FAC1503 Oct/Nov 2013 paper — every question, as asked

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Question 1.1 · Subsidiary journals and ledger · 3 marks
The following details relate to Duduzile Traders for January 2012. On 1 January 2012 the general ledger of Duduzile Traders reflected these opening balances: creditors control R166 000; sales R291 000; purchases R162 000; debtors control R114 000. For the month ended 31 January 2012 the subsidiary journals of Duduzile Traders showed the following totals. The Cash Payments Journal (CPJ) totalled: bank R229 020; creditors control R112 800; purchases R86 400; VAT input R12 096. The Cash Receipts Journal (CRJ) totalled: bank R381 690; debtors control R154 500; sales R129 000; VAT output R18 060. The Sales Journal (SJ) totalled: sales R322 500; debtors control R367 650; VAT output R45 150. The Sales Returns Journal (SRJ) totalled: debtors control R83 790; sales returns R73 500; VAT output R10 290. The Purchases Journal (PJ) totalled: purchases R117 900; creditors control R134 406; VAT input R16 506. The Purchases Returns Journal (PRJ) totalled: creditors control R12 312; purchases returns R10 800; VAT input R1 512. The General Journal (GJ) recorded machinery of R58 050 plus VAT input of R8 127, credited to Malusi Distributors/Creditors control for R66 177, being machinery purchased on credit. You are required to open the relevant accounts in the general ledger of Duduzile Traders, starting with the balances given as at 1 January 2012, and thereafter post the applicable information from the subsidiary journals for January 2012 to those general ledger accounts. Using the information for Duduzile Traders given in the introduction, open the sales account in the general ledger, starting with the balance on 1 January 2012, post the relevant amounts from the subsidiary journals for January 2012, and show the account properly totalled at 31 January 2012.Show the full questionShow less
Question 1.2 · Subsidiary journals and ledger · 6 marks
The following details relate to Duduzile Traders for January 2012. On 1 January 2012 the general ledger of Duduzile Traders reflected these opening balances: creditors control R166 000; sales R291 000; purchases R162 000; debtors control R114 000. For the month ended 31 January 2012 the subsidiary journals of Duduzile Traders showed the following totals. The Cash Payments Journal (CPJ) totalled: bank R229 020; creditors control R112 800; purchases R86 400; VAT input R12 096. The Cash Receipts Journal (CRJ) totalled: bank R381 690; debtors control R154 500; sales R129 000; VAT output R18 060. The Sales Journal (SJ) totalled: sales R322 500; debtors control R367 650; VAT output R45 150. The Sales Returns Journal (SRJ) totalled: debtors control R83 790; sales returns R73 500; VAT output R10 290. The Purchases Journal (PJ) totalled: purchases R117 900; creditors control R134 406; VAT input R16 506. The Purchases Returns Journal (PRJ) totalled: creditors control R12 312; purchases returns R10 800; VAT input R1 512. The General Journal (GJ) recorded machinery of R58 050 plus VAT input of R8 127, credited to Malusi Distributors/Creditors control for R66 177, being machinery purchased on credit. You are required to open the relevant accounts in the general ledger of Duduzile Traders, starting with the balances given as at 1 January 2012, and thereafter post the applicable information from the subsidiary journals for January 2012 to those general ledger accounts. Using the information for Duduzile Traders given in the introduction, open the debtors control account in the general ledger, starting with the balance on 1 January 2012, post the relevant amounts from the subsidiary journals for January 2012, and show the account properly balanced at 31 January 2012.Show the full questionShow less
Question 1.3 · Subsidiary journals and ledger · 4 marks
The following details relate to Duduzile Traders for January 2012. On 1 January 2012 the general ledger of Duduzile Traders reflected these opening balances: creditors control R166 000; sales R291 000; purchases R162 000; debtors control R114 000. For the month ended 31 January 2012 the subsidiary journals of Duduzile Traders showed the following totals. The Cash Payments Journal (CPJ) totalled: bank R229 020; creditors control R112 800; purchases R86 400; VAT input R12 096. The Cash Receipts Journal (CRJ) totalled: bank R381 690; debtors control R154 500; sales R129 000; VAT output R18 060. The Sales Journal (SJ) totalled: sales R322 500; debtors control R367 650; VAT output R45 150. The Sales Returns Journal (SRJ) totalled: debtors control R83 790; sales returns R73 500; VAT output R10 290. The Purchases Journal (PJ) totalled: purchases R117 900; creditors control R134 406; VAT input R16 506. The Purchases Returns Journal (PRJ) totalled: creditors control R12 312; purchases returns R10 800; VAT input R1 512. The General Journal (GJ) recorded machinery of R58 050 plus VAT input of R8 127, credited to Malusi Distributors/Creditors control for R66 177, being machinery purchased on credit. You are required to open the relevant accounts in the general ledger of Duduzile Traders, starting with the balances given as at 1 January 2012, and thereafter post the applicable information from the subsidiary journals for January 2012 to those general ledger accounts. Using the information for Duduzile Traders given in the introduction, open the VAT output account in the general ledger, post the relevant amounts from the subsidiary journals for January 2012, and show the account properly balanced at 31 January 2012.Show the full questionShow less
Question 1.4 · Subsidiary journals and ledger · 7 marks
The following details relate to Duduzile Traders for January 2012. On 1 January 2012 the general ledger of Duduzile Traders reflected these opening balances: creditors control R166 000; sales R291 000; purchases R162 000; debtors control R114 000. For the month ended 31 January 2012 the subsidiary journals of Duduzile Traders showed the following totals. The Cash Payments Journal (CPJ) totalled: bank R229 020; creditors control R112 800; purchases R86 400; VAT input R12 096. The Cash Receipts Journal (CRJ) totalled: bank R381 690; debtors control R154 500; sales R129 000; VAT output R18 060. The Sales Journal (SJ) totalled: sales R322 500; debtors control R367 650; VAT output R45 150. The Sales Returns Journal (SRJ) totalled: debtors control R83 790; sales returns R73 500; VAT output R10 290. The Purchases Journal (PJ) totalled: purchases R117 900; creditors control R134 406; VAT input R16 506. The Purchases Returns Journal (PRJ) totalled: creditors control R12 312; purchases returns R10 800; VAT input R1 512. The General Journal (GJ) recorded machinery of R58 050 plus VAT input of R8 127, credited to Malusi Distributors/Creditors control for R66 177, being machinery purchased on credit. You are required to open the relevant accounts in the general ledger of Duduzile Traders, starting with the balances given as at 1 January 2012, and thereafter post the applicable information from the subsidiary journals for January 2012 to those general ledger accounts. Using the information for Duduzile Traders given in the introduction, open the creditors control account in the general ledger, starting with the balance on 1 January 2012, post the relevant amounts from the subsidiary journals (including the General Journal entry for machinery purchased on credit from Malusi Distributors) for January 2012, and show the account properly balanced at 31 January 2012.Show the full questionShow less
Question 2 · Accounting equation · 21 marks
SV Traders is the entity under review. It is not registered as a VAT vendor, and it applies the periodic inventory system. During October 2012 the following transactions were entered into by SV Traders: on the 7th, inventory worth R7 000 less a 15% trade discount was bought on credit, with the creditor offering a 5% settlement discount if payment is made within 30 days, and SV Traders plans to settle the account in December 2012; on the 15th, SV Traders issued a credit note to Ms T Talkative to correct a R576 pricing error on goods she had previously bought; on the 19th, SV Traders received a donation in the form of an open stand worth R78 000 from the municipality; on the 23rd, the owner, Mr Samuel Vermeulen, used the business debit card to pay R12 000 for his personal golf club membership subscriptions; on the 29th, SV Traders paid R5 000 customs duty on spare parts imported from South Korea; and on the 31st, it was noted that a debtor, T Thokho, has owed the entity R3 500 since 1 April 2012, with interest charged on overdue accounts at 12% per annum still needing to be recorded. Required: Analyse each of the above SV Traders transactions in tabular form, showing for every transaction the date, the account to be debited, the account to be credited, and the effect of the transaction on the basic accounting equation (split into the Assets, Equity and Liabilities columns, each in Rand). An example is provided: on 1 December, the owner deposited R50 000 into the business bank account as a capital contribution, which is shown as Bank +50 000 under Assets and Capital +50 000 under Equity, with a dash under Liabilities. Note that the accounting equation columns must NOT be totalled, every amount must be preceded by a plus sign (+) for an increase or a minus sign (-) for a decrease, and all calculations must be shown.Show the full questionShow less

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