B Tech Degree: Business Administration

Subject: FINANCIAL ACCOUNTING ASPECTS IV

Title of assignment: Question 6.1(A), Question 6.2 (B)

Loghdey, MS
Lovell, EC
Ntsele, NHF
Songo, A

189019670
193060728
208105360
205117430

Date of Submission: 20 September 2016

Lecturer: Mr E. Fongwa

Question 6,1(A)
1.
General ledger of Survivor Traders, 30 June x3

30/06/X3

Cost of
sales
Profit and
loss

Trading Account
R81 30/06/X
680,00 3
Sales
R118
420,00

R200
100,00

R200
100,00

R200
100,00
SALES 2037003600
CoS 12700045320
P&L 35000+2370+
920+2400+77730

2.

01/07/x2
1/12/x3

Bank
Bank

01/07/x3

Balance
b/d

Stationary on hand
Stationary
R300,00 30/06/x3 Expense
R1 020,00
Balance c/d
R1 320,00

R920,00
R400,00
R1 320,00

R400,00

3.
General Journal of Survivor Traders 30 June x3

31/3/x3 Bank
Interest Income
Interest of fixed deposit for past 6 months
30/6/x3 Accrued Income
Interest Income
Interest income not yet received for past 3
months
Rent expense

Debit
Credit
R500,00
R500,00

R250,00
R250,00

R2 400,00
2

Prepaid Expense: Rent

Rent paid in advance

R2 400,00

30/6/x6 Prepaid expense: Rent

Bank
Paid rent for the month of July

R600,00

30/6/x3 Stationary expense

Stationary on hand
Stationary used in the year

R920,00

R600,00

R920,00

Profit and loss

Stationary expense
Close off Stationary expense to profit and
loss

R920,00
R920,00

Porfit and Loss

Rent Expense
Close off Rent expense to profit and loss

R2 400,00

Profit and Loss

Sundry Expense
Close off sundry expense to profit and loss

R2 370,00

R2 400,00

R2 370,00

Profit and Loss

salaries and wages
Close off salaries and wages account to
profit and loss

R35 000,00

Trading Account
Cost of sales
Close off sales account to profit and loss

R81 680,00

R35 000,00

R81 680,00

Sales
Trading Account
Close off sales income to trading account

R200 100

Profit and loss

Accumulated profit
Close off profit for the year to accumulated
profit account

R118 420

Accumulated Profit
Drawings

R200 100

R118 420

R19 200,00
R19 200,00
3

Close off drawings to accumulated profit

account
4.a.
4.b.

R400
R750

Question6.2(B)
1.
General Journal of Kayser Stores 31 October X1

Debit
31/10/x
1

Consumable Stores

Credit

R3 770,00

Consumable Store on hand

R3 770,00

Consumable stores consumed

Advertising

R13 000,00

Prepaid Expense: Advertising

R13 000,00

Advertising used for the year

Rates and taxes

R600,00

Accrued expense

R600,00

Rates and taxes not yet paid

Depreciation

R5 500,00

Accumulated depreciation on vehicles

R5 500,00

Depreciation on vehicles for the year

Subscription income

R2 600,00

I ncome received in advance:

Subscription income
4

R2 600,00

Income received in advance for

subscription income

2.
General ledger of Keyser Stores 31 October X1

01/11/X0
1/12/x0

Balance b/d
Bank

Prepaid Expense: Advertising

R14 700,00
Advertising
R9 250,00
Balance c/d
R23 950,00

01/11/X1

Balance b/d

R10 950,00

01/11/X0
1/12/x0

Balance b/d
Bank

Prepaid Expense: Advertising

R5 450,00
Advertising
R9 250,00
Balance c/d
R14 700,00

01/11/X1

Balance b/d

R13
R10
R23

2.

R1 700,00

R13
R1
R14