GRADE 10 ACCOUNTING CYCLE TEST TERM 2 APRIL 201 80 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 -560-560 0 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.
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 R1 500. 26) The bank statement received from FNB shows a credit for R5 000. 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.
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 1 280 MC Distributors R 6 550 Balances on 28 February 201 from the General Ledger: Stock R 8 910 Bank R12 520 Creditors R? Journal totals on 1 March 201: Bank Sales Cost of Sales 18 000 18 000 10 000 Creditors Discount Bank Stock Received 5 800 4 600 1 280 80 Creditors Packing Stock Material 7 400 4 800 2 00 570 Creditors Packing Stock Material 1 150 800 210 140
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 R450. 7 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.
NAME: ANSWER BOOK GRADE 10 ACCOUNTING CYCLE TEST TERM 2 MAY201 80 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 -560-560 0 2.1 2.2 2. Calculations:
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
QUESTION GENERAL LEDGER ACCOUNTS (28 marks; 21 minutes) BALANCE SHEET SECTION Creditors Stock NOMINAL ACCOUNTS SECTION Discount Received
QUESTION 4: Creditors Ledger Accounts (16 marks; 12 minutes) Date Details Fol Debit Credit Balance
MEMORANDUM GRADE 10 ACCOUNTING CYCLE TEST TERM 2 MAY201 80 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 -560-560 0 2.1 CRJ Bank Sales +6200 + 6200 0 Cost of Sales Stock - 875-875 0 2.2 CAJ Creditors Stock -400 0-400 2. CPJ Creditors Bank -2150-2200 Discount Received +50 Calculations: 2.1 6200 x 100 /160 = 875 2. 2500 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 2 200 2 00 100 CPJ1 Discount Sundry accounts Received Amount Fol Details C02 22 FNB 1 610 110 Interest on loan 1 500 Loan: FNB B/S 26 FNB 260 210 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 1274 724 950 8 600 Drawings 5
Creditors Allowances Journal for April D/N 05 8 D Details Fol Creditors Equipme nt Wood Wholesalers 220 220 CJ1 Sundry accounts Amount Fol Details QUESTION GENERAL LEDGER ACCOUNTS (28 marks; 21 minutes) Creditors Bank and Discount CPJ Received 1 280 Mar 1 Balance b/d Total CAJ Returns/Allowances 1 150 1 Total Purchases CJ Mar 1 Balance c/d Mar 1 Balance b/ d CPJ 1 Bank Creditors CJ Apr 1 Balance b/d 12 800 7 80 7 400 15 20 15 20 Apr 1 Balance b/d 12 800 11 Stock 8 910 Mar 1 Cost of Sales CRJ CAJ 4 600 Creditors 4 800 Balance c/d 10 000 800 7 510 18 10 18 10 7 510 Discount Received Mar 1 Creditors CPJ 11 80 Mar 1 Creditors CJ 2 00 Mar 1 Creditors CAJ 2 210 4
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 450 7 Invoice 54 CJ1 1 250 1 700 Invoice 55 CJ1 250 1 950 8 Cheque Counterfoil 005 CPJ1 400 1 550 Discount Received CPJ1 50 1 500 12 Debit te 00 CAJ1 220 1 280 17 Invoice 54 CJ1 4 750 6 00