The following information was obtained from the accounting

records of Letty Stores for the financial year ended 30 June 2021:

Additional information: 

1. On 29 June 2021, the owner took inventory with a cost price of R20 000 for own use. This transaction has not yet been recorded.

The entity uses the periodic inventory control system.

Required:

Use the information provided above to calculate

the cost of sales for the year ended 30 June 2021.

NB: Instructions

1. Use a full stop to indicate any decimals (eg: 1000.01)

2. Only show the amount, do not show the R (eg: 12141.72)

3. If the total amount calculated is a loss, please enter the amount as a negative (eg: -12141.72), if the amount calculated is a profit, please enter the amount as a positive (eg: 12141.72)

The following information was obtained from

the accounting records of Cool Limited for the year ended

28 February 2022:

A physical inventory count on 28 February

2022 indicated that the value of the closing inventory on hand amounted to

R400 000.

Required:

NB: Instructions

1. Use a full stop to indicate any decimals (eg: 1000.01)

2. Only show the amount, do not show the R (eg: 12141.72)

3. If the total amount calculated is a loss, please enter the amount as a negative (eg: -12141.72), if the amount calculated is a profit, please enter the amount as a positive (eg: 12141.72)

The following

transactions were entered into by

1. Ancon Services paid their first instalment of R4 500 to ABC Bank, for a business loan obtained in February 2025 with an EFT. 

2. Paid the monthly telephone account of the business to the amount of R1 800 with an EFT.   

3. Fees was levied for services rendered to S Simpson for R1 185 and no payment was received yet. 

4. The owner purchased an air conditioner for the office to the value of R21 000 as capital contribution. 

5. Made an electronic fund transfer to the amount of R3 700, to Furnish Suppliers, a business creditor, to settle the outstanding amount for office furniture purchased on credit.

6. Purchased computer equipment and paid R35 000 with the business debit card.

7. Received R2 800, in cash for services rendered to a client and issued a receipt. 

8. Charged interest at 12% per annum for three

months on the overdue account of a client, C Chauke, who owes an amount of

R3 200

Required:

Identify the account debited and the account credited for

each transaction and indicate whether the account will be classified as an

asset, liability, equity, income or expense.

Mr T Moleleng

runs a small gardening service business, Evergreen. The entity is not

registered as a VAT vendor and maintained a favourable bank balance. 

Required:

Analyse the above transactions.

Instructions:

1.  Use a full stop to indicate any decimals (eg: 1000.01)

2.  Round off to the second decimal after the full stop (eg: 50.56)

3.  A decrease must be indicated by using a negative sign in front of the amount (eg: -1000.01) 

4.  An increase must be indicated by the amount without any sign (eg: 1000.01)

5.  The amount must be shown without the R (eg:1000.01)

6.  If a transaction has been provided and it is not applicable to an element (assets or equity or liabilities), then please record a 0 in the amount column of that element (assets or equity or liabilities)

7.  If a transaction increases and decreases an element (assets or equity or liabilities), then please show the net effect in the amount column of that element (assets or equity or liabilities)

Africa Traders is a registered VAT vendor. Africa Traders sells furniture and equipment to customers for cash or on credit. The bookkeeper of Africa Traders has prepared the following purchases returns journal for the month ending 28 February 2024 and requires your assistance with regards to the month-end posting to the control account in the general ledger:

PURCHASES RETURNS JOURNAL – February 2024                                                                                  PRJ1

Africa Traders posts individual transactions to the relevant subsidiary ledgers daily and only posts from subsidiary journals to the control accounts at the end of the month in the general ledger.

Which one of the following options of the general ledger accounts reflects the correct posting of the above purchases returns journal for the month ending 28 February 2024 to the control account?

The following information relates to Mathole and Sons, an entity specializing in the selling of steel products. The business is a registered VAT vendor and uses the periodic system to account for inventory. (When using the periodic inventory system all inventory purchased is recorded in the purchases account (expense). No entry is made on date of sale for the cost price. You will learn more about the topic in learning unit 6 and 7).

Transactions during March 2024. Amounts include VAT of 15%, where applicable.

1 Received an electronic payment from V Majola, a debtor, for R13 500 (receipt no 41).

   Cash sales of steel products, R16 100 (cash register roll 1). 

7   The business obtained a loan from ABI Bank for R30 000 (receipt no 42).

13   Paid R12 500 to M Sibasa in part payment of the entity’s account with an electronic funds transfer (voucher no 33).

17   Purchased trading stock from Malamulela Wholesalers. Paid R3 450 by EFT, after receiving a cash discount of 10% (electronic funds transfer voucher no 34).

  19   Mathole, the owner, made an additional capital contribution by depositing R15 000 into the entity’s bank account (receipt no 43).

25   Paid the monthly salaries by electronic funds transfer (voucher no 35), R25 000.

26   Sold 12 steel doors and 18 steel window frames for cash, R16 675 (cash register roll 2).

31  Mathole paid Insurance Ltd R2 066 for insurance on the business assets of R1 610 and R456 for his private vehicle. The payment of the insurance premiums was done through an electronic funds transfer (voucher no 36), from the business bank account.

REQUIRED:

Record the above transactions in the following cash journals of Mathole and Sons for March 2024:

1.  Cash receipts journal            

1.  Cash payments journal

Instructions for numeric responses:

1.  Use a full stop to indicate any decimals (eg: 1000.01)

2.  Round off to the second decimal after the full stop (eg: 50.56)

3.  If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")

The following transactions for the month ended 30 November 2024 relate to S Mathi Traders. S Mathi Traders is a registered VAT vendor and uses the periodic inventory system (When using the periodic inventory system all inventory purchased is recorded in the purchases account (expense). No entry is made on date of sale for the cost price. You will learn more about the topic in learning unit 6 and 7). Where applicable VAT is included in all amounts at a rate of 15%.

Transactions by S Mathi Traders for November 2024

REQUIRED:

Record the above transactions of S Mathi Traders in the following subsidiary journals for November 2024:

• Cash receipts journal­­­

• Cash payments journal      

                                                                         

                     

Instructions for numeric responses:

1.  Use a full stop to indicate any decimals (eg: 1000.01)

2.  Round off to the 

3.  If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")

The following transactions for the month ended 30 November 2024 relate to S Mathi Traders. S Mathi Traders is a registered VAT vendor and uses the periodic inventory system (When using the periodic inventory system all inventory purchased is recorded in the purchases account (expense). No entry is made on date of sale for the cost price. You will learn more about the topic in learning unit 6 and 7). Where applicable VAT is included in all amounts at a rate of 15%.

Transactions by S Mathi Traders for November 2024