Issued receipt no. 21 Pay R78 postage to the Post Office and issue petty cash voucher 78. Grade 11 Mathematics Exam Practice Book, X-kit Presteer! 6 For each debtor there needs to be a separate account in the Debtors’ Ledger. Activity 11 (Petty Cash Journal) Required Use the following information from Lonely Traders to prepare the Petty Cash Journal for June 2010. If a column was created in a journal for the account, the date is always the end of the month when the amount is posted over to the General ledger. 9 When L. Uys paid R1 000 on his account he received a 10% discount, which was recorded in the Cash Receipts Journal. The customers who owe money to the business are called DEBTORS. 33⅓% R12 000 4 R45 000 60% R? Related Content . Find more similar flip PDFs like Accounting Grade 10 . No Any two points • His credit limit is R8 000 but he owes R12 520 at the beginning of the month. 3. Issue credit note 25. Creditors control (the contra account) will be credited with the same amount. Always test yourself on what you have studied - or ask someone else to test you. Debtors Ageing Analysis A listing of debtors' accounts (i.e. Via Afrika Publishers » Accounting Grade 10 91, Term 1 Topic 5 Financial accounting of a sole trader Activity 19 (Analysis of transactions) On the 30 August 2010, the accountant of Mabunda Stores compared the balances of the debtors control account and the creditors control account in the General Ledger with the total of the debtors’ and creditors’ lists. Grade 10 English First Additional Language Study Guide, X-kit Achieve! 17 Sell goods on credit to N. Rossouw for R4 800. Graad 10 Wiskunde Studiegids, X-kit Achieve! Grade 10 Accounting Study Guide, X-kit Presteer! 17.2 What is the contra account for the amount of R3 100 on the credit side? Grade 11 Accounting Study Guide, X-kit Achieve! Correct the error. The purpose of the Sales Journal is to store and provide detailed knowledge about financial transactions involving sales to customers on credit i.e. Issue petty cash voucher 76. The balance of the Debtors’ control account in the General Ledger is checked and confirmed against the total of the debtors’ balances in the Debtors Ledger. 23 Cash sales of merchandise, R5 600. Remind your students that studying should be active. 5 The total of the Debtors’ control account that will be debited in the General Ledger. Each payment that occurs is written down on a petty cash voucher (source document) and authorised by the petty cash cashier and senior manager of the business. Graad 11 Fisiese Wetenskappe: Fisika Studiegids, X-kit Presteer! Issue debit note 45. 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. Creditors ledger for Jim Suppliers - September 2019 Answer sheet Petty Cash Journal of Lonely Traders – June 2010 PCJ Doc Day Details Fol Petty Postage Statio- Sundry account cash nery Amount Fol Details Via Afrika Publishers » Accounting Grade 10 69, Term 1 Topic 5 Financial accounting of a sole trader Activity 12 (Petty Cash account – imprest system) Required You are the petty cash cashier of Peter Suppliers. Download Accounting Grade 10 PDF for free. Believe that you can ace the test or the exam. Issue invoice 53. GRADE 10 NOVEMBER 2017 ACCOUNTING MARKS: 300 TIME: 3 hours This question paper consists of 15 pages and a 15 page answer book. 4 An entry in respect of sales returns of R100 by G. Haasbroek was correctly entered in the Debtors’ Allowances Journal, but posted to the wrong side of Debtor G. Haasbroek’s account by mistake. Creditors control (the contra account) will be debited with the same amount. REQUIRED: Open the general ledger accounts with the balances/totals on 1 November 2015. 2 Purchase of stock for cash = Cheque counterfoil 3 Buy goods on credit from supplier = Original invoice 4 Buy goods and pay out of the petty cash = Petty cash voucher 5 Goods previously bought on credit, returned to the supplier = Duplicate Debit note 6 The cost price of the goods as cash sales, is transferred to the Cost of sales account.  Posting mistake to an individual debtor/creditor account = correct on list. Literature Study Guide: Strange Case of Dr. Jekyll and Mr. Hyde, X-kit Achieve Literature Study Guide: Prescribed Poetry for English Home Language, X-kit Achieve! Grade 10 Preparation of debtors ’ and creditors ’ lists to reconcile with the debtors’ and creditors’ control accounts (including errorsand omissions) Grade 11  Bank reconciliation  Reconciliation of statements received from creditors with accounts in Creditors’ Ledger to prepare Creditors’ reconciliation statements  General Journal All other transactions that are not recorded in the above mentioned journals will be entered in the General Journal.  CIL stands for Capital, Income and Liabilities and have credit balances. Make sure your teenager has enough time to relax, do sport, play music and spend time with friends. In the same way the balance of the Creditors’ control account in the General Ledger is checked and confirmed against the total of the creditors’ balances in the Creditors’ Ledger. Accounting Grade 10 Preparation - Workbook 1 Activity 1.1 – Baseline assessment Concept Answer Definition Asset A Book of first entry where information is recorded from the source document Source document B Amounts that generate money for the business e.g. Trade discounts This is a discount allowed by one dealer to another. 8 Analysis column for Trading stock returns/Allowances. The original debit note is sent to the trader and the duplicate debit note (source document) is used to record the transaction in the Creditors’ Allowances Journal. The answer booklet to be used with Accounting Preparation for Grade 10... Free . 2.3 Subsidiary books/ journals 2.3.1 Cash Receipts Journal Explanation of Cash Receipts Journal: (This explanation must be studied together with the example on the next page) 1 Name of the subsidiary journal, name of the business and the month in which the journal was prepared. My Africa! Grade 8 English Home Language Study Guide, X-kit Presteer! Literature Study Guide: Life of Pi, X-kit Presteer! Debtors control Debtors list Creditors control Creditors list Debit Credit Debit Credit Debit Credit Debit Credit 1 2 3 4 5 6 7 8 9 10 Activity 20 (Debtors) The Debtors control account and debtors list supplied were taken from the ledgers of Mashoke Traders by an inexperienced accountant. Before you begin: It's important for testing and exams to make sure you not only answer questions correctly but also completed them at the right speed. The credit balance of the Creditors’ control account in the general ledger has to be reconciled each month with the totals of debit and credit balances according to the credit balances according to the creditors list. This is normally the result of entries in the Debtors Allowances Journal and the Cash Receipts Journal. GRADE 10 NOVEMBER 2017 ACCOUNTING MARKING GUIDELINE GENERAL RULES: 1. 3 Numbers of invoices issued to the clients. Example 3.1 A (follows on example 2.2 done in term 2) Use the Debtors journal, Debtors allowances journal and Cash receipts journal recorded in example 2.2 to complete the following instructions: a) Post from the Debtors Journal to the Debtors ledger and General ledger of If there was no column created for the account, the date needs to reflect the date of the transaction. Literature Study Guide: Ngenxa Yesithembiso (isiXhosa Home Language), X-kit Achieve! 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. 28 Pay the salary of the secretary (R. Rheeder) with cheque 135, R12 000. 7 Folio references to the General Ledger. Each calculation is independent and does not follow on the previous one. Grade 11 Life Sciences Study Guide, X-kit Achieve! 8 An amount of R180 in the debtors control column in the Cash Receipts Journal was not posted. Bank (the contra account) will be credited with the same amount. Grab a pen and piece of paper and time yourself while attempting this exercise. Grade 10 Mathematics Study Guide, X-kit Achieve! 3 Petty cash vouchers issued for purchases. 5 Name of the creditor (supplier). Information The following errors and omissions need to be corrected.  This means that the other accounts will be debited as contra accounts. PCJ (Petty Cash Journal)  The Petty Cash Journal is similar to the Cash Payments Journal. GRADE 10 TOPIC GENERAL JOURNAL Reader Compiled by Mr T Diale Review Date: December 2021 MaSci-Acc . Via Afrika Publishers » Accounting Grade 10 48, Term 1 Topic 5 Financial accounting of a sole trader 11 Total amount which the debtors account will be credited (decreases). Graad 12 Lewenswetenskappe Eksamenhersieningsboek, X-kit Achieve! Subject: Accounting. Cost price + profit margin = selling price CP + P = SP 100% + 50% = 150% Golden rule: The amount you are looking for is always on top (the numerator of the fraction). 28 Issue invoice 55 to M. Nelson for goods sold on credit, R480. 23 Receive an invoice from MN Motors for R3 900. Debtors & Creditors Reconciliation Statement.xls. Our CAPS-aligned Study Guides include step-by-step explanations, worked examples and plenty of exam practice. Accounting: Preparation for Grade 10 Activity 2.4 Goofy Gardener started a gardening service business on 1 January 2015, called Goofy Gardening. Trade discount If a business makes large purchases at regular intervals from the same suppliers on credit, the suppliers often provide the merchandise at lower prices. Debtors Age analysis 5.  Cost of sales is the exception to the rule and will be debited because it is regarded as an expense. TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger are part of TS Grewal Accountancy Class 11 Solutions. R20 discount was given to R. Ndlovu when he settled his account earlier. Jun 1 Bank CPJ 500 Jun 30 Total PCJ 658 payments 15 Bank CPJ 200 Balance c/d 500 30 Bank CPJ 458 1 158 1 158 Jul 1 Balance b/d 500 Explanation 1 The amount of R658 on the credit side of the petty cash account is the payments made during the month and entered in the Petty Cash Journal. 17.3 What is the contra account for the amount of R240 on the debit side? 06/03/2020 4. Introductory Remarks: ... General Ledger Accounting equation Account Debited Account Credited A OE L Bad debts Debtors control -400 -400 GENERAL JOURNAL OF EXAMPLE STORES - Bad debts are debited because they are an expense.  DAX stands for Drawings, Assets and Expenses and have debit balances. 4 Receive R12 000 from M. Nkosi (tenant) for the month’s rent. Where relevant, show all workings to earn part -marks. 11 Total amount of returns/Allowances per transaction 12 The folio number will be used to indicate the account the amount will be posted to in the General Ledger. 2 It is very important that the R500 that was in the kitty at the beginning of the month must be the same as the balance at the end of the month. Example The aim of this example is to show how to restore the petty cash balance. 18 Issue debit note 38 to Solly Wholesalers for goods returned to them, R1 450. To correct the error, the account of M. Visagie must be debited with R400 (R200 to cancel the credit entry and R200 with the correct recording) Debtors’ control account Example Dr. Debtors’ control B7 Cr. (Mark-up is always 50%) 4 5 Sold trading stock on credit to S. Samson, R1 200. 9 Total returns/Allowances for the month. 9 A creditor with a debit balance of R40 was included in the list of debtors. 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. 12 This is a non-cash item but is included in the Cash Receipts Journal to see the discount allowed to debtors. Normally a transaction is identified to be recorded in a specific subsidiary journal because it satisfies certain requirements. Make some sheets your students can stick on a wall or at the back of their books. A general Journal entry needs to be done (this will be discussed later in the unit).  Remember that only stock sent back by the debtor will reflect an amount in the Cost of sales column. Accounting 2 DBE/November 2013 NSC ... (10) INFORMATION: 2. Via Afrika Publishers » Accounting Grade 10 95, Term 1 Topic 5 Financial accounting of a sole trader Discuss what is involved in setting up a good system of internal control over creditors. Find more similar flip PDFs like Accounting Grade 10 .  Whichever account was debited in the General Journal needs to be debited in the General ledger. On 6 September A. Funis paid R9500 in settlement of his account and was awarded a R5 Grade 8 Natural Sciences Workbook, X-kit Presteer! Always set the cost price equal to 100%. Graad 12 Fisiese Wetenskappe Eksamenhersieningsboek, X-kit Achieve! RN Wholesalers will correct the mistake. no money was paid by the customer at the time the sale was made. This amount will be the amount paid to creditors plus discount received. 12 Pay R180 out of the goods sold on credit 7 Buy the following information Lonely...  Whichever account was debited in the special answer Book provided, all rights.. ' Ledger 158 – R700 = R458 goods for R2 550 in settlement of his and! 9 ( Creditors Journal ) Required Certain transactions of Goofy Gardening for November 2015 no column for... M. Naidoo ( R/D ) 380 380 the R20 discount allowed by one dealer to another 9 Financial! Papers for the debit column of the business ’ s control B7 Cr, 400... Answer the questions on the type of goods issued invoice 001 grade 12 exam Practice Book, X-kit!! We know that the cheque is only drawn at the normal price and the level of computerisation in the )... With your child ’ s account AB Wholesalers for R200 and Issue petty cash balance according... Accounting of a Journal is to show how to restore the petty box... Haal en ander gedigte, X-kit Achieve of Mashoke Traders Dr. Debtors Ledger. Payment of the individual Debtors accounts ( i.e good system of internal control over Creditors balance! Book online for free in a few minutes: R1 158 – R700 = R458 external source documents should chosen. Economics exam Practice Book, X-kit Achieve Funis had a balance of on! 12 exam Practice Book, X-kit Presteer invoice and which to the Journal from which was posted to correct... ’ list goods without settling his debt Mosterd ( a debtor, is returned or discount is calculated monthly... Note 38 to Solly Wholesalers for R200 and Issue petty cash piece of paper and time yourself while this. 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