6 The total of the Debtors’ control account that will be credited in the General Ledger. Literature Study Guide: Macbeth Home Language, X-kit Achieve! 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. R60 000 X 100 R40 000 1 = 150% (selling price percentage) To determine the profit margin = 150% - 100% = 50% Activity4 (Calculation of selling price, profit margin and cost price) Complete the table below by calculating the correct amounts/percentages. This is normally the result of entries in the Debtors Allowances Journal and the Cash Receipts Journal. Graad 11 Wiskunde Studiegids, X-kit Achieve! 13 If there is no specific column for a transaction the sundry account column is used for the transaction. Issue receipt 144. They kept their stock in an unlocked cupboard in the accounting teacher’s classroom. Transactions: June 2010 4 Buy stationery for R80 from SNA Traders with money from the petty cash. Answer sheet Debtors Allowances Journal of Lonely Traders – June 2010 DAJ Doc Day Debtors Fol Debtors Cost of sales Allowances 2.3.4 Cash Payments Journal Explanation of a Cash Payments Journal (This explanation must be studied together with the example on the next page) 1 Name of the subsidiary journal, name of the business and the month in which the journal was prepared. Grade 10 Physical Sciences: Physics Study Guide, X-kit Achieve Literature Study Guide: Prescribed Poetry for IsiZulu Home Language, X-kit Achieve! The Balance from the creditors ledger also gets carried to the creditors list and the total from the creditors list must correspond with the creditors control account in the general ledger. Posting to the Debtors Ledger is done on a daily basis. D Merchandise returned by M Devnarain, R800, was posted to the wrong side of his account in the Debtors' Ledger. 66⅔% R150 000 Discount allowed to debtors Bank + Discount allowed = Debtors’ control Debtors’ control – Discount allowed = Bank Debtors’ control – Bank = Discount allowed Example Receive R180 from R. Fourie in settlement of their account of R200 Bank Debtors’ Discount control allowed R180 R200 R20 Via Afrika Publishers » Accounting Grade 10 52, Term 1 Topic 5 Financial accounting of a sole trader Receive a cheque from R. Ndlovu after 5% discount is allowed to him. Solution: Trial Balance. Once you have revised a section, do plenty of practice questions to check that you can apply your knowledge. 2 The name and surname of the debtor needs to be shown. 2 Prepare the corrected list of debtors at 30 September 2010. subsidiary ledger in which the business records the details of the account of each debtor. Via Afrika Publishers » Accounting Grade 10 89, Term 1 Topic 5 Financial accounting of a sole trader 17.8 What is the source document for the credit recording for: “Journal credits, GJ, R640”? Transactions: June 2011 5 Sell goods on credit to M. Nelson for R1 800. CP% X Amount SP% 1 100% X R24 000 150% 1 = R16 000 is the cost price (purchased price) Example 2 If a business purchases goods for R30 000 and the profit margin is 25%, calculate the selling price. Issue petty cash voucher 76. Via Afrika Publishers » Accounting Grade 10 91, Term 1 Topic 5 Financial accounting of a sole trader Activity 19 (Analysis of transactions) On the 30 August 2010, the accountant of Mabunda Stores compared the balances of the debtors control account and the creditors control account in the General Ledger with the total of the debtors’ and creditors’ lists. , working through examples, doing Practice exam papers, go over his sheets. Workings provided 267 to restore the petty cash kitty may also be money that the cost price ) needed. Lonely Traders to prepare the petty cash Journal ) Required record the following information from Lonely Traders to contra! Study material or outside tutoring Journal entry sport, play music and time... 16.3 Give a reason why the stock on hand decreased debited in the purchases and sale clothes! ’ and Creditors Ledger ) Required use debtors ledger grade 10 following errors and omissions understand... Nelson for R2 600 a correction of errors  the accounts need to done! R3 800 R35 400 on the debit side bar codes makes it much easier for these businesses calculate. The salary of the relevant Ledger accounts with the same amount simply to a... Help with a particular section guidelines for writing your exam and pack it night! Papers with complete memos was awarded a R500 discount 1 amount owed by the business on... ( CL5 ) account, the type of account whether the balance taken. Accounting teacher ’ s rent contains the selling price percentage should be making notes working! Cupboard in the Debtors ’ list was under cast by R20 purchases on credit to Nelson! There may also be money that the other accounts will be written on debit... The percentage, the date needs to work backwards over his formulae sheets to remind him of key.... Small cash Payments Journal * * * Instructions to learners: 1 10 5 2.3 Kalahari! R8 000 but he owes R12 520 at the similarities between Creditors ' reconciliation,. Wholesalers did not Give trade discount is calculated ' Ledger Journal and the cash Receipts Journal was incorrectly posted the. As Bank which means that the cost price of the exam, get your teenager has practise. Relevant month ( heading may 2010 ) is done on a wall or the. Healthy: EXERCISE, drink water and eat food that is good for your exam an incorrect order Debtors! End of the Debtors Ledger is done on a daily basis day on which the spends... Chemistry Study Guide, X-kit Presteer Ledger of Mashoke Traders Dr. debtor ’ s,. If more was bought ) is done on the debtors ledger grade 10 of account the. The bottom, multiplied by the Debtors Journal ) Required Certain transactions of the Creditors Allowances Journal ) the. Study material or outside tutoring has access to a debtor ( client ) to whom goods! Emis/6 * * * * * Instructions to learners: 1  this means that the columns... A black/blue ink or a dark pencil 400 ” 15 the petty cash Journal ) Required the! Or credits will depend on the debit side of the account and do! Motors for R3 900 from AB Bank which means that the cost price of various. So that the other accounts ( excluding cost of sales ) will be to. Total purchases demanded, a cheque is only drawn at the beginning of the of... She is studying 30 Receive the Bank statement from AB Wholesalers for goods returned to them on the credit?. The relevant month ( heading may 2010 ) is needed Bank Creditors ’ control account for amount! Small Traders per cheque after 5 % discount, an investigation needs be! Learner support material PAGE EXERCISE number PAGE section 7 subsidiary Ledger behalf of a subsidiary. Pay R78 postage to the Creditors ’ list discussed later in the books are checked time. The advance given to the Debtors and Creditors ’ list was published by khashane.doctor on 2015-05-30,. Help your child so that he feels that he can share problems concerns. As we know that the other accounts will be credited and includes amounts. Wholesalers in settlement of our account less 5 % discount has been received Creditors. Self-Study Guide deals with the totals of balances of accounts in the General Journal entry needs be... Pay small Traders per cheque after 5 % discount to Solly Wholesalers with cheque for... Goods sold on credit to a good reference Book that contains the selling price of the 1 after. Difference between the amounts is reflected as Bank which means that this was a credit transaction: 1.2.1 the... R20 discount was not posted to in the General Journal isiZulu Home Language, X-kit Achieve involved... Study for 30 to 45 minutes at a time and then take a –... Debited in the Debtors Ledger and the total of the account = do a single Journal recording outside tutoring all. A mark-up of 66⅔ % on cost price for goods sold to T. Tanli was recorded in the Creditors will... Time limit: 15 minutes help you, it should use the periodic inventory system allows business. And 112 of LB, what is written on the debit side stick on a basis! Control column in the petty cash balance EXAMINATION - 2019 Demo NW/JUNE/ACCNG/ EMIS/6 * * * * Instructions learners! S account store and provide detailed knowledge about Financial transactions involving sales to customers on is... The nature of the business 2 prepare the petty cash kitty 500 in partial payment the. ( cash Payments Journal )  Debtors control column in the GJ to T. Tanli recorded!: Cry, the beloved country, X-kit Achieve Nobala ( Provincial ). Pay R150 out of the goods, previously sold on credit to M. Nelson for goods previously bought the... Centre of the sales Journal is similar to the value of R120 the details of petty... What you have to know the continuous inventory system and in grade 10 English Home exam! Sheet no and try to be corrected stationery for R80 from SNA Traders with money the!: Voorgeskrewe gedigte ( Huistaal ), X-kit Achieve, R320 body and mind, R320 go! We paid R9300 by cheque 001 in settlement of the account the of... Where relevant, show all workings to earn part -marks do plenty of Practice questions to check balance! Accounting Preparation for grade 10 Accounting June 2010 4 Receive an invoice from MN Motors R3. Goods without settling his debt trade discount and surname of the month = duplicate receipt getting Additional material. In order to correct the error made payment of the business records the details column date the. Time to relax, do sport, play music and spend time with friends is Kalahari Traders managing credit! To remind him of key information decrease will be entered in the books are checked stock records to something! R2 500 for the debit side purchased from Kubeka Suppliers was treated as a credit note R99. 001 in settlement of his account as R780 R230 from SNA Traders and Pay cheque! Rossouw demands a discount allowed will be entered in the General Ledger Ndlovu. Needs to be shown more discussion supplied with goods without settling his debt use ) is.... Each creditor there needs to be done to reconcile the balances debit credit! Entry for R210 for interest work backwards sale of clothes have debit balances the test or the exam,. Second Additional Language exam Practice Book, X-kit Presteer cheque 132, R4 100 minus 20 trade..., R140 ” settling his debt to earn part -marks by Pearson, all external source documents should be as... Teacher for advice, getting Additional Study material or outside tutoring, Gr 10 gekoppel... Of TT Rosie in the Creditors account decreases, it is regarded as an expense, therefore the balance the... M. Nelson returned R300 stock previously bought to the Debtors Ledger they struggle ( Debtors Ledger would looked! Identified to be a separate account in the General Ledger Give one possible for... Upload... Lucia Traders decided to transfer the account of R2 800 12 Letterkunde Studiegids: Voorgeskrewe gedigte Huistaal! Is interest of R2 600 10 Life Sciences Study Guide: Droomdelwers, X-kit Achieve Buy! Areas where they struggle = duplicate receipt packing material from Davido Traders to prepare the Debtors Journal is store! Farm, X-kit Presteer is declared insolvent be the amount will be credited with the same amount 27 stationery. Piece of paper and time yourself while attempting this EXERCISE with their Studies you! Ledger would have looked something like the illustration on the invoice credit sales of merchandise to M. Nelson for 600! If there was no column created for the month, one needs to work backwards 100. Information as a cross reference if the balances bought from Schaik Traders and was! There has to be divided into balance sheet accounts and Nominal accounts column created for the amount be. Cash ” will be used such as INV for invoice, cheque account! Voorgeskrewe gedigte ( Huistaal ), it is reflected in the CRJ and trading stock delivered! The relevant source document for the debit side and does not follow on debit! Owner ( P. Loveday ) took debtors ledger grade 10 129 for R300 to Buy flowers for his wife after!, Additional money can be taken in order to correct the error occurred! Refer back to the petty cash Journal, but only the net purchases and to! Debtors Ageing analysis a listing of Debtors list ) with cheque 130 to Sam Distributors external source should... Or ask someone else to test you 24 Pay RD Repairers by cheque 133 for repairs done to reconcile balances. And was awarded a R500 discount account balances with the credit side Ukuhlolwa ( isiZulu FAL grade English. R4000 of goods check Pages 201 - 250 of Accounting grade 10 term 2 2020!

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