsapp me on+27737560989
EMAIL:
,st o 21
S S —Fonry221
e
TUTORING FOR FACMAC,ECS,STA,DSC,TAX, FIN ,INV.QMI,
BNU,MNG,MNB,BSM, CLA
whatsapp me on+27737560989
EMAIL:
,The following information relates to a bank reconciliation of WaMarks Traders:
1. The balance as per the bank account in the general ledger, before taking the items below into account, was R7 130
(unfavourable).
2. A debit order for R1 480, relating to advertising, that appears on the bank statement has not been entered in the
applicable cash journal.
3. A deposit of R8 880 that appears on the bank statement, regarding a customer who deposited directly into the bank
account, has not been entered in the applicable cash journal.
4. Payments totalling R7 218 have been correctly entered in the cash payments journal but have not been presented for
payment.
5. The balance as per the bank statement was R4 420 (favourable).
What will the outstanding deposits amount be in the bank reconciliation statement?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Only show the amount, do not show the R (eg: 12141.72)
Answer: 2528.00
TUTORING FOR FAC,MACECS,STA,DSC,TAX, FIN
LINV,QMI, BNU,MNG,MNB,BSM, CLA
whatsapp me on+27737560989
EMAIL:
, Question 6
Answer saved Machete Traders specialises in selling quality household appliances and various household goods. The business is a
Marked out of registered VAT vendor and applies the principles of the periodic inventory system. The VAT rate is 15%.
20.00 The following is an extract from the trial balance of Machete Traders as at 31 March 2023:
R
Net sales 346 991
Net purchases 207 902
Carriage on purchases 4977
Opening inventory 64 420
Closing inventory 74 669
Required:
1. Record the closing transfers in the general journal for the following accounts:
* Sales
e Purchases
* Carriage on purchases
« Opening inventory
e Closing inventory
2. Record the closing transfer for the gross profit or gross loss.
Instructions for numeric responses:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. Please complete the journals in the order indicated through the narrations provided.
General journal of Machete Traders - March 2023
Description Debit Credit
R R
Sales 346991
