Homework Answers
| General Ledger | Assets | Owner's Equity | ||||
| S. No. | Accounts debited | Accounts credited | Effect | Reason | Effect | Reason |
| 1 | Bank | Sales | + 230 | Cash increased | + 130 | Profit earned |
| Cost of Sales | Trading Stock | - 100 | Trading stock decreased | |||
| 2 | Bank | Sales | + 368 | Cash increased | + 138 | Profit earned |
| Cost of Sales | Trading Stock | - 230 | Trading stock decreased | |||
| Note : Calculation of stock price in 2nd case : | ||||||
| Profit = 60% Cost | ||||||
| Sale price = R368 | ||||||
| Let Cost of stock be X | ||||||
| Now, Cost + Profit = Sales -> X + 60%X = 368 -> 160%X = 368 -> X = 368/160% = R230 | ||||||
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>> Activity 2.7 Interpret the transactions according to the table below. An example has already been...
Activity 2.8 Analyse the following transactions according to the table below. An example has already been...
Activity 2.8 Analyse the following transactions according to the table below. An example has already been completed. (66) Example Paid the telephone account at Grocery Garden, R312. General Ledger Assets Date Account Account Effect Reason credited Telephone Bank -R32 Cash decreases Owner's Equity Effect Reason -R312 Telephone expense Transactions 01 M Eugan increased his capital contribu to R250 000. Was issued with receipt ne the amount directly into the busines business has a profit margin of 25%.) iral contribution from...
Analyse the following transactions according to the table below. An example has already been completed. (66)...
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Note: Ignore the effect of VAT on all the transactions. Complete the following subsidiary journals in...
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on all the transactions.
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(22)
Cash Receipts Journal of Superheroes SA for October
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Doc no.
D
Details
F
Analysis of Receipts
Bank
Sales
Cost of Sales
Debtors Control
Sundry Accounts
Amount
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Details
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Transactions
Activity 2.8 Analyse the following transactions according to the table below. An example has already been completed. (66) Example Paid the telephone account at Grocery Garden, R312. General Ledger Assets Date Account Account Effect Reason credited Telephone Bank -R32 Cash decreases Owner's Equity Effect Reason -R312 Telephone expense 21 Issued a cash cheque to the owner for own use, R570. 26 Received Ri 110 from J Summers for the past month's rent. Cash sales of goods, R2 550 29...
Activity 2.6 Analyse the transactions according to the table below. An cumple has already been completed. Example Paid Ricky Traders for stationery purchased, R22. Account Account Assets credited Effect Reason Stationery Bank -22 Cash decreased Owner's Equity Effect Reason 22 Stationery expense Transactions 1. Bought merchandise to the value of R2 400 and issued a cheque for it. 2 Received goods of Ri 450 and issued a cheque for it. (6)
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Note: Ignore the effect of VAT
on all the transactions.
Complete the following subsidiary
journals in the below EXACT formal:
Cash Receipts
Journal
(22)
Cash Receipts Journal of Superheroes SA for October
2019
Doc no.
D
Details
F
Analysis of Receipts
Bank
Sales
Cost of Sales
Debtors Control
Sundry Accounts
Amount
F
Details
Question 2 [70] Please read the following scenario carefully and then use the information provided to answer the questions. John Brown, the owner of Superheroes SA,...
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Show the effect of each of the seven listed transactions on the balance sheet items of Distinctive Draperies. Indicate the new balances after the transaction of May 2 and each subsequent transaction. The effects of the May 1 transaction are already filled in to provide you with an example. Note that the example has a + or - in addition to the amount for each account affected. May 1 Issued capital stock for $75,000 2 Purchased a small office building...
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