GRADE 10 ASSESSMENT TEST: 1 HOUR ACCOUNTING. Enter the correct source document next to the relevant journal in the space provided below:
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1 GRADE 10 ASSESSMENT TEST: 1 HOUR ACCOUNTING QUESTION ONE (10 MARKS) Enter the correct source document next to the relevant journal in the space provided below: Source Document: Receipt Bank Statement Credit note issued Invoice received Debit Slip Bank Statement Invoice issued Petty Cash voucher Debit notes issued Source Document Cheque Counterfoils Cash Register Roll Journal Petty Cash Journal (PCJ) Debtors Journal (DJ) Debtors Allowances Journal (DAJ) Creditors Journal (CJ) Creditors Allowances Journal (CAJ) QUESTION TWO (15 MARKS) Identify which journal each of the following transactions would be recorded in: Enter the relevant journal in the space provided. Transaction Purchases on credit Credit Sales of goods Cash received, cash deposited Small payments made from Petty Cash Goods returned by debtors Discount received not given to us (omitted) Donations of Trading stock/ stationery etc Bank Charges, Stop orders, Interest on overdraft Allowances given to debtors Return of goods to creditors, All payments Drawings of cash by owner Cash received for sales Trade discount on purchases omitted Payments wages, salaries Journal (write abbreviation eg CRJ etc)
2 QUESTION THREE Identify the account to be debited and the account to be credited in each of the following transactions. Enter your answer in the table below the transactions. The bank is also favourable. Transactions: 1. The owner, G Whittles, deposited R in to the bank account of the business as his capital contribution. 2. Purchased a computer from Koshan s Computers for R7633 and paid by cheque. 3. Paid the monthly insurance premium, R190 to Mutual & Federal. 4. Received R510 from clients for services rendered. 5. Purchased merchandise, R 1100, and stationery, R80, from Brown s Wholesalers and paid by cheque. 6. Repaid R600 on the Loan from FNB. 7. Cash sales of merchandise totaled, R 820. (Cost price R 460). 8. The owner cashed a cheque for R250 for his personal use. 9. Borrowed R from Alpha Finances for 5 years at interest of 12%p.a. 10. Insured building for R60 000, paid insurance premium of R 300 to Hawk Insurance Brokers by cheque. 11. Credit sales to M. Michael, R 3 984, (cost of sales R 2 444). 12. Received R50 commission income. 13. Purchased goods, R 6 000, and stationery, R 120, on credit from TJ Traders. 14. Invested R at 16% p/a on Fixed Deposit at Sandveld Trust, by cheque. 17. Drew cheque R 5 564, for repayment on loan from Alpha Finances, R5 000 together with interest. 18. The bank debited BB Traders with: Service fee R 23 Cheque Book Costs R12 Credit card levies R6 19. Issued cheque to Maxi Wholesalers to settle their account of R400 less a 5% discount. 20. Issued D/N no.64 to V W Ford for R50, this amount being an addition error on Invoice X33 for a vehicle purchased; We received C/N F112 to confirm this error. 21. The owner B Ben withdrew a cash cheque,r Returned goods, R300 and Stationery R50 to suppliers, TJ Trader as they were unsuitable. 23. Paid SA Transport Services for carriage on goods, R W Louw,a debtor, owed R150, his account was 4 months in arrears and was charged interest at 16% p/a. 25. Debtor, M Michael returned goods, R 1200 ( cost R420). 26. Received cheque from debtor, P Tsipa, for R200 in settlement of his account of R210. (the bolded numbers, number 24-26, are not for marks, they are challenge questions and worth a star each if you can figure them out! Hint: they are all to do with the new section of work Debtors)
3 QUESTION THREE (80 MARKS) No. Account Debit Account Credit Amount
4 Total 105 marks
5 GRADE 10 ASSESSMENT TEST: 1 HOUR ACCOUNTING QUESTION ONE (10 MARKS) Source Document Receipt Cash register roll Bank statement Cheque counterfoil Debit slip Petty cash voucher Invoice issued Credit note issued Invoice received Debit note issued Journal Petty Cash Journal (PCJ) Debtors Journal (DJ) Debtors Allowances Journal (DAJ) Creditors Journal (CJ) Creditors Allowances Journal (CAJ) QUESTION TWO (14 MARKS) Transaction Purchases on credit Credit Sales of goods Cash received, cash deposited Small payments made from Petty Cash Goods returned by debtors Discount received not given to us (omitted) Donations of Trading stock/ stationery etc Bank Charges, Stop orders, Interest on overdraft Allowances given to debtors Return of goods to creditors, All payments Drawings of cash by owner Cash received for sales Trade discount on purchases omitted Payments wages, salaries QUESTION THREE (80 MARKS) Journal (write abbreviation eg CRJ etc) CJ DJ CRJ PCJ DAJ CAJ or ACCEPT CPJ GJ CPJ DAJ CAJ CPJ CPJ CRJ CAJ CPJ No. Account Debit Account Credit Amount 1 BANK Capital Equipment bank Insurance Bank Bank Current income / fee income Trading stock Bank 1100 Stationery Accept: (bank) 80 6 Loan: FNB Bank 600
6 7 Bank Sales 820 Cost of sales Trading stock Drawings Bank bank Loan: alpha finances Insurance Bank Debtors control Sales 3984 Cost of sales Trading stock Bank Commission income Trading stock Creditors control 6000 Stationery Accept: creditors control again Fixed deposit:sandveld trust bank Loan: alpha finances Bank 5000 Interest on loan [don t accept bank!! One cheque] Bank charges Bank Creditors control Bank 380 (accept crs ctrl again here) Discount received Creditors control Vehicle Drawings Bank Creditors control Trading stock 300 (can accept crs ctrl here too) Stationery Trading stock Bank Debtors control Interest on overdue acc/ 8 interest income 25 Debtors allowances (exp) Debtors control 1200 Trading stock (asset increase) Cost of sales (exp is decreasing cancelling) Bank (receive money) Debtors control (acc is decr) 200 Discount allowed (exp) =.. =. % 104 Total 104 marks
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