FAC1501
EXAM
PACK
2023
, CTM Tutoring Services
CTM Tutoring
Stuvia.com - The
Services
study-notes marketplace
OCTOBER NOVEMBER 2017 PAPER
SOLUTION 1: MULTIPLE CHOICE QUESTIONS
1.1. 1
1.2. 1
1.3. 4
1.4. 3
R
Assets 800 000
Property, plant & Equipment 600 000
Trade and other receivables 200 000
Less Liabilities (180 000)
Bank overdraft 100 000
Long – term borrowings 80 000
Equity 620 000
1.5. 5
R
Land & Buildings 2 904 000
Vehicles at carrying amount 1 645 076
Equipment at carrying amount 363 364
Fixed deposit 562 984
Total Non – current assets 5 475 424
1.6. 1
R
Creditors Control 601 880
Accrued expenses 24 980
Income received in advance 9 140
Current assets 636 000
4
Downloaded by: shakeerao |
+27 65 505 of
Distribution 3119
this document is illegal
, CTM Tutoring Services
CTM Tutoring
Stuvia.com - The
Services
study-notes marketplace
1.7. 3
1.8. 4
1.9. 4
Assets = Equity + Liabilities
Equipment Debtors Bank Capital Income / Creditors
Expenses
R R R R R R
2017
July 1 + 60 000 +60 000
7 +11 000 +11 000
19 -7 000 -7 000
27 -50 -50
Net Effect +60 000 +11 000 -7 050 +53 000 +10 950
1.10. 2
SOLUTION 2: RECORDING OF TRANSACTIONS
General ledger Subsidiary Journal
Date Account to be debited Account to be credited
2017
August 5 Inventory Creditors` Control Purchases Journal
August 7 Debtors Control Sales Sales Journal
Cost of Sales Inventory
August 14 Packing Materials Inventory General Journal
August 23 Bank Debtors` control Cash Receipts Journal
August 26 Drawings Inventory General Journal
August 31 Insurance Bank Cash Payments Journal
5
Downloaded by: shakeerao |
+27 65 505 of
Distribution 3119
this document is illegal
, CTM Tutoring Services
CTM Tutoring
Stuvia.com - The
Services
study-notes marketplace
SOLUTION 3: BANK RECONCILIATION
(a) MARAKELE TRADERS
CASH RECEIPTS JOURNAL – NOVEMBER 2017
Details Bank
R
Provisional Total 1 089 000
Debtor - Direct deposit 48 000
Rental Income - Direct deposit 19 500
Interest Income 9 000
Total Receipts 1 165 500
CASH PAYMENTS JOURNAL – NOVEMBER 2017
Details Bank
R
Provisional Total 319 800
Debtor (dishonoured cheque) 16 500
Insurance - Stop order 15 000
Security services – debit order 7 500
Bank charges 2 400
Total Payments 361 200
(b) MARAKELE TRADERS
GENERAL LEDGER
Date Details Folio Amount Date Details Folio Amount
R R
Bank Account
2017 2017
November 1 Balance b/d 233 250 November 30 Total Payments CPJ 361 200
30 Total Receipts CRJ 1 165 500 30 Balance c/d 1 037 550
1 398 750 1 398 750
December 1 Balance b/d 1 037 550
6
Downloaded by: shakeerao |
+27 65 505 of
Distribution 3119
this document is illegal
EXAM
PACK
2023
, CTM Tutoring Services
CTM Tutoring
Stuvia.com - The
Services
study-notes marketplace
OCTOBER NOVEMBER 2017 PAPER
SOLUTION 1: MULTIPLE CHOICE QUESTIONS
1.1. 1
1.2. 1
1.3. 4
1.4. 3
R
Assets 800 000
Property, plant & Equipment 600 000
Trade and other receivables 200 000
Less Liabilities (180 000)
Bank overdraft 100 000
Long – term borrowings 80 000
Equity 620 000
1.5. 5
R
Land & Buildings 2 904 000
Vehicles at carrying amount 1 645 076
Equipment at carrying amount 363 364
Fixed deposit 562 984
Total Non – current assets 5 475 424
1.6. 1
R
Creditors Control 601 880
Accrued expenses 24 980
Income received in advance 9 140
Current assets 636 000
4
Downloaded by: shakeerao |
+27 65 505 of
Distribution 3119
this document is illegal
, CTM Tutoring Services
CTM Tutoring
Stuvia.com - The
Services
study-notes marketplace
1.7. 3
1.8. 4
1.9. 4
Assets = Equity + Liabilities
Equipment Debtors Bank Capital Income / Creditors
Expenses
R R R R R R
2017
July 1 + 60 000 +60 000
7 +11 000 +11 000
19 -7 000 -7 000
27 -50 -50
Net Effect +60 000 +11 000 -7 050 +53 000 +10 950
1.10. 2
SOLUTION 2: RECORDING OF TRANSACTIONS
General ledger Subsidiary Journal
Date Account to be debited Account to be credited
2017
August 5 Inventory Creditors` Control Purchases Journal
August 7 Debtors Control Sales Sales Journal
Cost of Sales Inventory
August 14 Packing Materials Inventory General Journal
August 23 Bank Debtors` control Cash Receipts Journal
August 26 Drawings Inventory General Journal
August 31 Insurance Bank Cash Payments Journal
5
Downloaded by: shakeerao |
+27 65 505 of
Distribution 3119
this document is illegal
, CTM Tutoring Services
CTM Tutoring
Stuvia.com - The
Services
study-notes marketplace
SOLUTION 3: BANK RECONCILIATION
(a) MARAKELE TRADERS
CASH RECEIPTS JOURNAL – NOVEMBER 2017
Details Bank
R
Provisional Total 1 089 000
Debtor - Direct deposit 48 000
Rental Income - Direct deposit 19 500
Interest Income 9 000
Total Receipts 1 165 500
CASH PAYMENTS JOURNAL – NOVEMBER 2017
Details Bank
R
Provisional Total 319 800
Debtor (dishonoured cheque) 16 500
Insurance - Stop order 15 000
Security services – debit order 7 500
Bank charges 2 400
Total Payments 361 200
(b) MARAKELE TRADERS
GENERAL LEDGER
Date Details Folio Amount Date Details Folio Amount
R R
Bank Account
2017 2017
November 1 Balance b/d 233 250 November 30 Total Payments CPJ 361 200
30 Total Receipts CRJ 1 165 500 30 Balance c/d 1 037 550
1 398 750 1 398 750
December 1 Balance b/d 1 037 550
6
Downloaded by: shakeerao |
+27 65 505 of
Distribution 3119
this document is illegal
