Edc1015 Study Guide
JUNE 2012 EMS EXAMS SECTION C – 40 MARKS QUESTION 1 Match the items in column A with the meanings given in column B. Write the number and corresponding letter of alphabet next to it. Eg.
1. 6. G |NO |WORD/TERM | |MEANING | |1. 1 |Asset |A |Amounts of money owed to other people. | |1.
2 |Fixed asset |B |Actual worth of an individual | |1. |Current asset |C |Something owned by a business or person. | |1. 4 |Liability |D |Not purchased with the intention of reselling. | |1.
5 |Owner’s Equity |E |This changes in value. | (5 Marks) ANSWERS 1. _____ 2. _____ 3. _____ 4.
_____ 5. _____ QUESTION 2 From the transactions given below, draw up the CASH RECEIPTS JOURNAL , CASH PAYMENTS JOURNAL , DEBTORS JOURNAL AND CREDITORS JOURNAL of Magic Traders for the month of August 2011. Do NOT Cast the journals at the end of the month.
The following cash transactions took place during August 2011: |01 August 2011 |M. Magic, the owner, deposits R25 000 in the bank account to start the business. Receipt No 01 is | | |issued.
| |02 August 2011 |Bought a new cash register and paid Curly Sue by cheque 301, R5 600. | |03 August 2011 |Credit sales of merchandise to : | | |B. Ngema R 4 000(cost of sales R3 200) Inv No 69 | | |J.
Saha R 800 ( Cost of sales R 640) Inv N0 70 | |04 August 2011 |Cash Sales as per cash register roll C001, R3 000. (Cost of Sales, R 2 400) | |07 August 2011 |Drew cheque to pay wages per cheque 302, R1 200. | |09 August 2011 |M.
Magic issued cheque 303 as a donation for the Women’s Day Fundraiser to the amount of R300. | |11 August 2011 |Received, R1 020 from B. Ngema in part payment of account Receipt No 02. |12 August 2011 |Purchased merchandise for, R5 890 from Mega Wholesalers and paid by cheque 304. | | |Bought goods on credit from Fong Kong Suppliers as per Invoice No 200 for R7 400. | |15 August 2011 |Cash sales as per cash register roll C002, R2 000.
(Cost of Sales, R 1 600) | |21 August 2011 |Paid R 5 400 to Fong Kong Suppliers in part payment of our account by cheque no 305 | |25 August 2011 |Received , R2 320 from a tenant S.
Smith receipt No 03. | | |Bought stationery , R400 and Packing material R 1 200 from BB. Wholesalers as per invoice No 300 | |28 August 2011 |M. Magic drew cheque No 306 to buy a birthday present for his son R 600 | |28 August 2011 |Received a credit invoice No 301 for R1 500 from Machine Doctor for repairs to business computer | (27 MARKS )
CASH RECEIPTS JOURNAL OF CURLY TOP HAIRDRESSERS FOR AUGUST 2011 CRJ8 |Doc No |D |Details |Fol |Analysis of receipts|Bank | |69 | |B.
Ngema | |4 000 |3 200 | | | |J. Saha | |800 |640 | | | | | | | |
QUESTION 3 Use the following information to draw up and balance the TRADING STOCK ACCOUNT in the General Ledger of Rooney Stores for May 2011 INFORMATION: 1. Balance on 1 May 2011 was R 5 000 2. Total from trading Stock Column of the Cash Payments Journal, R15 000 3. Total Cost of sales from Debtors Journal, R6 000 4.
Total from Trading Stock column of the Creditors Journal, R20 000 5. Total Cost of Sales from Cash Receipts Journal, R4 000 ( 8 Marks) |Dr. TRADING STOCK ACCOUNT Cr. |Date |Details |F |Amount |Date |Details |F |Amount | May |1 |Balance |b/d |5 000 |May |31 |Cost of Sales |Dj |6 000 | | |31 |Bank |CPJ |15 000 | | |Cost of Sales |CRJ |4 000 | | | |Creditors Control |CJ |20 000 | | |Balance |c/d |30 000 | | | | | |40 000 | | | | |40 000 | |June |1 |Balance |b/d |30 000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
