FAC1503 May/Jun 2016 exam paper — questions

🔒 Scan locked

  1. Question 1.1 · Subsidiary journals and ledger · 3.5 marks

    Nanna Traders is a registered VAT vendor that applies the periodic inventory system, with VAT included at 14% in all applicable amounts. On 1 June 2015 the general ledger of Nanna Traders reflected the following balances: Sales R328 000; Purchases R174 000; Bank (favourable) R66 300; Creditors control R215 000; Debtors control R197 000. For the month ended 30 June 2015 the subsidiary journals of Nanna Traders reflected the following totals: the Cash Receipts Journal (CRJ) showed analysed receipts of R301 560, Bank R301 560, Sales R129 000, VAT output R18 060 and Debtors control R154 500; the Cash Payments Journal (CPJ) showed Bank R211 296, Purchases R86 400, VAT input R12 096 and Creditors control R112 800; the Sales Journal (SJ) showed Sales R322 500, VAT output R45 150 and Debtors control R367 650; the Sales Returns Journal (SRJ) showed Sales returns R73 500, VAT output R10 290 and Debtors control R83 790; the Purchases Journal (PJ) showed Purchases R117 900, VAT input R16 506 and Creditors control R134 406; the Purchases Returns Journal (PRJ) showed Purchases returns R10 800, VAT input R1 512 and Creditors control R12 312; and the General Journal (GJ) recorded an entry debiting Stationery R700 and VAT input R98, and crediting Chico Stationers/Creditors control R798, for stationery purchased on credit. Using this information, open the relevant ledger accounts in the general ledger of Nanna Traders using the opening balances given, and post the totals of the subsidiary journals to each required account at 30 June 2015. All accounts must be properly balanced at 30 June 2015, and must be prepared in the standard two-sided (Dr/Cr) general ledger account format illustrated in the question paper (using an 'Equipment' account as the example format). For Nanna Traders, open the Sales account in the general ledger using the opening balance of R328 000 given for 1 June 2015, and post the relevant totals from the subsidiary journals (including the Sales Journal, Cash Receipts Journal and Sales Returns Journal) to this account, balancing it properly at 30 June 2015.Show the full question

  2. Question 1.2 · Subsidiary journals and ledger · 3.5 marks

    Nanna Traders is a registered VAT vendor that applies the periodic inventory system, with VAT included at 14% in all applicable amounts. On 1 June 2015 the general ledger of Nanna Traders reflected the following balances: Sales R328 000; Purchases R174 000; Bank (favourable) R66 300; Creditors control R215 000; Debtors control R197 000. For the month ended 30 June 2015 the subsidiary journals of Nanna Traders reflected the following totals: the Cash Receipts Journal (CRJ) showed analysed receipts of R301 560, Bank R301 560, Sales R129 000, VAT output R18 060 and Debtors control R154 500; the Cash Payments Journal (CPJ) showed Bank R211 296, Purchases R86 400, VAT input R12 096 and Creditors control R112 800; the Sales Journal (SJ) showed Sales R322 500, VAT output R45 150 and Debtors control R367 650; the Sales Returns Journal (SRJ) showed Sales returns R73 500, VAT output R10 290 and Debtors control R83 790; the Purchases Journal (PJ) showed Purchases R117 900, VAT input R16 506 and Creditors control R134 406; the Purchases Returns Journal (PRJ) showed Purchases returns R10 800, VAT input R1 512 and Creditors control R12 312; and the General Journal (GJ) recorded an entry debiting Stationery R700 and VAT input R98, and crediting Chico Stationers/Creditors control R798, for stationery purchased on credit. Using this information, open the relevant ledger accounts in the general ledger of Nanna Traders using the opening balances given, and post the totals of the subsidiary journals to each required account at 30 June 2015. All accounts must be properly balanced at 30 June 2015, and must be prepared in the standard two-sided (Dr/Cr) general ledger account format illustrated in the question paper (using an 'Equipment' account as the example format). For Nanna Traders, open the Purchases account in the general ledger using the opening balance of R174 000 given for 1 June 2015, and post the relevant totals from the subsidiary journals (including the Purchases Journal and Cash Payments Journal) to this account, balancing it properly at 30 June 2015.Show the full question

  3. Question 1.3 · Subsidiary journals and ledger · 5 marks

    Nanna Traders is a registered VAT vendor that applies the periodic inventory system, with VAT included at 14% in all applicable amounts. On 1 June 2015 the general ledger of Nanna Traders reflected the following balances: Sales R328 000; Purchases R174 000; Bank (favourable) R66 300; Creditors control R215 000; Debtors control R197 000. For the month ended 30 June 2015 the subsidiary journals of Nanna Traders reflected the following totals: the Cash Receipts Journal (CRJ) showed analysed receipts of R301 560, Bank R301 560, Sales R129 000, VAT output R18 060 and Debtors control R154 500; the Cash Payments Journal (CPJ) showed Bank R211 296, Purchases R86 400, VAT input R12 096 and Creditors control R112 800; the Sales Journal (SJ) showed Sales R322 500, VAT output R45 150 and Debtors control R367 650; the Sales Returns Journal (SRJ) showed Sales returns R73 500, VAT output R10 290 and Debtors control R83 790; the Purchases Journal (PJ) showed Purchases R117 900, VAT input R16 506 and Creditors control R134 406; the Purchases Returns Journal (PRJ) showed Purchases returns R10 800, VAT input R1 512 and Creditors control R12 312; and the General Journal (GJ) recorded an entry debiting Stationery R700 and VAT input R98, and crediting Chico Stationers/Creditors control R798, for stationery purchased on credit. Using this information, open the relevant ledger accounts in the general ledger of Nanna Traders using the opening balances given, and post the totals of the subsidiary journals to each required account at 30 June 2015. All accounts must be properly balanced at 30 June 2015, and must be prepared in the standard two-sided (Dr/Cr) general ledger account format illustrated in the question paper (using an 'Equipment' account as the example format). For Nanna Traders, open the Bank account in the general ledger using the opening favourable balance of R66 300 given for 1 June 2015, and post the relevant totals from the subsidiary journals (including the Cash Receipts Journal and Cash Payments Journal) to this account, balancing it properly at 30 June 2015.Show the full question

  4. Question 1.4 · Subsidiary journals and ledger · 6 marks

    Nanna Traders is a registered VAT vendor that applies the periodic inventory system, with VAT included at 14% in all applicable amounts. On 1 June 2015 the general ledger of Nanna Traders reflected the following balances: Sales R328 000; Purchases R174 000; Bank (favourable) R66 300; Creditors control R215 000; Debtors control R197 000. For the month ended 30 June 2015 the subsidiary journals of Nanna Traders reflected the following totals: the Cash Receipts Journal (CRJ) showed analysed receipts of R301 560, Bank R301 560, Sales R129 000, VAT output R18 060 and Debtors control R154 500; the Cash Payments Journal (CPJ) showed Bank R211 296, Purchases R86 400, VAT input R12 096 and Creditors control R112 800; the Sales Journal (SJ) showed Sales R322 500, VAT output R45 150 and Debtors control R367 650; the Sales Returns Journal (SRJ) showed Sales returns R73 500, VAT output R10 290 and Debtors control R83 790; the Purchases Journal (PJ) showed Purchases R117 900, VAT input R16 506 and Creditors control R134 406; the Purchases Returns Journal (PRJ) showed Purchases returns R10 800, VAT input R1 512 and Creditors control R12 312; and the General Journal (GJ) recorded an entry debiting Stationery R700 and VAT input R98, and crediting Chico Stationers/Creditors control R798, for stationery purchased on credit. Using this information, open the relevant ledger accounts in the general ledger of Nanna Traders using the opening balances given, and post the totals of the subsidiary journals to each required account at 30 June 2015. All accounts must be properly balanced at 30 June 2015, and must be prepared in the standard two-sided (Dr/Cr) general ledger account format illustrated in the question paper (using an 'Equipment' account as the example format). For Nanna Traders, open the Debtors control account in the general ledger using the opening balance of R197 000 given for 1 June 2015, and post the relevant totals from the subsidiary journals (including the Cash Receipts Journal, Sales Journal and Sales Returns Journal) to this account, balancing it properly at 30 June 2015.Show the full question

  5. Question 1.5 · Subsidiary journals and ledger · 7 marks

    Nanna Traders is a registered VAT vendor that applies the periodic inventory system, with VAT included at 14% in all applicable amounts. On 1 June 2015 the general ledger of Nanna Traders reflected the following balances: Sales R328 000; Purchases R174 000; Bank (favourable) R66 300; Creditors control R215 000; Debtors control R197 000. For the month ended 30 June 2015 the subsidiary journals of Nanna Traders reflected the following totals: the Cash Receipts Journal (CRJ) showed analysed receipts of R301 560, Bank R301 560, Sales R129 000, VAT output R18 060 and Debtors control R154 500; the Cash Payments Journal (CPJ) showed Bank R211 296, Purchases R86 400, VAT input R12 096 and Creditors control R112 800; the Sales Journal (SJ) showed Sales R322 500, VAT output R45 150 and Debtors control R367 650; the Sales Returns Journal (SRJ) showed Sales returns R73 500, VAT output R10 290 and Debtors control R83 790; the Purchases Journal (PJ) showed Purchases R117 900, VAT input R16 506 and Creditors control R134 406; the Purchases Returns Journal (PRJ) showed Purchases returns R10 800, VAT input R1 512 and Creditors control R12 312; and the General Journal (GJ) recorded an entry debiting Stationery R700 and VAT input R98, and crediting Chico Stationers/Creditors control R798, for stationery purchased on credit. Using this information, open the relevant ledger accounts in the general ledger of Nanna Traders using the opening balances given, and post the totals of the subsidiary journals to each required account at 30 June 2015. All accounts must be properly balanced at 30 June 2015, and must be prepared in the standard two-sided (Dr/Cr) general ledger account format illustrated in the question paper (using an 'Equipment' account as the example format). For Nanna Traders, open the Creditors control account in the general ledger using the opening balance of R215 000 given for 1 June 2015, and post the relevant totals from the subsidiary journals (including the Cash Payments Journal, Purchases Journal, Purchases Returns Journal and the General Journal entry for stationery purchased on credit from Chico Stationers of R798) to this account, balancing it properly at 30 June 2015.Show the full question

The full Spot Map and the marks by year — and this paper’s scan.