How often Journals & posting to the ledger is asked

Where it was asked

• May/Jun 201425 marks
• Oct/Nov 201325 marks
• May/Jun 201330 marks

The questions

1. May/Jun 2014, Q3.1 (CRJ)10 marks

   P Home set up a general dealer business known as P Home Dealers, which is registered as a VAT vendor. The following transactions were undertaken by P Home Dealers during March 2014: on 1 March, P Home deposited R40 000 into the business bank account as start-up capital and receipt number 01 was issued; on the same day cheque number 001 for R1 482 was issued to Rent-Me Properties for the monthly rental. On 2 March, goods to the value of R24 510 were bought for cash and paid using cheque number 002, and equipment costing R15 000 was bought on credit from Equip Supplies, with invoice number 113 received. On 5 March, cheque number 003 was issued to Teldigit, covering R798 for a telephone installation and R171 for prepaid airtime. On 7 March, goods worth R3 500 were sold on credit to A Mali, who immediately paid R500 in cash as a part payment; invoice number 01 and receipt number 02 were issued. On 15 March, cheque number 004 for R1 800 was issued to cover the weekly wages, and the total cash sales recorded on cash register roll number 001 came to R3 990. On 22 March, cheque number 005 for R5 000 was issued to Equip Supplies as a part payment for the equipment bought on 2 March. On 25 March, A Mali paid a further R1 000 as part payment for the goods bought on 7 March, and receipt number 03 was issued. On 29 March, total cash sales per cash register roll number 002 amounted to R12 426. On 30 March, a delivery truck costing R75 000 was purchased on credit. Additional information: VAT is calculated at 14% and is already included in the amounts above where applicable; P Home Dealers uses the periodic inventory system. For P Home Dealers, prepare the cash receipts journal (CRJ) for March 2014, providing analysis columns for Day, Details, Bank, Sales, Debtors control, VAT output and Sundry accounts. You are told to ignore the analysis of the receipts column.

2. May/Jun 2014, Q3.1 (CPJ)11.5 marks

   P Home set up a general dealer business known as P Home Dealers, which is registered as a VAT vendor. The following transactions were undertaken by P Home Dealers during March 2014: on 1 March, P Home deposited R40 000 into the business bank account as start-up capital and receipt number 01 was issued; on the same day cheque number 001 for R1 482 was issued to Rent-Me Properties for the monthly rental. On 2 March, goods to the value of R24 510 were bought for cash and paid using cheque number 002, and equipment costing R15 000 was bought on credit from Equip Supplies, with invoice number 113 received. On 5 March, cheque number 003 was issued to Teldigit, covering R798 for a telephone installation and R171 for prepaid airtime. On 7 March, goods worth R3 500 were sold on credit to A Mali, who immediately paid R500 in cash as a part payment; invoice number 01 and receipt number 02 were issued. On 15 March, cheque number 004 for R1 800 was issued to cover the weekly wages, and the total cash sales recorded on cash register roll number 001 came to R3 990. On 22 March, cheque number 005 for R5 000 was issued to Equip Supplies as a part payment for the equipment bought on 2 March. On 25 March, A Mali paid a further R1 000 as part payment for the goods bought on 7 March, and receipt number 03 was issued. On 29 March, total cash sales per cash register roll number 002 amounted to R12 426. On 30 March, a delivery truck costing R75 000 was purchased on credit. Additional information: VAT is calculated at 14% and is already included in the amounts above where applicable; P Home Dealers uses the periodic inventory system. For P Home Dealers, prepare the cash payments journal (CPJ) for March 2014, providing analysis columns for Day, Details, Bank, Purchases, Creditors control, VAT input and Sundry accounts.

3. May/Jun 2014, Q3.23.5 marks

   P Home set up a general dealer business known as P Home Dealers, which is registered as a VAT vendor. The following transactions were undertaken by P Home Dealers during March 2014: on 1 March, P Home deposited R40 000 into the business bank account as start-up capital and receipt number 01 was issued; on the same day cheque number 001 for R1 482 was issued to Rent-Me Properties for the monthly rental. On 2 March, goods to the value of R24 510 were bought for cash and paid using cheque number 002, and equipment costing R15 000 was bought on credit from Equip Supplies, with invoice number 113 received. On 5 March, cheque number 003 was issued to Teldigit, covering R798 for a telephone installation and R171 for prepaid airtime. On 7 March, goods worth R3 500 were sold on credit to A Mali, who immediately paid R500 in cash as a part payment; invoice number 01 and receipt number 02 were issued. On 15 March, cheque number 004 for R1 800 was issued to cover the weekly wages, and the total cash sales recorded on cash register roll number 001 came to R3 990. On 22 March, cheque number 005 for R5 000 was issued to Equip Supplies as a part payment for the equipment bought on 2 March. On 25 March, A Mali paid a further R1 000 as part payment for the goods bought on 7 March, and receipt number 03 was issued. On 29 March, total cash sales per cash register roll number 002 amounted to R12 426. On 30 March, a delivery truck costing R75 000 was purchased on credit. Additional information: VAT is calculated at 14% and is already included in the amounts above where applicable; P Home Dealers uses the periodic inventory system. Using the cash receipts journal and cash payments journal prepared for P Home Dealers, draw up the bank account for March 2014 in the general ledger, ensuring it is properly balanced or closed off at the end of the month.

4. Oct/Nov 2013, Q2.1.112 marks

   Sport Traders buys and sells sport equipment, is registered as a VAT vendor, and charges VAT at 14%. On 1 August 2013 the following debtors' balances appeared in its accounting records: Pretoria Soccer Club (folio DL1) R5 000; Pretoria Tennis Club (folio DL2) R8 000; Pretoria Rugby Club (folio DL3) R4 000; Pretoria Golf Club (folio DL4) R7 000. During August 2013 the following source documents were processed: (1) Duplicate tax invoice No 270 dated 3 August 2013 to Pretoria Rugby Club (VAT reg 4312345678) for 15 rugby balls (code RB10) at R550-00 each less a 10% discount of R825-00, giving a subtotal of R7 425-00, VAT of R1 039-50 and a total (on account) of R8 464-50. (2) Original credit note No 125 dated 4 August 2013 received from Gilbert Stores for 20 rugby balls (product no RB150) at R450-00 each, amount credited R9 000-00, VAT R1 260-00, total credit due R10 260-00. (3) Duplicate tax invoice No 271 dated 8 August 2013 to Pretoria Tennis Club (VAT reg 4387654321) for 90 tennis balls (code TB30) at R70-00 each, total price R6 300-00, VAT R882-00, total (on account) R7 182-00. (4) Original tax invoice No 1345 dated 9 August 2013 received from Slazenger Traders for 100 tennis balls (code TB250) at R50-00 each, total R5 000-00, VAT R700-00, total R5 700-00 (on account). (5) Duplicate credit note No 55 dated 9 August 2013 issued to Pretoria Tennis Club for 20 tennis balls (code TB30) at R70-00 each, amount credited R1 400-00, VAT R196-00, total credit due R1 596-00. (6) Duplicate tax invoice No 272 dated 12 August 2013 to Pretoria Soccer Club (VAT reg 4398745601) for 20 soccer balls (code SB20) at R400-00 each, total R8 000-00, VAT R1 120-00, total (on account) R9 120-00. (7) Duplicate credit note No 56 dated 13 August 2013 issued to Pretoria Soccer Club for 5 soccer balls (code SB20) at R400-00 each, amount credited R2 000-00, VAT R280-00, total credit due R2 280-00. (8) Original tax invoice No 1120 dated 18 August 2013 received from Nike Stores for 40 soccer balls (code SB650) at R300-00 each less a 10% discount of R1 200-00, subtotal R10 800-00, VAT R1 512-00, total R12 312-00 (on account). (9) Duplicate tax invoice No 273 dated 22 August 2013 to Pretoria Golf Club (VAT reg 4321324354) for 30 golf balls (code GB40) at R250-00 each, total R7 500-00, VAT R1 050-00, total (on account) R8 550-00. (10) Duplicate credit note No 57 dated 25 August 2013 issued to Pretoria Golf Club for 4 golf balls (code GB40) at R250-00 each, amount credited R1 000-00, VAT R140-00, total credit due R1 140-00. Note: you are not required to close off the journals at the end of the month, and all calculations must be shown. Using the transactions of Sport Traders for August 2013 described above, draw up the sales journal, providing columns for the document number, the day, the details (customer name), the folio reference, VAT output, sales, and debtors.

5. Oct/Nov 2013, Q2.1.29 marks

   Sport Traders buys and sells sport equipment, is registered as a VAT vendor, and charges VAT at 14%. On 1 August 2013 the following debtors' balances appeared in its accounting records: Pretoria Soccer Club (folio DL1) R5 000; Pretoria Tennis Club (folio DL2) R8 000; Pretoria Rugby Club (folio DL3) R4 000; Pretoria Golf Club (folio DL4) R7 000. During August 2013 the following source documents were processed: (1) Duplicate tax invoice No 270 dated 3 August 2013 to Pretoria Rugby Club (VAT reg 4312345678) for 15 rugby balls (code RB10) at R550-00 each less a 10% discount of R825-00, giving a subtotal of R7 425-00, VAT of R1 039-50 and a total (on account) of R8 464-50. (2) Original credit note No 125 dated 4 August 2013 received from Gilbert Stores for 20 rugby balls (product no RB150) at R450-00 each, amount credited R9 000-00, VAT R1 260-00, total credit due R10 260-00. (3) Duplicate tax invoice No 271 dated 8 August 2013 to Pretoria Tennis Club (VAT reg 4387654321) for 90 tennis balls (code TB30) at R70-00 each, total price R6 300-00, VAT R882-00, total (on account) R7 182-00. (4) Original tax invoice No 1345 dated 9 August 2013 received from Slazenger Traders for 100 tennis balls (code TB250) at R50-00 each, total R5 000-00, VAT R700-00, total R5 700-00 (on account). (5) Duplicate credit note No 55 dated 9 August 2013 issued to Pretoria Tennis Club for 20 tennis balls (code TB30) at R70-00 each, amount credited R1 400-00, VAT R196-00, total credit due R1 596-00. (6) Duplicate tax invoice No 272 dated 12 August 2013 to Pretoria Soccer Club (VAT reg 4398745601) for 20 soccer balls (code SB20) at R400-00 each, total R8 000-00, VAT R1 120-00, total (on account) R9 120-00. (7) Duplicate credit note No 56 dated 13 August 2013 issued to Pretoria Soccer Club for 5 soccer balls (code SB20) at R400-00 each, amount credited R2 000-00, VAT R280-00, total credit due R2 280-00. (8) Original tax invoice No 1120 dated 18 August 2013 received from Nike Stores for 40 soccer balls (code SB650) at R300-00 each less a 10% discount of R1 200-00, subtotal R10 800-00, VAT R1 512-00, total R12 312-00 (on account). (9) Duplicate tax invoice No 273 dated 22 August 2013 to Pretoria Golf Club (VAT reg 4321324354) for 30 golf balls (code GB40) at R250-00 each, total R7 500-00, VAT R1 050-00, total (on account) R8 550-00. (10) Duplicate credit note No 57 dated 25 August 2013 issued to Pretoria Golf Club for 4 golf balls (code GB40) at R250-00 each, amount credited R1 000-00, VAT R140-00, total credit due R1 140-00. Note: you are not required to close off the journals at the end of the month, and all calculations must be shown. Using the same August 2013 transactions of Sport Traders, draw up the sales returns journal, providing columns for the document number, the day, the details (customer name), the folio reference, VAT output, sales returns, and debtors.