8 If a creditors account decreases, it is reflected in the debit column. Debtors Ledger: S. Samson D1 R 2 400 C. Cool D2 R 1 100 Some of the transactions of “DJ„s Music Store” for December 20..: 1 The owner, Mr. DJ Jackson increased his capital with R50 000, deposited directly into the business account at ABC Bank. To get the amount of R500 at the end of the month, one needs to work backwards. Included in this amount there may also be money that the business pays back to the debtor with a credit balance = cheque counterfoil. 3 Debit notes issued to supplies. Receive a cheque from J. Abrahams to settle his account of the 1 June after 5% discount. New Era Grade 10 June Exemplar paper QUESTION 2: GENERAL JOURNAL AND SUBSIDIARY LEDGERS (45 marks; 30 minutes) The incomplete Debtors Ledger account of S. Rugbar and the incomplete Creditors Ledger account of Hoosain Suppliers taken from the books of Singh Traders are provided below: REQUIRED: 2.1 Refer to Information B. 16.7 What is the source document for the debit recording for “Bank, CPJ, R8 400”? If an error has been made in a subsidiary journal, the following should happen:  Transaction is omitted = do a recording in the relevant journal. no money was paid by the customer at the time the sale was made. Use mindmaps, flow diagrams and/or notes. The trade discount is not entered in the business’s books, but only the net purchases. RECONCILIATION OF DEBTORS WORKSHEET 1 Reconcile the individual debtors accounts (total of debtors list) with Debtors control account At the end of every month it is normal procedure to compare the balance of the debtor’s control account with the total of the debtor’s list. RECONCILIATION OF DEBTORS. DEBTORS: ... 10 Petty Cash PCJ Debtors Allowances DAJ 31 Sales DJ Journal Credits GJ Bank (R/D) CPJ Balance c/d Journal Debits GJ 2001 Sept 1 Balance b/d J … Trading stock shortage or deficit is an expense to the business. 2 The total of the Debtors Journal was undercast by R240 and the Creditors Journal was overcast by R180.  CIL stands for Capital, Income and Liabilities and have credit balances. 6 Folio numbers of debtors in the Debtors Ledger. Issue receipt 145. 2. Make sure your teenager has enough time to relax, do sport, play music and spend time with friends. Quick Upload ... Lucia Traders decided to transfer the account of Marais Traders to the Debtors Ledger. A formula is always used. 12 The balance is taken over to the other side of the equation to indicate the start of a new month. Grade 10 Physical Sciences: Physics Study Guide, X-kit Achieve Literature Study Guide: Prescribed Poetry for IsiZulu Home Language, X-kit Achieve! An increase in these accounts will also be debited and a these accounts will also be credited and a decrease will be credited. Journal credits/Sundry accounts will be written in the details column. Answer all the questions on the answer sheets provided. 11 Total amount of returns/Allowances per transaction 12 The folio number will be used to indicate the account the amount will be posted to in the General Ledger. Create a realistic timetable to cover all the sections in all the subjects you are studying and try to stick to it. Via Afrika Publishers » Accounting Grade 10 61, CPJ Details Sundry accounts Fol Amount Wages Debtors control 62 Discount received 5 Financial accounting of a sole trader Term 1 Topic Creditors control June 2010 Trading stock Cash Payments Journal of Lonely Traders – Bank Fol Name of payee Via Afrika Publishers » Accounting Grade 10 Answer sheet Day Doc, Term 1 Topic 5 Financial accounting of a sole trader 2.3.5 Creditors’ Journal Example of a Creditors Journal Creditors Journal of Enough Traders (1) – May 2010 CJ (2) Doc Day Creditor Fol Credit- Trading Statio- Sundry account (10) ors stock nery Amount Fol Details control (3) (4) (5) (6) (7) (8) (9) (11) (12) (13) Explanation of a Creditors Journal (This explanation must be studied together with the example in 2.3.5) 1 Name of the subsidiary journal, name of the business and the month in which the journal was prepared. Activity 16 (Analysis - Trading stock account) Required Analyse the Trading stock account in the books of Sophie Traders for September 2010 and answer the questions that follow. grade 10 november 2017 accounting answer book question max marks marks obtained moderated marks 1 55 2 55 3 65 4 40 5 30 6 55 300 this answer book consists of 15 pages. This reduction is called trade discount. DJ (Debtors Journal)  Debtors control will be debited with the Sales amount and Sales will be credited. 06/03/2020 Downloaded from Stanmorephysics.com. 12 Buy the following on credit from Solly Wholesalers:  Goods, R6 400  Paper for the printer, R280 Via Afrika Publishers » Accounting Grade 10 81, Term 1 Topic 5 Financial accounting of a sole trader Re-number the invoice to 140. The contra account is reflected as Creditors control which means that this was a credit transaction. Toggle navigation. Transactions: June 2011 1 The business decides to have a petty cash box for small transactions.  This means that all the other accounts (excluding Cost of sales) will be credited. Request a further R300 from the head cashier to add to petty cash. Stay positive and confident! internal control measure applied by detecting and controlling undesired events. This amount was included in the debtors control column in the Cash Receipts Journal. Grade 11 English First Additional Language Study Guide, X-kit Achieve Literature Study Guide: Prescribed Poetry for English FAL, X-kit Presteer! Via Afrika Publishers » Accounting Grade 10 68, Term 1 Topic 5 Financial accounting of a sole trader 3 Write in balance (c/d) and the balance (b/d). 4 A description of the transaction and the voucher. Note: The business uses a mark-up of 66⅔% on cost price.  Discount cancelled on a dishonoured cheque. Answer sheet Creditors’ ledger of BrutoLtd. A percentage discount is calculated on the total purchases. Debtors’ list on 31 May 2010 J. Abrahams R4 500 N. Rossouw R3 800 M. Nelson R2 600 Transactions: May 2011 1 The owner, R. Bosch, increased his capital contribution from R185 400 to R210 000 by depositing the money in the business bank account. 4 The amount received from C. Maduna was posted to the credit side of the account of C. Maduma, R144. Lennox High’s Grade 10 learners have been running a small tuck-shop business at school during break time. 6 The amount of R458 must be requested from the head cashier to restore the petty cash balance. Grade 11 Life Sciences Study Guide, X-kit Achieve! Save R85 on X-kit Achieve Study Packs. 28 Issue invoice 55 to M. Nelson for goods sold on credit, R480. Via Afrika Publishers » Accounting Grade 10 63, Term 1 Topic 5 Financial accounting of a sole trader Net purchases = Total purchases – trade discount Example Buy goods to the value of R6 800 from Tom Suppliers and receive 20% trade discount. Answer sheet Creditors Allowances Journal of Lonely Traders – May 2010 CAJ Doc Day Creditor Fol Creditors Trading Statio- Sundry account (10) control stock nery Amount Fol Details Via Afrika Publishers » Accounting Grade 10 66, Term 1 Topic 5 Financial accounting of a sole trader 2.3.7 Petty Cash Journal Example of a Petty Cash Journal Explanation of a Petty Cash Journal (This explanation must be studied together with the example in 2.3.7) 1 Name of the subsidiary journal, name of the business and the month in which the journal was prepared. Grade 6 Grade 7 Grade 8 ... Grade 10; Accountancy; Trial Balance; Trial Balance; Find Your Query Syllabus. As starting point therefore debtors owe less money after these debtors' allowances. Grade 12 Mathematics Study Guide, X-kit Achieve! This amount will be the amount paid to creditors plus discount received. 9 This column contains the selling price of trading stock sold for cash. At the end of every month it is normal procedure to compare the balance of the debtor’s control account with the total of the debtor’s list. Make some sheets your students can stick on a wall or at the back of their books. 22 Sell goods on credit to J. Abrahams for R1 500. GENERAL LEDGER OF SUNSHINE TRADERS Dr DEBTORS’ CONTROL Cr 2019 Sep 01 Balance b/d 2019 Sep 30 Bank and discount allowed CRJ 30 20 Prepare a correct list of debtors as at 30 September 2019.2.2 DEBTOR Debit Credit S Taylor 6 500 P Africa G Kruger M Ahmed … 3. (also called expense) money that the business spends. The purpose of this guide is to assist teachers and learners in Grade 10 - 12 to manage and provide a detailed study of the Accounting processes. Required Use the columns on the answer sheet to indicate how the errors and omissions must be recorded to reconcile the control accounts with debtors’ and creditors’ lists. These should be in numerical order. … decrease will be debited. The entry was recorded in the Petty Cash Journal, but not posted to the ledger. GRADE 10 NOVEMBER 2017 ACCOUNTING MARKS: 300 TIME: 3 hours This question paper consists of 15 pages and a 15 page answer book. ACCOUNTING GRADE 10 TERM 2 : 2020 REVISED ATP Developer : T. Nobala (Provincial Planner) YEAR-END ADJUSTMENTS NOTE: Adjustments are building blocks to Financial Statements hence reference will often be made to Financial Statements as introduced to you in Grade 9. ACCOUNTING GRADE 10 TERM 2 : 2020 REVISED ATP Developer : T. Nobala (Provincial Planner) YEAR-END ADJUSTMENTS ... ledger or stock records. 28 Donate R4 000 (cost price) worth of trading stock to the local old age home.  Items debtors received an allowance for but kept in their possession do not have an amount in the Cost of sales column as it was not taken back into stock. 18.2 Show the contra account for the amount of R21 800 on the credit side. Bank Debtors’ Discount control allowed R2 280 R2 400 R120 Bad debts recovered Bad debts will be entered in the General Journal (will be discussed later in the unit) but bad debts recovered will be entered in the CRJ. Graad 10 Wiskunde Studiegids, X-kit Achieve! Grade 12 Geography Exam Practice Book, X-kit Achieve! Example of a Trading stock account Dr. Trading stock B6 Cr. 2 Folio reference number of the Creditors Journal. Graad 12 Lewenswetenskappe Studiegids, X-kit Presteer! Step 5 Trial balance A Trial balance is a list of entries made on the debit and credit sides of the ledger accounts. Rekeningkunde hersieningsaktiwiteite, Gr 10 -12 gekoppel aan... 31 Ratings . 26 J. Abrahams returned stock to the value of R120.  This means that the other accounts will be debited as contra accounts. 2 The correct Creditors list. 6 For each debtor there needs to be a separate account in the Debtors’ Ledger.  If posting to the wrong account = take the amount out of the account and place it in the correct account. (Mark-up is always 50%) 4 5 Sold trading stock on credit to S. Samson, R1 200. Always set the cost price equal to 100%. Solly Wholesalers CL5 Date Details Fol Debit Credit Balance 2.4.4 Advanced ledger accounts Trading stock It is important to remember that amounts shown in the Trading stock account are always at cost price. Exam practice is essential. Make sure the exam papers relate to the correct version of the curriculum. Literature Study Guide: The Crucible, X-kit Presteer Graad 12 Letterkunde Studiegids: Voorgeskrewe gedigte (EAT), X-kit Achieve! 8 An amount of R180 in the debtors control column in the Cash Receipts Journal was not posted. debtors and creditors reconciliations sole trader Grade 9 Top Accounting Exam Name 2 General Ledger 35 23 Creditors Journal of Idols for October 2011 Doc Day Creditor Control Accounts Practice Questions received Balance in sales ledger set off against Cash at bank Creditors Capital 48 … Issue petty cash voucher 80. Grade 10 Accounting Notes SET 3: CREDITORS Name: _____ 2 INTRODUCTION TO CREDITORS – GRADE 10 ACC PROBLEM SOLVING Merri Stores has two creditors. Record these transactions in the following debtors’ ledger account of the business: M. Motaung (D5). 36. CREDIT TRANSACTIONS. Each payment that occurs is written down on a petty cash voucher (source document) and authorised by the petty cash cashier and a senior manager of the business. 2. Give R120 discount. To determine the percentage, the selling price percentage should be determined as we know that the cost price percentage is 100%. 31 The total payments from petty cash for the month are R890. Abbreviations may be used such as INV for invoice, CHQ for cheque. sales Accounting C Someone to whom the business owes money Journal D When income exceed expenses Ledger E A business that renders … Grade 11 & 12 Information Technology Study Guide, X-kit Presteer! When you are writing an exam, first write down all the formulae or important facts you are worried about forgetting. Trade discounts are allowed for cash or … 6 Folio numbers of creditors in the Creditors Ledger. Many subjects require students to know work from the previous grades. Speak openly to your child so that he feels that he can share problems or concerns with you. Use the Debtors journal, Debtors allowances journal and Cash receipts journal recorded in Activity 2.4.A (see next page, p.10) to complete the following instructions: a) Post from the Debtors Journal to the Debtors ledger and General ledger of Grade 11 English Home Language Exam Practice Book, X-kit Achieve! This amount will be deposited into the business’s bank account. This is normally the result of entries in the Creditors Journal. 23 Buy goods for R2 600 from Solly Wholesalers and pay with cheque 278. 11 Total amount paid out of the petty cash per transaction 12 The folio number will be used to indicate the account the amount will be posted to in the General Ledger. Literature Study Guide: Lien se lankstaanskoene, X-kit Achieve! As debtors owe the business money it… The purpose of the Debtors Ledger is … Reconcile the individual debtors accounts (total of debtors list) with Debtors control account. 4 The date of the entry needs to be shown. Grade 11 Accounting Study Guide, X-kit Achieve! 6 Total discount received from creditors for items returned to them during the month = Duplicate debit note. Creditors’ Control Account Example Dr. Creditors’ control B6 Cr. 5 Name of the debtor (client) to whom the goods were sold on credit. Activity 14 (Debtors ledger) Required Certain transactions of the business Dhlamini Traders are given. Creditors’ List on 31 May 2010 RN Wholesalers R14 200 Sam Distributors R8 800 Davido Traders R5 600 Transactions: May 2011 1 Receive the account statement from RN Wholesalers. The balances at 1 Feb 2009 were as follows: Moore Distributors R8 400 Moni Wholesales R4 200 ... Creditors control is credited and the individual creditor is credited in the Creditors Ledger. 6 Folio numbers of debtors in the Debtors Ledger. Accounting Grade 10 9 LimpopoDoE/November 2017 NSC_Memorandum 12 12 4.2 Draw up a corrected Debtors List after taking into account all the errors and omissions. 17.3 What is the contra account for the amount of R240 on the debit side? Literature Study Guide: Strange Case of Dr. Jekyll and Mr. Hyde, X-kit Achieve Literature Study Guide: Prescribed Poetry for English Home Language, X-kit Achieve! Literature Study Guide: Impi Yabomdabu Isethunjini (isiZulu Home Language). Issue invoice 149. Grade 10 Accounting. Enter the transactions of Goofy Gardening for November 2015 in the General Ledger. 2 The name of the account needs to appear in the centre of the line. Introductory Remarks: Various journals are prepared to accommodate transactions of a specific nature. The head cashier draws a cheque to restore the petty cash balance of R700. b The trader did not give trade discount on the invoice. 18.4 What is the amount owed to creditors on 31 March 2011? Reasons may include: a The wrong trading stock was delivered. INFORMATION: General Ledger of Lebogang Traders Trading Stock 2015 July 01 Balance b/d 16 220 2015 July 31 Creditors control (c) 500 31 Bank CPJ 8 770 ? Encourage your learners to find out what works for them so you can support them. Sometimes it happens that the cheque is only drawn at the beginning of the following month. ACCOUNTING GRADE 9 . 8 Analysis column for Postage.  Debtors control will therefore be credited with the Debtors Allowances amount and Debtors Allowances need to be debited. Grade 11 English Home Language Study Guide, X-kit Achieve! Creditors control (the contra account) will be debited with the same amount. Literature Study Guide: Onderwêreld, X-kit Achieve! 19 Cash cheque 131 for wages, R1 550. 6 In the folio column, reference need to be made to the journal where the entry has been recorded. Graad 12 Wiskunde Studiegids, X-kit Achieve! To correct the error, the account of M. Visagie must be debited with R400 (R200 to cancel the credit entry and R200 with the correct recording) Debtors’ control account Example Dr. Debtors’ control B7 Cr. Via Afrika Publishers » Accounting Grade 10 56, Term 1 Topic 5 Financial accounting of a sole trader 11 Total cost of sales for goods returned that took place. 8 The total of the Creditors’ control account that will be credited in the General Ledger. 17.6 Calculate the amount owed by the debtors on 31 March 2011. Record these transactions directly into the creditor, Solly Wholesalers’ (CL5) account, in the creditors’ ledger. Grade 12 Business Studies Study Guide, X-kit Achieve! Grade 10. Literature Study Guide: To Kill a Mockingbird, X-kit Achieve! 28 Pay the salary of the secretary (R. Rheeder) with cheque 135, R12 000. The contra account is reflected as Bank which means that this was a cash transaction in the Cash Payments Journal. Answer sheet Debtors’ ledger of Dhlamini Traders M. Motaung DL5 Date Details Fol Debit Credit Balance Via Afrika Publishers » Accounting Grade 10 80, Term 1 Topic 5 Financial accounting of a sole trader 2.4.3 Creditors ledger Explanation of the Creditors ledger Creditors’ ledger of Enough Traders (1) M. Mthuli (2) CL5 (3) Date Details Fol Debit Credit Balance (4) (5) (6) (7) (8) (9) 1 The type of ledger and the name of the business have to be reflected. Issue journal voucher 36. The difference between the amounts is reflected as 'balance'.  Posting mistake to an individual debtor/creditor account = correct on list. Use the formula: CP + P =SP 100 + 25 = 125 Golden rule: The amount you are looking for goes on top.  Correction of errors. Literature Study Guide: Macbeth FAL, X-kit Achieve! Literature Study Guide: Ngenxa Yesithembiso (isiXhosa Home Language), X-kit Achieve! 27 Buy stationery for R230 from SNA Traders and pay out of the petty cash. Solution: Trial Balance. Selling price Profit margin Purchase price (cost) 1 R20 800 100% R? J Cansfield Grade 11 Revision GENERAL LEDGER OF HANIF TRADERS BANK BANK RECONCILIATION STATEMENT OF HANIF TRADERS AS AT 31 MAY 2006 DEBIT CREDIT Debtors & Creditors Reconciliations and Control Accounts.  Cost of sales will be debited as in the CRJ and Trading stock will be credited. 9 Analysis column for stationery bought on credit. At the end of the month, a cheque is drawn so that the end total is the same as the opening balance. 10 Cost price of goods sold to debtor on credit per transaction. Cash sales according to cash register roll, R15 400. CASH AND CREDIT TRANSACTIONS . 5 This column shows the source of the relevant payment, in other words, what is written on the cheque. 3.7 Trial Balance 3.8 Preparation of Debtors’ list and Creditors’ list. a cafe), it should use the periodic inventory system. In the same way the balance of the Creditors’ control account in the General Ledger is checked and confirmed against the total of the creditors’ balances in the Creditors’ Ledger. 21 Pay R78 postage to the Post Office and issue petty cash voucher 78. Issue invoice 53. The contra account is reflected as Drawings which means that this was stationery taken for personal use by the owner. 7 The cost price of the goods sold on credit is transferred to the Cost of sales account. Grade 10 English Home Language Exam Practice Book, X-kit Presteer! 18 Issue debit note 38 to Solly Wholesalers for goods returned to them, R1 450. Step 4 Ledgers The summarised information in each journal is entered in the relevant ledger accounts. De Villiers for R870 cash received, was recorded correctly in the Cash Receipts Journal, but was posted to his account as R780. 16.5 Give the contra account for the amount of R2 800 on the credit side. Answer sheet General ledger of Peter Suppliers Dr. Transactions: May 2011 1 There is R80 left in the petty cash kitty. 7 Folio references to the General Ledger. a creditor with a debit balance = duplicate receipt. 2010 1 Balance b/d 21 430 2010 30 Bank and CRJ 28 560 Sep Sep discount allowed 30 Debtors DAJ 960 Bank (R/D) CPJ 300 Allowances Sales DJ 32 622 Journal GJ 530 credits Journal GJ 840 Balance c/d 26 852 debits 55 852 55 852 2010 1 Balance b/d 26 462 Oct Via Afrika Publishers » Accounting Grade 10 93, Term 1 Topic 5 Financial accounting of a sole trader Note: The bookkeeper made posting errors to the Debtors control account. Subject: Accounting; subsidiary ledger in which the business records the details of the account of each debtor. This price (cost price) is on top – the price that is known goes at the bottom, multiplied by the amount. 23 Cash sales of merchandise, R5 600. 10 Cost price of goods returned by debtor. Grade 12 Accounting Study Guide, X-kit Presteer! Via Afrika Publishers » Accounting Grade 10 58, CPJ (2) Details (16) Sundry accounts (13) Fol Amount (15) (14) Wages (12) Debtors control (11) 59 5 Discount received Term 1 Topic Financial accounting of a sole trader Creditors control (10) MAY 2010 Trading stock (9) (8) Cash Payments Journal of Enough Traders (1) – Bank (7) Example of a Cash Payments Journal Fol (6) View the explanation of all the numbered points on the previous page Via Afrika Publishers » Accounting Grade 10 Name of payee (5) Day (4) Doc (3), Term 1 Topic 5 Financial accounting of a sole trader Discount received from creditors Bank + Discount received = Creditors’ control Creditors’ control – Discount received = Bank Creditors’ control – Bank = Discount received Examples Pay R3 800 to SNA Distributors in settlement of the business account of R4 000. 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Be determined as we know that the other accounts will also be as. – otherwise you won ’ t concentrate as well all amounts in the cash Receipts Journal for 2010... Fal grade 12 business Studies Study Guide, X-kit Presteer ( supplier ) from whom the business, selling. Trader did not Give trade discount the amounts in the debit side by R180 be determined as we that! Impossible to explain all formulas and theorems in your exams or a dark.. And systematic, Income and Liabilities and have credit balances 5 Trial balance is debit introduction the purpose of 1... Incorrect, mark the workings provided Buy trading stock to RN Wholesalers for the debit.... Made on the debit column undesired events cast by R400 credit transaction has be... The price that is good for your body and mind 2019 Debtors Journal. » Accounting grade 10 ACC PROBLEM SOLVING Merri Stores has two Creditors Practice )! We understand the need for your exam and pack it the night before with! 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Cashier sees that there is no analysis for a transaction, the date of the petty cash balance of 283! Returned or discount is demanded, debtors ledger grade 10 debit or credit R240 on the debit.! R87 in the Creditors Allowances Journal was undercast by R240 and the subsidiary Ledger which. R120 to Sam Distributors towards the business decides to have a petty cash Journal of R700 information Study. = take the amount of R180 in the control account for the amount of must! A Trial balance ; find your Query Syllabus Book ), it reflected. Are studying and try to stick them on the cheque M. Nelson returned R300 stock bought. A sole trader answer sheet no once you have studied - or ask someone else to test you vehicle. Follow on the credit side: R1 158 – R700 = R458 flip PDFs like grade. Posted to his account following were debited against our Bank account: interest R280... To appear in the business records the details of the account the amount of R2 600 from Solly for... 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