ACC Project 1 (Open book)

20 February 2024
Name: _______________________________________
Total: 90 Marks

QUESTION 1 Tyhen’s Carwash (33 Marks)

Tyhen is a small business owner that decided to wash the cars in his neighbourhood:
Prices include:
Washing the car on the outside R55
Wash the car and vacuum inside R70
Wash, vacuum and polish R80

The following transactions took place for the month of April 2023.

1st of April
Received cash from Samdo and Tenan for washing their cars on the outside. Samdo
also asked for vacuuming the inside of the car.
Tyhen deposited R14 000 into the businesses bank account.

5th of April
Tyhen paid rent to his parents for using their garage as storage space for all his
equipment, and paid R2000 from the business bank account.

8th of April
The business had to buy a new vacuum from Makro, on credit, R5000.
Miss Mikaela paid for a car wash, vacuum and polish and paid the money into the
business bank account.

12th of April
The business bought stationary from PNA and paid by EFT, R150.

15th of April
Tyhen decided to employ one of his friends, Cohdo, to help with the carwash. He pays
Chodo a weekly wage of R200 by cash.
The business had to buy new sponges from Checkers on credit, R200.

18th of April
The local driving school brought 4 of their cars for a wash and vacuum and paid the
amount into the business bank account.

22nd of April
Tyhen’s neighbour, Miss Kirsti, asked for a wash, vacuum, and polish, but will only be
able to pay next week. Tyhen agreed to deliver the service.

23rd of April
The business paid Makro and Checkers the full amount that was outstanding to each via
EFT.
Required:
1. Book the transactions over to the applicable general ledger account.
2. Balance the accounts off at the end of the month.

BALANCE SHEET ACCOUNTS

Capital account

Cash account

Bank account

Equipment account

Makro account
 Checkers account

Miss Kirsti

NOMINAL ACCOUNTS
Current Income account

Rent expense account

Stationary account

Wages account

Consumables
QUESTION 2 SCOOBY LTD (57 Marks)

Scooby is the owner of a new costume shop.

The following transactions took place for the month of March 2023.

1. Scooby opened a business bank account and paid in R40 000 as capital.
2. He also bought a premises for R20 000 and paid by cheque.
3. The business paid R950 for insurance by cheque.
4. Scooby realised that the premises is too big for only his costume shop, so he
decided to rent out a part of the premises and received R200.
5. The business bought equipment and paid by cheque, R8 000.
6. A part of the premises had to be repaired, R70.
7. The business received a loan from ABC Bank, for R50 000 and paid it into the
business bank account.
10. Scooby Ltd bought goods, R950, and paid by cheque.
12. Scooby Ltd bought goods on credit from Shaggy Ltd, R1000.
14. Scooby Ltd sold goods, R650, on credit to Welma.
16. Scooby Ltd sold goods, R200, and received cash.
18. Scooby Ltd paid the amount owed to Shaggy Ltd by cheque.
20. Welma paid R500 in cash as part of the debt owed by her.
22. Scooby Ltd bought goods on credit from Fred Ltd, R690.
24. Scooby Ltd returned goods to Fred Ltd, as they were the wrong colour, R400.
26. Scooby Ltd paid the amount owed to Fred by cash.
28. Scooby Ltd received the bank statement and noticed items that Scooby Ltd has not
accounted for:
- Banking fees R100
- Cash handling fee R50
(hint – both go to one account named: Bank C….)

Required:
1. Book the transactions over to the applicable general ledger account.
2. Balance the accounts off at the end of the month.
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