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  • Formulas: Grade 9 Exercise 1

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    Simthandile Nosihle
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    The owner of Incredible Books, B. Brook, deposited R50,000 into the business bank account and purchased trading stock worth R12,300 from ABC Publishers. Various business transactions occurred including cash sales of R9,000, rent received of R1,700, commission income of R2,450, and fee income of R1,000. Expenses included a vehicle repair payment of R2,500 and a purchase of equipment by cheque. The transactions need to be recorded in the cash receipts journal, cash payments journal, general ledger, and balanced in the trial balance.

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    CRJ and CPJ

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    Online4

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    The owner of Incredible Books, B. Brook, deposited R50,000 into the business bank account and purchased trading stock worth R12,300 from ABC Publishers. Various business transactions occurred including cash sales of R9,000, rent received of R1,700, commission income of R2,450, and fee income of R1,000. Expenses included a vehicle repair payment of R2,500 and a purchase of equipment by cheque. The transactions need to be recorded in the cash receipts journal, cash payments journal, general ledger, and balanced in the trial balance.

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    © All Rights Reserved
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    15 views5 pages

    Formulas: Grade 9 Exercise 1

    Uploaded by

    Simthandile Nosihle
    The owner of Incredible Books, B. Brook, deposited R50,000 into the business bank account and purchased trading stock worth R12,300 from ABC Publishers. Various business transactions occurred including cash sales of R9,000, rent received of R1,700, commission income of R2,450, and fee income of R1,000. Expenses included a vehicle repair payment of R2,500 and a purchase of equipment by cheque. The transactions need to be recorded in the cash receipts journal, cash payments journal, general ledger, and balanced in the trial balance.

    Copyright:

    © All Rights Reserved
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    of 5

    Grade 9

    EXERCISE 1
    B. Brook started a bookshop with the name “Incredible books”.
    Post the following transactions in the CRJ and CPJ. Thereafter, Transfer the CRJ
    and CPJ figures to the GL and balance them off in the trail balance.
    Transactions for January 2014:
    1. The owner, B. Brook increased his capital with R50 000, deposited directly
    into the business account at ABC Bank. Issued receipt no.350. Cash sales per
    cash register roll, R3 000. (Mark-up is always 50%).
    18 Cash sales for the day, R9 000.
    20 Bought Trading Stock from ABC Publishers and issued cheque no. 220 for
    the amount R12 300.
    30 Received R700 from M Moon as payment for Commission income. Issued a
    receipt. Received rent from the tenant, P Malan, R1 700.
    31 Received an amount from C. Cool to pay for Commission income R1750.
    Issued a receipt to S. Samson for paying R1 000 for Fee income.
    Issued a cheque to pay Dladla Wholesalers for the purchase of Equipment.
    Issued a cheque to pay the amount owed to Pit Stop Garage R2 500 for Vehicle
    repairs.

    Formulas
    Cost of sales, Selling price
    What you have in Rands
    X (multiplied by)
    What you are looking for in % (percentage) form
    / (divided by)
    What you have in % (percentage) form
    Thus, C.O.S = 100%
    S.P = 100 + markup%
    Mark-up %
    Always given C.O.S and S.P
    S.P - C.O.S / C.O.S X 100

    CPJ OF INCREDIBLE BOOKS


    DOC DAY NAME OF PAYEE FOL. BANK TRADING EQUIPMENT SUNDRY ACCOUNTS
    STOCK AMT FOL. DETAILS

    CRJ OF INCREDIBLE BOOKS


    DOC DAY DETAILS FOL. ANALYSIS BANK SALES COST OF COM. SUNDRY ACCOUNTS
    OF SALES INC. AMT FOL. DETAILS
    RECEIPTS
    GENERAL LEDGER OF INCREDIBLE BOOKS
    CAPITAL B1

    DATE DAY DETAIL FOL. AMT

    BANK B2

    DATE DAY DETAIL FOL. AMT

    EQUIPMENT B3

    DATE DAY DETAILS FOL. AMT

    TRADING STOCK B4

    DATE DAY DETAIL FOL. AMT

    SALES N1

    DATE DAY DETAIL FOL. AMT


    COST OF SALES N2

    DATE DAY DETAIL FOL. AMT

    RENT INCOME N3

    DATE DAY DETAIL FOL. AMT

    COMMISSION INCOME N4

    DATE DAY DETAIL FOL. AMT

    FEE INCOME N5

    DATE DAY DETAIL FOL. AMT

    VEHICLE REPAIRS N6

    DATE DAY DETAIL FOL. AMT

    TRAIL BALANCE OF INCREDIBLE BOOKS


    FOL. DEBIT CREDIT
    BALANCE SHEET SECTION
    CAPITAL B1
    BANK B2
    EQUIPMENT B3
    TRADING STOCK B4
    NOMINAL ACCOUNT SECTION
    SALES N1
    COST OF SALES N2
    RENT INCOME N3
    COMMISSION INCOME N4
    FEE INCOME N5
    VEHICLE REPAIRS N6

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