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Skutblad vir Vraestel ACCG 211 ASS 5: 18 – 21 June 2021 1. Answer ALL questions. 2. A special ANSWER SHEET is provided in which to answer ALL the questions 3. Show ALL workings in order to earn part-marks (bonus marks). 4. You may use a non-programmable calculator. 5. Where applicable, show all calculations to ONE decimal point. 6. Write neatly and legibly. 7. The answer sheet must be uploaded on efundi as a PDF document before or on 21 June 2021 @ 21:00 QUESTION TOPIC MARKS Question 1 Accounting didactics 13 Question 2 Accounting equation 30 Question 3 Journals 15 Question 4 General ledger 49 Question 5 Trail balance 28 Question 6 Financial statements of a sole trader 35 Question 7 Budgets 30 TOTAL MARKS 200 This paper consists of 10 pages Accounting Didactics[13 marks] 1.1Name the main topic in EMS which prepare learners for Accounting and give two examples of the sub- topics which will be covered during Gr. 7 – 9.(3 x 1 = 3) 1.2Identify the resources as stated in the EMS CAPS document, which are needed for effective teaching and learning in Gr. 9 EMS. (4 x 1 = 4) 1.3 Analyse the purpose of the learning area Economic and Management Sciences in order to indicate why it is compulsory for Gr 7 – 9.(3 x 2 = 6) Accounting Equation[30 marks] Use the table provided on your answer sheet to show the effect of the following transactions on the Accounting Equation. In each case the account debited, and account credited must be indicated to show the double entry in the General Ledger as well as the effect each transaction has on the Assets, Owners’ Equity and Liabilities of the business. Transactions: Bought equipment on credit from ABC Traders and receive an invoice for R6 300. Sold good on credit to a debtor, N. Nhleko with a selling price of R3 125 (A profit mark-up of 25% is maintained on the cost price). EFT for R1 250 to the Municipality to pay the water and electricity of the business. EFT to Outsure for R550. This was for the owner’s private vehicle insurance. ABC Traders neglected to deduct 5% trade discount on the equipment bought on credit for R6 300. Issue a Debit note to ABC Traders for R315. Cash sales of trading stock according to the cash register roll, R12 500. (A profit mark-up of 25% is maintained on the cost price). N. Nhleko, a debtor, complained that some of the goods sold to him was of poor quality. He returned goods with a selling price of R280 and a cost price of R224. Issue a credit note. Receive an EFT from B. Bates, a debtor to settle his account of R2 300. Issue a receipt. A petty cash voucher was completed for wages paid to the cleaner, R120. A. Apple, a debtor complained that some of the goods delivered to him was slightly damaged during delivery. The owner agreed to give him an allowance of R135. A credit note was issued to him. The owner increased his capital contribution from R120 000 to R150 000 by depositing the amount directly into the business bank account. Journals[15 marks] You are provided with the source documents and additional information for Eric’s Electronic Shop for October 2019. The business is owned by Eric Elenye. The business always uses a mark-up of 50% on the cost price, unless indicated otherwise. REQUIRED: Complete the following Journals on the ANSWER SHEET for Eric’s Electronic Shop for October 2019. You are not required to total (add) the columns of the Journals. You only have to enter the transactions in the correct Journal: Debtors Journal (DJ)(11) Debtors Allowance Journal (DAJ)(4) INFORMATION: A. The following debtors appeared in the books of Eric’s Electronic Shop on 1 October 2019: J. Jones R4 650 S. Shembe R6 100 G. Govender R9 550 B. The following creditors appeared in the books of Eric’s Electronic Shop on 1 October 2019: Tektronic Ltd. R4 650 AMP Wholesalers R7 840 Soundwaves R17 740 C. Transactions for October 2019: 1 Cash sales as per cash register roll, R12 300. Receive an EFT for R5 000 from a debtor, G. Govender as part payment of his account. Receipt no 80 was issued to him. EFT to the petty cashier for R2 000 for the Petty cash. 3 Bought goods for cash from XY Suppliers for R4 900. Do an EFT for the amount. 4 Issue invoices to the following debtors for goods sold on credit: · J. Jones, R2 760 (Invoice no 105) · S. Shembe, R7 200 (Invoice no 106) Paid wages for the cleaner from Petty cash, R150. A petty cash voucher no 22 was completed. 5 S. Shembe, a debtor, returned goods with a selling price of R1 020 that was not according to sample. Credit note no 30 was issued to him. 6 Withdraw cash to pay the wages, R1 250. The business employs TWO (2) workers which each receive the same wage. 8 Receive the following invoices for goods bought on credit: · Invoice 7345 from Tektronic Ltd for goods, R8 800 and equipment, R6 000 bought on credit (Invoice were renumbered to no 11). · Invoice 515 from Soundwaves for goods, R9 450 and a play station, R6 800 for the owner’s son. · 9 EFT to Telkom to pay the business telephone account, R1 130. EFT to Tswane Municipality to pay the water and electricity of the business, R920. 10 Issue debit note no 19 to Tektronic Ltd. for the return of defective trading stock, R800 and faulty equipment, R670. Pay SA Transport, R120 from petty cash on behalf of a debtor, J. Jones for goods delivered to him. 11 Issue an invoice to G. Govender for goods sold on credit for R3 360. 12 G. Govender complained that the goods he bought the previous day (11 October 2019) were slightly damaged. He agreed to keep these goods provided he was granted a reduction of 25% on the total selling price. Eric agreed to this and a credit note for this amount was issued. Complete a petty cash voucher for R85. This was for the purchases of pens, paper and glue for the office from CNA. 13 Bought the following from AMP Wholesales on credit: · Trading stock, R5 100 less 5% trade discount. · Stationary, R440. · Equipment, R7 000. 15 Credit card sales for the day amounted to R67 500 according to the cash register roll. Part of the building is rented out at R7 200 per month since 1 October 2018 to M. Morris. The rental agreement states that the rent will be increased each year on the 1 October with 25% per month. Receive the rent for October 2019 from M. Morris. Issue a receipt to him for this amount. J. Jones did an EFT to pay the outstanding amount owed by him on 1 October 2019. A receipt was issued to him for this amount. 18 EFT to Tektronic Ltd. for R10 000 as part payment of the business outstanding account. 20 Withdraw cash to pay the wages of TWO (2) workers. They will each receive an increase of 8% in their wages. 23 EFT to XY Suppliers for cash purchases of goods. The normal selling price was R5 600, but XY Suppliers offered a 20% trade discount on all cash sales. 25 Receive an EFT from S. Shembe to settle half of the amount he owes on 1 October 2019 and half of the amount owed for goods purchased on credit on 4 October 2019. Issue a receipt. 30 EFT to pay the salary of the shop manager, E. Edgar for the month, R21 000. 31 The bank statement received from Cape Bank revealed the following: · EFT (Electronic Fund Transfer) for R52 300. R50 000 was towards the repayment of the Loan at Cape Bank and the rest of the amount was the interest on the loan. · Bank charges, R1 440. · Interest on current account (favourable bank balance), R370. General Ledger[49 marks] You are provided with information relating to Baywatch Surf Shop for June 2019. REQUIRED: Complete the following accounts in the General ledger of Baywatch Surf Shop for June 2019: Bank(6) Trading stock(16) Debtors control(7) Creditors control(7) Sales(6) Cost of Sales(7) INFORMATION: A. The following balances and totals appeared in the books of Baywatch Surf Shop on 1 June 2019: Bank (favourable) R 31 600 Trading stock 171 000 Debtors control 53 700 Creditors control 62 000 Sales 672 000 Cost of Sales 410 000 Debtors allowance 16 000 Stationary 250 B. The following totals appeared in the Journals of Baywatch Surf Shop on 30 June 2019: CASH RECEIPT JOURNAL – JUNE 2019 – CRJ Bank Sales Cost of sales Debtors control Sundry accounts 176 100 131 200 82 000 44 900 0 CASH PAYMENT JOURNAL – JUNE 2019 – CPJ Bank Trading stock Wages Creditors control Sundry accounts 162 300 54 000 35 000 51 300 22 000 CREDITORS JOURNAL – JUNE 2019 – CJ Creditors control Trading stock Equipment Stationary Sundry accounts 212 700 185 000 22 000 2 400 3 300 CREDITORS ALLOWANCE JOURNAL – JUNE 2019 – CAJ Creditors control Trading stock Equipment Stationary Sundry accounts 15 900 12 900 2 500 500 0 DEBTORS JOURNAL – JUNE 2019 – DJ Sales Cost of sales 230 400 144 000 DEBTORS ALLOWANCE JOURNAL – JUNE 2019 – DAJ Debtors allowance Cost of sales 28 800 18 000 Trail Balance[28 marks] You are provided with the Trail Balance of ‘Toys By Tim’ Toy Shop as at 28 February 2019, before errors and adjustments were taken into account. Tim Timbali, the owner sells good quality toys, and realised that the children of his customers break the toys after a few months. He, therefore, decides that his business would offer a service of repairing broken toys, for which fees are charged. REQUIRED: With regards to ‘Toys By Tim’ Toy Shop, match the category in Column A with its description in Column B. Only write the number of the correct description (1 – 6) next to the category on your ANSWER SHEET. (6) COLUM A COLUM B Categories No Descriptions Assets 1. Amounts owed to Suppliers when goods are bought on credit. Liabilities 2. Items which will cause an increase in the profit of Toys By Tim Toy Shop. Capital 3. Money drawn by Tim Timbali for his personal use. Drawings 4. Items which will cause a decrease