GRADE 10 ACCOUNTING CYCLE TEST TERM 2 APRIL marks 60 minutes. QUESTION 1 TRANSACTION ANALYSIS (18 marks; 13 minutes)
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1 GRADE 10 ACCOUNTING CYCLE TEST TERM 2 APRIL marks 60 minutes INSTUCTIONS: 1) Answer on the answer booklet provided. 2) You may use pencil ) No tip-ex is allowed 4) Write neatly QUESTION 1 TRANSACTION ANALYSIS (18 marks; 1 minutes) Analyse the following transactions of Limerick Traders for the May 201, according to the headings provided on your answer sheet. Example: Paid the monthly water and electricity bill, R560 by cheque No. Journal Account Debit Account Credit A O L eg CPJ Water & Electricity Bank Transactions: 2.1 Cash sales total R6 200 (mark up is 60% on cost). 2.2 Returned R400 worth of the purchased from Christopher Suppliers as it was slightly damaged. 2. Settled our account with Wood Couriers. Paid R2 150 by cheque and received a R50 discount.
2 QUESTION 2 JOURNALS (18 marks; 14 minutes) The following transactions took place during the first week of April 201, when you have been employed as the bookkeeper for Hadebe Stores. Required: Record the relevant transactions in the April 201 Cash Payments Journal, Creditors Journal and Creditors Allowances Journals only. Note: Journal totals are NOT required! Information: Transactions for April 201 1) Purchased the following on credit from Wood Wholesalers: (Invoice 12), R 800 less a 2% trade discount. Ipad4 (as a gift for the owner s boyfriend), R8 600, R950 8) Issued debit te 05 and returned stationery that was t according to sample, R220 to Wood Wholesalers. 16) Sent a cheque to Wood Wholesalers for R2 200, as part payment on our account. This was after a discount of R100 that they allowed us. 22) Paid the monthly interest on the Loan at FNB, R110 and the instalment on the loan of R ) The bank statement received from FNB shows a credit for R This was a direct deposit by tenant, Hlophe & Co, who rent part of the warehouse for storage. The bank statement also reflected debits for services fees, R180, cheque book fee R0, and interest on the overdraft, R50.
3 CAJ CJ CPJ CRJ QUESTION GENERAL LEDGER ACCOUNTS (28 marks; 21 minutes) Required: Post to the given general ledger accounts only. Balance the balance sheet accounts. Balances on 28 February 201 from the Creditors Ledger: Lindsay Supplies R MC Distributors R Balances on 28 February 201 from the General Ledger: Stock R Bank R Creditors R? Journal totals on 1 March 201: Bank Sales Cost of Sales Creditors Discount Bank Stock Received Creditors Packing Stock Material Creditors Packing Stock Material
4 QUESTION 4: Creditors Ledger Accounts (16 marks; 12 minutes) Record the transactions in the account of Tarryn Traders in the books of Nandi Traders. Supply your own suitable document numbers and folios. 201 May 1 Nandi owed Tarryn Traders R Purchased merchandise on credit from Tarryn Traders, R1250. Tarryn Traders also charged R250 for the transport of these goods, they sent us a separate invoice for this. 8 Settled our account as a 1 May 201, and received a R50 discount. 12 Returned goods to Tarryn Traders, R220. These were part of the purchase on 7 th May, but arrived damaged. 17 Purchased goods for R5000 from Tarryn Traders less a 5% trade discount.
5 NAME: ANSWER BOOK GRADE 10 ACCOUNTING CYCLE TEST TERM 2 MAY marks 60 minutes QUESTION 1 TRANSACTION ANALYSIS (18 marks; 1 minutes) No. Journal Account Debit Account Credit A O L eg CPJ Water & Electricity Bank Calculations:
6 QUESTION 2 JOURNALS (18 marks; 14 minutes) Cash Payments Journal for April CPJ1 D Details Fol Bank Creditors Discount Received Sundry accounts Amount Fol Details Creditors Journal for April CJ1 D Details Fol Creditors Equipment Sundry accounts Amount Fol Details Creditors Allowances Journal for April CJ1 D Details Fol Creditors Equipment Sundry accounts Amount Fol Details
7 QUESTION GENERAL LEDGER ACCOUNTS (28 marks; 21 minutes) BALANCE SHEET SECTION Creditors Stock NOMINAL ACCOUNTS SECTION Discount Received
8 QUESTION 4: Creditors Ledger Accounts (16 marks; 12 minutes) Date Details Fol Debit Credit Balance
9 MEMORANDUM GRADE 10 ACCOUNTING CYCLE TEST TERM 2 MAY marks 60 minutes QUESTION 1 TRANSACTION ANALYSIS (18 marks; 1 minutes) No. Journal Account Debit Account Credit A O L eg CPJ Water & Electricity Bank CRJ Bank Sales Cost of Sales Stock CAJ Creditors Stock CPJ Creditors Bank Discount Received +50 Calculations: x 100 /160 = x 12% x 6/12 = 150 QUESTION 2 JOURNALS (18 marks; 14 minutes) Cash Payments Journal for April D Details Fol Bank Creditors C01 16 Wood Wholesalers CPJ1 Discount Sundry accounts Received Amount Fol Details C02 22 FNB Interest on loan Loan: FNB B/S 26 FNB Bank Charges 50 Interest on Overdraft 10 Creditors Journal for April Inv 12 1 D Details Fol Creditors Equipme nt CJ1 Sundry accounts Amount Fol Details Wood Wholesalers Drawings 5
10 Creditors Allowances Journal for April D/N 05 8 D Details Fol Creditors Equipme nt Wood Wholesalers CJ1 Sundry accounts Amount Fol Details QUESTION GENERAL LEDGER ACCOUNTS (28 marks; 21 minutes) Creditors Bank and Discount CPJ Received Mar 1 Balance b/d Total CAJ Returns/Allowances Total Purchases CJ Mar 1 Balance c/d Mar 1 Balance b/ d CPJ 1 Bank Creditors CJ Apr 1 Balance b/d Apr 1 Balance b/d Stock Mar 1 Cost of Sales CRJ CAJ Creditors Balance c/d Discount Received Mar 1 Creditors CPJ Mar 1 Creditors CJ 2 00 Mar 1 Creditors CAJ
11 QUESTION 4: Creditors Ledger Accounts (16 marks; 12 minutes) Creditors Ledger of Nandi Traders Tarryn Traders Date Details Fol Debit Credit Balance 201 May 1 Balance b/d Invoice 54 CJ Invoice 55 CJ Cheque Counterfoil 005 CPJ Discount Received CPJ Debit te 00 CAJ Invoice 54 CJ
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