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The statement below question 7 is linked to questions 8 that I will post

ASSIGNMENT OR UNIQUE NUMBER: 834713 DUE DATE: 20 APRIL 2020 Before you answer the questions for this assignment, you units to 11 of your study guide Submit this assignment electronically via myunisa de Use the information provided below to answer questi Ethekwini Traders provided you with the following informa 400 000 Inventory (1 May 2019).......... . 800 000 Purchases returns ..... Sales returns. 5 500 Carriage on purchases A physical inventory count on 30 April 2020 indicated that inventory on hand for this assignment, you must have d w wwyunisa o do it on a mark reading sheet Punctus ASSIGNMENT, SEMESTER PAC1500 ng Information for the own e 3) Cah payments numai 15) sans resume Traction will be record in the (t) les journal 1000 30 AN 2020 (2) The cost of sales amount on 30 April 2020 will be... 500 000 460 000 534 500 405 500 5) 465 500 Use the information provided below to answer questions 2 to 6: Mthatha Traders provided you with a list of transactions for the month ended 31 July 2020 (a) Sold goods Sold goods on credit to Mr G Diadia for R20 000. (b) Purchased merchandise on credit from Sun Wholesalers for R16 000 (c) Mr G Dladia returned R5 000 worth of goods due to it being damaged. Issued cheque no. 07 for R6 000 to Sun Wholesalers a creditor of Mthatha Traders (e) Mthatha Traders received a credit note from Sun Wholesalers for R2 500 Transaction "a" will be recorded in the ... (1) sales returns journal (2) purchases journal (3) purchases retums journal provided you purchases ru r al 4) cash payments journal Gi was returns journal Transaction will be recorded in the (1) purchases journal 21 purchases retums journal (3) cash payment journal TA (5) sales returns journal Transaction will be recorded in the (1) sales journal (2) sales returns jouma (3) cash payments jumal (4) purchases retums uma (5) purchases journal pladia for R2 Wholesalers for (0) S 15) Coles journalfums jou (5) cash payments journal A bank reconciliation statement is a statement which (1) is sent by banks to their clients (2) is sent by banks to the debtors (3) is sent by banks to any of their clients who exceed the credit win the back (4 explains the difference between the bank balance shown in the entity's Bo g records (after reconciliation) and that shown on its bank statement before reconciliation) (5) is sent by banks to clients who do not use the credit, Vitit Use the statements provided below to answer question : (a) To determine whether the double-entry principle has been applied incorrectly when transactions are recorded, an entity will prepare a wal balance (b) A trial balance is prepared at the end of the month (c) Atrial balance also check the arithmetical accuracy of bookkeeping (d) Atrial balance is divided into a financial position section and a nomina cu ASSIGNMENT 01 (continued) 14 in which of the following will you record the direct deposits made by NA Furniture Stores? refer to hin the above information provided to you (1) Cash payments journal (2) Bank reconciliation statement (3) Cash receipts journal (4) General journal (5) Sales joumal 15. Which of the following represents the com FAC1502/101/3/2020 the direct deposits made by the clients of (3) KA FURNITURE STORES BANK RECONCILIATION STATEMENT AS AT 31 MAY 20.7 Debit Credit 44 9700 65 000 e following represents the correct bank reconciliation statement for May 20.72 (1) KA FURNITURE STORES BANK RECONCILIATION STATEMENT AS AT 31 MAY 20.7 Debit balance as per bank statement......... Credit outstanding deposit........ Debit incorrect credit made by the bank... Debit outstanding cheques no 440 no 456 no 460 no 467.... Cred correction of error made by the bank Credit balance as per bank account........ 5 000 11 900 14 000 20 000 14 700 9900 Debit Credit 120 470 55 407 120 470 44 970 65 000 Debit balance as per bank statement... Credit outstanding deposit.... Debit incorrect credit made by the bank. Debit outstanding cheques no 436 no 440. no 456 no 460... no 467... Credit balance as per bank account............. 5 000 11 900 14 000 20 000 14 700 9900 (4) KA FURNITURE STORES BANK RECONCILIATION STATEMENT AS AT 31 MAY 20.7 Debit Credit 44 970 65 000 120 470 55 470 120 470 Debit balance as per bank statement Credit Outstanding deposit. Debit outstanding cheques no 456 no 460 no 467. Credit balance as per bank account..... 20 000 14 700 9 900 (2) KA FURNITURE STORES BANK RECONCILIATION STATEMENT AS AT 31 MAY 20.7 89 570 24 570 89 570 Debit Credit 44 970 (5) KA FURNITURE STORES BANK RECONCILIATION STATEMENT AS AT 31 MAY 20.7 65000 Debit Credit Debit balance as per bank statement.................... Credit outstanding deposit......... Debit incorrect credit made by the bank..... Debit outstanding cheques no 436. no 440 no 456... no 460... no 467 Debit correction of error made by the bank... Credit balance as per bank account.. 5 000 11 900 14 DDD 20 000 14 700 9 900 Debit balance as per bank statement.................. Credit outstanding deposit.... Debit outstanding cheques no 436....... no 440... no 456 no 460 no 467. Credit balance as per bank account...... 44 970 65 000 11 900 14 000 20 000 14 700 9900 50 470 115 470 115 470 120 533 55 530 120 533 END OF ASSIGNMENT 01 FOR FIRST SEMESTER HUAWEI Mate 20 Pro OO LEICA TRIPLE CAMERA AL ASSIGNMENT 01 (continued) 11. FAC1502/101/3/2020 The he sales journal was under cast by Ron The rectification of this error as follows in the trade receivables control account: of this error will be recorded The sales amount in the trade reclus o account will be decreed by R100 a he sales returns amount in the rad bles control account will be decreased by R100 The sales returns amount in the trade reclables control account will be increase by R100 (4) The balance brat de ASSIGNMENT 01 (continued) The following clients made direct deposits to KA Furniture Stores bank account: 5 100 4 700 Mrs K Singh Mr S Sithole Miss Y Kruger 3500 The balance brought down on 1 September 207 w be increased by R100 The sales amount in the trade receivables control account will be increased by R100 Use the information provided below for KA Furniture Stores for the month of May 2007 to answer questions 12 to 15: 1) On 30 November 20.6. Naidoo's Catering Service provided a catering service to KA Furniture Stores. The bookkeeper issued cheque no 220 for R15 000 to Naidoo's Catering Services on 30 November 20.6. The cheque has not yet been presented for payment RA Furniture Stores is a furniture shoo Operating in Ivory Park. The following informatie appeared in the accounting records of the business and relates to the month of May 207 a) The totals of the cash receipts journal and the cash payments journal was R167 000 R202 000 respectively. b) The balance in the bank account in the general ledger of KA Furniture Stores was unfavourable balance of R40 063. c) The bank statement of KA Furniture Stores for May 20.7 had a debit balance of R44 970 The bookkeeper of KA Furniture Stores compared the cash receipts and cash payments lume for May 20.7 with the bank statement for May 20.7 and she noted the following differences: The following cheques issued in May 20.7 were not yet presented for payment: Bank charges for the month of May was R250 and interest on overdraft is R120 ME KA Locker deposited R10 000 on 31 May 20.7 directly into the business bank account to increase his capital contribution. Mr KA Locker went to the bank to deposit R5 000 into his personal bank account. A trainee bank teller at ABC Bank deposited R5 000 into KA Furniture Stores business account Cheque no 470 for R281 was correctly recorded in the cash payments journal but according to the bank statement received from ABC Bank the amount paid was R218. How would you rectify the error made by the bank for the incorrect amount reflecting on the bank statement of R218 Instead of R281 for cheque no 4707 (refer to "m" in the above information provided to you) 12. (1) An entry will be made in the cash receipts journal with the difference of R63. (2) An entry will be made in the cash payments journal with the difference of R63. (3) An entry will be made on the credit side of the bank reconciliation statement with the difference of R63 (4) An entry will be made in the general journal with the difference of R63. 5) An entry will be made on the debit side of the bank reconciliation statement with the difference of R63. Cheque no: 456 20 000 Cheque no: 460 14 700 Cheque no: 467 9 900 e) A deposit made on 31 May 20.7, for R65 000 did not reflect on the May 20.7 bank statement. The following cheques were recorded as outstanding cheques in April's bank reconciliation statement. Cheque no 436 issued on 31 March 20.7 for R11 900. Cheque no 440 issued on 2 April 20.7 for R14 000 Cheque no 441 issued on 17 April 20.7 for R1 500 Only cheque no 441 was presented for payment in May 20.7. The following debit orders were noted on the bank statement: A debit order to JJ Municipality for R6 500 for the monthly water and electricity account A debit order to Yourway Insurers for R2 900 for the monthly insurance premium A debit order to Katara Rental Properties for R9 000 for rent of the current business premises. Where would you record cheque no 220 which was not yet presented for payment? (rete to in the above information provided to you) (1) An entry will be made in the cash payments journal of R15 000 as a cancelle cheque (2) An entry will be made in the cash payments journal of R30 000 as a cancell cheque, (3) An entry will be made in the cash receipts journal of R30 000 as a cancelled chequ (4) A entry will be made on the credit side of the bank reconciliation statement R15 000 (5) An entry will be made in the cash receipts journal of R15 000 as a cancelled che 36 O HUAWEI Mate 20 Pro OO LEICA TRIPLE CAMERA AL ASSIGNMENT 01 (continued) The cost of sales is ... R (1) 47 500 (2) 17 300 (3) 10 300 (4) 19 000 18 000 Use the information provided below for Summe September 20.7. to answer questions 8 to 11: The accountant at Summerhin Trader (5) ormation provided below, for Summerhill Traders for the month of tant at Summerhill Traders was on sick leave during the month of September 20.7 for assistant, who has limited Recounting knowledge prepared the trade receivables control account below. She has give you the following financial information for the month of September 20.7 and requested your help in identifying and rectifying her mistakes. FAC1502101/3/2020 ASSIGNMENT 01 (continued) What will be the general ledger entries for the interest charged on Miss A Naidoo's overdue account? (1) The trade receivables control account in the general ledger will be debited with R120 and the interest income account in the general ledger will be credited with R120. (12) The trade receivables control account in the general ledger will be debitted with R240 and the interest income account in the general ledger will be credited with R240. The interest income account in the general ledger will be debited with R120 and the trade receivables control account in the general ledger will be credited with R120. 14) The interest income account in the general ledger will be debited with R240 and the trade receivables control account in the general ledger will be credited with R240. (5) The trade payables control account in the general ledger will be debited with R240 and the interest income account in the general ledger will be credited with R240. What will be the general ledger entries be for the outstanding debt of Miss T Luna which must be written off as irrecoverable? (1) The trade receivables control account in the general ledger will be debited with R700 and the credit losses account in the general ledger will be credited with R700. (2) The trade receivables control account in the general ledger will be debited with R1 000 and the credit losses account in the general ledger will be credited with R1 000. (3) The trade recalvables control account in the general ledger will be debited with R300 and the credit losses account in the general ledger will be credited with R300. (4) The credit losses account in the general ledger will be debited with R700 and the trade receivables control account in the general ledger will be credited with R700. (5) The credit losses account in the general ledger will be debited with R1 000 and the trade receivables control account in the general ledger will be credited with R1 000. 10. What will the general ledger entries be for the credit losses recovered from Miss T Luna's insolver estate? 20.7 Trade receivables control 20.7. Sept 30 Sales and VAT Sept 30 Balance bid Output SJ9 12 600 Bank CR9 Balance 18 030 Sales returns and VAT input SRJ9 5600 3055 20.7 1 Balance bild 18 480 Additional information: In addition to the errors made in the trade receivables control account above, you have listed the following errors and omissions made by the assistant: 15 300 9130 0630 Interest was charged on Mrs A Naidoo, a debtor, who owed Summerhill Traders R2 000 Her account was overdue by six months. Interest is charged at 12% per annum on the Overdue account. The trade receivables control column and the settlement discount granted column in the cash receipts journal had totals of R9 130 and R450 respectively. Mr R Nyathi, a cash client of Summerhill Traders, returned goods to the value of R500 to Summerhill Traders. This transaction was recorded in the sales returns joumal. Miss T Luna's attorneys declared a dividend of 30c in the rand from her insolvent estate Miss T Luna owed Summerhill Traders R1 000 on 1 September 20.7. Her outstanding debt must be written off as irrecoverable. The sales journal was undercast by R100 Mr Y Smith's cheque of R1 500 was dishonoured by the bank, due to insufficient funds in his account. The trade receivables control account had a debit balance of R15 900 at 31 August 20.7. Mrs K Singh's account of R150 was written off as irrecoverable on 30 August 20.7. She paid Summerhill Traders R150 on 1 September 20.7. (1) The credit losses recovered account in the general ledger will be debited with R300 and the bank account in the general ledger will be credited with R300. (2) The bank account in the general ledger will be debited with R300 and the credit losses recovered account in the general ledger will credited with R300. (3) The credit losses recovered account in the general ledger will be debited with R700 and the bank account in the general ledger will be credited with R700. (4) The bank account in the general ledger will be debited with R700 and the credit losses recovered account in the general ledger will credited with R700. (5) The trade receivables control account in the general ledger will be debited with R300 and the credit losses recovered account in the general ledger will be credited with R300. OO HUAWEI Mate 20 Pro OO LEICA TRIPLE CAMERA AL ASSIGNMENT 01 (continued) FACH dy Garden Services provides you with the following information at 28 Februar ASSIGNMENT 01 (continued) Machinery Bank Vehicles March 20.9. the bookkeeper of Gum Traders recorded the cash daw Which of the fonowing on for the day. Which of the following represervis the ci powing to the 60 000 250 000 100 000 transaction? VAT input R750 VAT output R750 RS CCC RS 000 R150 Bale Golf Course a client of Middy Garden Services, owes R30 000 to en Services for garden services rendered in January 2014 ody Garden Services owes Clean It Machines R5 000, Is the net asset value (poulty of Middy Garden Services as at 28 February 2009 Journal (1) Cash receipts journal (2) Cash payments journal (3) Cash receipts journal (4) Cash receipts journal (5) Cash payments Journal R750 RS 000 R5000 What is the net asset val (1) 445 000 (2) 450 000 (3) 440 000 (4) 435 000 (5) 405 000 Which of the following statements are correct? B Traders has a long-term loan at Vice Bank for R150 000. On 28 Fabian the end of the financial year, the interest on long-term loan account had a deti hai of R10 000. At the end of the financial year, it was determined that interest at the 104 must still be provided for the long-term loan for four months. Which of the follo is correct? General ledger account to be General ledger account to be debited credited (1) Prepaid expense Interest on long term loan 10 000 5 000 a) When income earned by an entity is more than its expenditure, the entity makes a profit. When the income earned by an entity is less than its expenditure, the entity makes profit. (c) The profit that an entity makes increases the net worth of the owner (a) The loss that an entity makes decreases the net worth of the owner (e) The statement of financial position measures the financial performance of an entity. (2) Interest on long-term loan Accrued expenses (3) Interest on long-term loan Accrued income 5000 (4) Interest on long-term loan Income received in advance 15 000 (5) Accrued expense Interest on long-term loan 15 000 Use the information provided below, for Snow Plumbing Services, which uses the periodic Inventory system, to answer question 7: (1) a,b,c,d and e. (2) a,b,c and e. (3) a,c,d, and e. (4) a,b,c and d. (5) a.c,and d. Gizmo Traders bought a new electricity generator, to be used during load shedding, from Luna Lights for R50 000 and paid for it through an electronic funds transfer (EFT). What effect will the above transaction have on the accounting equation if Gizmo Traders has a favourable bank balance? Inventory (1 July 20.7)............ Cash purchases.............. Credit purchases................ . Purchases returns................... Freight inwards.... Freight outwards.................. Settlement discount received... Settlement discount granted........ Inventory (31 July 20.8)....... 150 000 15 000 6 000 2 000 1 200 1 800 1 700 2 500 120 000 - Liabilities Equity +R50 000 Assets +R50 000 R50 000 .. +R50 000 +R100 000 +R50 000 +R50 000 -R50 000 R50 000 Additional information: The owner of Snow Plumbing Services donated taps and basins to the value of R1 000 to the local crche on 16 June 20.7. No entries regarding this transaction was made in the accounting records of Snow Plumbing Services, yet. O HUAWEI Mate 20 Pro OO LEICA TRIPLE CAMERA AL