The following are some of the transactions of the transactions of Nkosephayo Shop during November during November 2008.

Transaction for November 2008:

1. Cash Sales R 1 632 (Cost Price R 1 088).
2. Sold goods on credit to :
• Rough R4 599 (Cost price R3 066).
• F Fine R976 (Cost price R651).
3. Paid the Wages directly into the bank account of the two employees R4 200.
4. F. Fine paid in R12 000 less a 5 % discount directly into the bank account of Nkosephayo.
5. Cash Sales R1 598 (cost price R1 065).
6 S Smooth settled her account by making a direct deposit into the bank account of Nkosephayo shop, R5 000.
6 Rough returned some of the stock which he bought on the 4th, R340 (Cost price R227). A C/N was issued.
6 F Fine claimed an allowance for shop soiled stock supplied to him on the 4th. A C/N for R68 was authorized by the owner.
6. Paid wages directly into the bank accounts of the two employees, R4 200.
7. Made EFT payment to UTWO Supplies for merchandise bought RR4 988.
8. Paid wages n directly into the bank account of two employees, R4 200.
9. Nkosephayo bought a sound system for R3 299 for her son. She used business funds to pay Audio Vis and Company.
10. S. Smooth bought slightly shop soiled stock on credit from Nkosephayo on credit shop for R2 130. The original selling price of this stock was R4 200 (Cost Price R2 800).
11. Cash Sales R 1576 (Cost price R 1 281).
12. Paid the wages directly to the bank account of the two employees, R 4200.
13. F Fine bought goods for R3 492 (Cost priceR2 398). He paid cash for 25 % of the purchase price and the rest was taken on credit.
14. Received payment from S. Smooth for R1 980 in part payment of the account
15. Cash Sales R1 982 (Cost Price R1 321).
16. Received a payment from R. Rough for R2 000inpart payment of his account.
17. Paid the wages directly into the bank account of the two employees, R4 500.
18. Bank charges as per the Statement received from Big Bank, R198.
19. Made the following electronic payments:

• R896 to Telkom for telephone
• R 743 to City Treasurer for water and lights.
• R1200 to Get bud Insures for Insurance.
• R7982 to UTWO Suppliers for trading stock.

20. Cash Sales R 1 5 77 ( Cost price R 1 051)
21. Paid the wages directly into the bank accounts of the two employees, R4 500

REQUIRED: (Total Marks 100)

1. Prepare the CRJ, CPJ, DJ and DAJ for November 2008. Use your own source documents numbers. Provide for the following additional columns:

• CRJ: Sales, Cost of sales, Debtors control; receipts and discount allowed.
• CPJ: Trading Stock, Debtors Control, Wages.

2. Post to the following accounts in the general ledger with opening balances:

Trading Stock R 45 762
Debtors control R35 599
Sales R 78 872
Cost of Sales R52500
Debtors Allowances R4 658.
Discount Allowed R 3 298

3. Post to the individual Debtors Ledger.

Information: Balances of individual debtors on 31 October 2008.

• R. Fine R 17 585.
• R. Rough R12 675
• S Smooth R5 339.

4. Prepare a Debtors list for the 30 November 2008.

5. Prepare a Debtors control account in the ledger for the 31 October 2008.

Answers to Above Questions on Financial Accounting

Answer 1: The CRJ, CPJ, DJ and DAJ for November 2008 is calculated as follows:

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