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KK Stores Is A Retail Business Operating in Madadeni Selling and Buying Goods On Credit
KK Stores Is A Retail Business Operating in Madadeni Selling and Buying Goods On Credit
They
have recently appointed an inexperienced clerk who is unfamiliar with recording of
transactions to various journals. You have been requested to assist in the following aspects.
• Cash Payments Journal (Bank, Trading stock, wages, creditors control [payments], and Discount
received).
• Creditors Journal (Creditors control, Trading stock, stationery, equipment)
• Creditors Allowances Journal (Creditors control, Trading stock, stationery)
1 Bought merchandise on account according to invoice no. 1 from BB suppliers, R10 000.
4 An equipment to the value of R 5 000 was purchased on account from Boss Equip.
10 An order for merchandise from JJ wholesalers was received and EFT 20 for R12 000 was
issued after receiving 4% trade discount.
17 Returned merchandise purchased on credit from BB Suppliers, R1500. Debit note 1 was
issued.
22 An EFT for R3 000 was forwarded to BB Suppliers in part payment of our account.
28 Stationery for R200 purchased from PJ Stationers was returned back to the supplier as per
debit note 2.
30 Paid R10 000 to BB suppliers in settlement of our account, an EFT was issued.
31 Paid 50% of our outstanding debt to Boss Equip, EFT was issued
2 Post the above transactions to the Creditors ledger of KK stores in respect of the following
creditors:
• BB Suppliers (opening balance on 1 January 2024 (R 5000)
• Boss Equip (opening balance on 1 January 2024 (1500)
• PJ Suppliers (opening balance on 1 January 2024 (R500)
e.g