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Grade 8
Authors:Yvette Russell | Lisa Akerman | Séan Topper
EMS / AccountingTeacher’s Guide
Grade 8
Authors:Yvette Russell | Lisa Akerman | Séan Topper
EMS / AccountingTeacher’s Guide
www.studyingbusiness.co.za
www.studyingbusiness.co.zawww.studyingbusiness.co.za
Grade 8 Accounting Educator’s Guide
Studying Business
Grade 8 Accounting
2012 Edition 3rd Print
Lisa Akerman Sean Topper
Yvette Russell
1 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Published by:
Excom Publishers CC PostNet Suite 75
Private Bag X3 Paardekraal
1752
Email: [email protected]
Fax: 0865108005
ISBN:
© Studying Business
Design, Layout and Print by Corpnet
011 704 0504 [email protected]
Copyright: No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means whatsoever, without the prior written permission of the authors. Note: ONLY FOR THE USE OF PORTFOLIOs: Individual exercises may be copied for submission provided this is only for the Portfolio of the learner who has purchased the book. Exercises and Rubrics MAY NOT be shared with other learners, schools or clusters.
2 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 1
Ensure the learners have provided at least 6 different assets and six different expenses. Check the classification of these items.
Task 2:
Owner’s Equity Assets Liabilities Income Expenses
Current assets Non Current
Assets
Current
liabilities
Non Current
liabilities
Capital (139 000) Bank (75 000) Vehicle
(64 000)
Bank (11 000) Equipment
(11 000)
Bank (17 000)
Trading
Inventory
(20 000)
Creditor
(3 000)
Vehicle
(85 000)
Loan
(85 000)
Bank (3 000) Current
Income
(3 000)
CHAPTER 1
BASIC ACCOUNTING CONCEPTS
3 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 3: List of 5 expenses
1 Reams of paper, it is an expense because once it is used you can’t replace it.
2 Telephone, it is an expense because the calls have already been made and cannot be
redialled without paying for them.
3 Water and electricity, it is an expense because you cannot recover it once it has been
used.
4 Tea and coffee, it is an expense because it is consumed.
5 Toilet paper, it is an expense because it gets flushed down the toilet never to be used
again.
Possible other expenses: Fertilizer, light bulbs, stationery.
Task 4
1. Capital is also known as investment.
2. A debtor owes money to the business. The debtor has bought goods on credit.
3. Yes, the school does have debtors, as parents pay our school fees every month. They
receive the service now but pay later.
4. A business may not always have sufficient capital. The business can then borrow money
from the bank or buy
5a) R10 000 x 100 = 20%
R50 000 1
5b) R 7 000 x 100 = 17,5%
R40 000 1
4 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 5
ASSETS = OWNER'S EQUITY + LIABILITIES
No Amount Reason Amount Reason Amount Reason
1 +800 000 Bank increases +800 000 Capital increases
2 -200 Bank decreases -200 Stationery =
expense
3 +600 Bank increases +600 Current income
4 -5 590 Bank decreases -5 590 Rent expense
5 -3 225 Bank decreases -3 225 Packing material =
expense
6 -13 000 Bank decreases -13 000 Wages = expense
7 -6 450 Bank decreases
+6 450 Equipment increases
8 -475 000 Bank decreases
+475 000 Land and Building
increases
9 -8 000 Bank decreases
+8 000 Equipment increases
10 +5 985 Bank increases +5 985 Current income
11 -1 700 Bank decreases
+1 700 Equipment increases
CHAPTER 2
ASSETS = OWNER’S EQUITY + LIABILITIES
If the account says the word: expense or income there is no need to repeat that the account is infact one of those. (number 3 & 4 & 10)
5 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 6
ASSETS = OWNER'S EQUITY + LIABILITIES
No Amount Reason Amount Reason Amount Reason
1 +780 000 Bank increases +780 000 Capital increases
2 -340 000 Bank decreases
+340 000
Land & Building
increases
3 -800 Bank decreases -800
Water and
electricity =
expense
4 +8 200 Bank increases + 8 200 Rent income
5 +500 Bank increases +500 Current income
6 -3 000 Bank decreases -3 000 Wages = expense
7 -150 Bank decreases -150
Advertisement =
expense
8 -700 Bank decreases -700
Insurance =
expense
9 +10 000 Bank increases +10 000 Capital increases
10 +950 Bank increases +950 Current income
11 -5 555 Bank decreases
+5 555 Equipment increases
6
© 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 7
ASSETS = OWNER'S EQUITY + LIABILITIES
No Amount Reason Amount Reason Amount Reason
1 +830 000 Bank increases +830 000 Capital increases
2 -275 000 Bank decreases
+275 000 Vehicle increases
3 -200 Bank decreases -200 Drawings increases
4 -750 Bank increases -750 Fuel = expense
5 +3 850 Bank increases +3 850 Current income
6 -2 450 Bank decreases
+2 450
Equipment
increases
7 +3 500 Bank increases +3 500 Rent income
8 -480 Bank decreases -480
Stationery =
expense
9 +70 000 Bank increases +70 000 Capital increases
10 -4 695 Bank decreases
+4 695
Trading inventory
increases
7 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 8
8.2 (a-c)
CHAPTER 3
ACCOUNTING CYCLE AND THE FLOW OF TRANSACTIONS
Date Datuum: 25/05/10 To Aan: TELKOM For Vir: Telephone Balance b/f Saldo o/b
2 000
Amount paid in Bedrag inbetaal
Other debits Ander debiete
Balance Saldo
This cheque Hierdie tjek
450
Balance c/f SaldoBalance o/d
1550
04
R450,00
Cheque number
Cheque Counterfoil
Name of Payee
Drawee
Account Number
Cheque number
8 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 9 Checklist Criteria Yes No Is the name of the store displayed clearly? 2 0 Has a date been used? 1 0 Has the item being purchased listed correctly? 2 0 Is the VAT amount calculated correctly? 2 0 Is the total amount reflected clearly 2 0 Overall impression. Good? 1 0 TOTAL /10
9 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 10
CHAPTER 4
A SERVICE UNDERTAKING
Cash Receipts Journal of Invisible Cleaners for January 2010 CRJ1
Analysis of
Receipts
Bank
Current
Income
Sundry
Doc D Details Fol Amount Fol Details
R01 1 Mr Muscle 205 000 - 205 000 - 205 000 - Capital
crr 3 Services Rendered 400 - 400 - 400 -
R02 7 Books Galore 4 200 - 4 200 - 4 200 - Rent Income
R03 11 Mr Muscle 70 000 - 70 000 - 70 000 - Capital
crr 18 Services Rendered 1 790 - 1 790 - 1 790 -
crr 30 Services Rendered 5 759 - 5 759 - 5 759 -
287 149 - 7 949 - 279 200 -
10 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 11
Cash Receipts Journal of DJ’s for ALL for January 2010 CRJ1
Analysis of
Receipts
Bank
Current
Income
Sundry
Doc D Details Fol Amount Fol Details
R01 1 Mr Kay 500 000 - 500 000 - 500 000 - Capital
crr 3 Services Rendered 4 000 - 4 000 - 4 000 -
bs 6 ABSA Bank 250 - 250 - 250 - Interest Income
R02 15 Mr Kay 50 000 - 50 000 - 50 000 - Capital
crr 19 Services Rendered 21 525 - 21 525 - 21 525 -
crr 20 Services Rendered 5 600 - 5 600 - 5 600 -
R03 29 Mr Kay 50 000 - 50 000 - 50 000 - Capital
631 375 - 31 125 - 600 250 -
11 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 12
Cash Receipts Journal of Zippy’s Waste Removal for October 2010 CRJ1
Analysis of
Receipts
Bank
Current
Income
Sundry
Doc D Details Fol Amount Fol Details
R01 1 Zola Seven 300 000 - 300 000 - Capital
crr Services Rendered 900 - 300 900 - 900 -
crr 4 Services Rendered 880 - 880 - 880 -
crr 9 Services Rendered 1 430 - 1 430 - 1 430 -
R02 15 Mr Homeless 5 000 - 5 000 - Rent Income
R03 Zola Seven 50 000 - 55 000 - 50 000 - Capital
crr 23 Services Rendered 750 - 750 - 750 -
bs 28 FNB 30 - 30 - 30 - Interest Income
358 990 - 3 960 - 355 030 -
12 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 13
Cash Receipts Journal of Upper Cut for November 2010 CRJ1
Analysis of
Receipts
Bank
Current
Income
Sundry
Doc D Details Fol Amount Fol Details
R01 1 Cindy Nel 700 000 - 700 000 - 700 000 - Capital
crr 2 Services Rendered 6 890 - 6 890 - 6 890 -
R02 5 Lola Lee 4 000 - 4 000 - 4 000 - Rent Income
R03 7 Cindy Nel 25 000 - 25 000 - 25 000 - Capital
crr 11 Services Rendered 12 700 - 12 700 - 12 700 -
crr 15 Services Rendered 15 000 - 15 000 - 15 000 -
R04 22 Cindy Nel 75 000 - 75 000 - 75 000 - Capital
crr 24 Services Rendered 3 200 - 3 200 - 3 200 -
crr 27 Services Rendered 8 500 - 8 500 - 8 500 -
R05 30 Josie Black 10 000 - 10 000 - 10 000 - Rent Income
860 290 - 46 290 - 814 000 -
13 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 14
Cash Receipts Journal of Cash Services for May 2010 CRJ1
Analysis of
Receipts
Bank
Current
Income
Sundry
Doc D Details Fol Amount Fol Details
R001 1 Mr Luckey Zola 325 000 - 325 000 - 325 000 - Capital
crr 8 Services Rendered 1 200 - 1 200 - 1 200 -
R002 12 Mr Luckey Zola 50 000 - 50 000 - Capital
crr Services Rendered 2 563 - 52 563 - 2 563 -
crr 15 Services Rendered 8 000 - 8 000 - 8 000 -
crr 23 Services Rendered 1 324 - 1 324 - 1 324 -
crr 29 Services Rendered 3 456 - 3 456 - 3 456 -
391 543 - 16 543 - 375 000 -
14 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 15
Cash Receipts Journal of Mimeo’s Deliveries for October 2010 CRJ1
Analysis of
Receipts
Bank
Current
Income
Sundry
Doc D Details Fol Amount Fol Details
R01 1 Mimeo Joubert 100 000 - 100 000 - Capital
crr Services Rendered 500 - 100 500 - 500 -
crr 5 Services Rendered 480 - 480 -
R02 Mimeo Joubert 115 000 - 115 480 - 115 000 - Capital
crr 8 Services Rendered 600 - 600 - 600 -
crr 15 Services Rendered 2 230 - 2 230 - 2 230 -
R03 25 Gigi’s Doggie Parlour 3 890 - 3 890 - Rent Income
R04 Mimeo Joubert 105 000 - 105 000 - Capital
crr Services Rendered 710 - 109 600 - 710 -
328 410 - 4 520 - 323 890 -
15 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 16
Cash Receipts Journal of Marais Plumbers for January 2010 CRJ1
Analysis of
Receipts
Bank
Current
Income
Sundry
Doc D Details Fol Amount Fol Details
R001 1 Mr Marais 165 000 - 165 000 - 165 000 - Capital
crr 5 Services Rendered 500 - 500 - 500 -
R002 10 Mr Marais 290 000 - 290 000 - Capital
crr Services Rendered 6 500 - 296 500 - 6 500 -
crr 21 Services Rendered 2 750 - - 2 750 -
bs ABSA 40 - 40 - Interest Income
R003 Mr Marais 18 000 - 20 790 - 18 000 - Capital
crr 30 Services Rendered 9 125 - 9 125 - 9 125 -
491915 - 18 875 - 473040 -
16 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 17
Cash Payments Journal of Tom’s Electrical for July 2010 CPJ 1
Sundry
Doc D Name of Payee Fol Bank
Equipment
Material
Amount
Fol Details
87 1 Telkom 690 - 690 - Telephone 88 Wesbank 4 000 - 4 000 - Loan: Wesbank 89 4 Shell Garage 500 - 500 - Petrol 90 Waltons 12 878 - 11 999 - 879 - Stationery 91 7 Cash 3 000 - 3 000 - Wages 92 9 Eskom 1 785 1 785 - Training 93 12 Cash 500 - 500 - Petty Cash 94 14 Vortex 6 788 6 788 - 95 Cash 3 000 - 3 000 - Wages 96 15 Crabtree 3 422 - 3 422 - 97 Weylands 9 755 - 9 755 98 21 Cash 3 000 - 3 000 - 99 27 Wakefields 12 000 - 12 000 - Rent Expense 100 Municipality 4 216 - 4 216 - Water & Electricity 101 Cash 3 300 - 3 300 - Wages 102 29 Fix-It 2 600 2 600 - Repairs 103 30 SOS Wholesalers 350 - 350 -
71 784 28 542 - 3 772 - 39 470 -
17 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 18
Cash Payments Journal of Personal Chauffeur for September 2010 CPJ 1
Sundry
Doc D Name of Payee Fol
Bank
Equipment
Stationery
Amount Fol Details
01 1 Municipality 1 999 - 1999 - Water and electricity 02 7 Makro 467 - 467 -
03 10 Incredible Audio 700 - 700 -
04 15 BP 529 - 529 - Fuel 05 18 Cash 500 - 500 - Drawings 06 20 Cash 1 500 - 1 500 - Wages 07 24 Cell C 346 - 346 - Telephone 08 26 The Mercury 1 800 - 1 800 - Advertising
7 841 - 700 - 467 - 6 674 -
18 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 19
Cash Payments Journal of Langs Way for March 2010 CPJ1
Sundry
Doc D Name of Payee Fol
Bank
Equipment
Consumable Stores
Amount Fol Details
001 1 VW Mastercars 259 000 - 259 000 - Vehicle 002 Municipality 1 000 - 1 000 - Electricity 003 CHC Stores 250 740 - 250 740 - 004 2 Pick ‘n Pay 3 890 - 3 890 - 005 Caxton Papers 2 000 - 2 000 - Advertising
006 3 Golden Printers 1 899 - 1 899 - Stationery
007 7 SPCA 100 - 100 - Donations 008 11 Loco Ads 2 135 - 2 135 - Advertising 009 14 Wash ‘n Go 1 440 - 1 440 - 010 15 Pick ‘n Pay 4 751 - 4 751 - 011 17 Telkom 250 - 250 - Telephone 012 19 HP 9 999 - 9 999 - 013 20 DEFY 5 699 - 5 699 - 014 23 Cash 500 - 200 - Drawings
300 - Wages 015 26 Lucy Lang 15 000 - 15 000 - Salaries 016 29 Shell Garage 1 257 - 1 257 - Fuel
559 660 - 266 438 - 10 081 - 283 141 -
19 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 20
Cash Payments Journal of Reds Hairdresser for January 2010 CPJ1
Sundry
Doc D Name of Payee Fol Bank Wages
Packing material Amount Fol Details
541 3 Doring distributors 5 550 - 5 550 -
542 Cash 14 000 - 14 000 -
543 5
Cresta Management Services 8 990 - 8 990 - Rent Expense
544 Teddy Suppliers 4 645 - 4 645 - Stationery 545 9 Cash 7 220 - 7 220 - 546 15 I Ivins 9 300 - 9 300 - Equipment 547 R Ramsy 6 900 - 6 900 - Consumable Stores
548 21 Metro Cash and Carry 1 200 - 1 200 -
549 Cash 4 625 - 4 625 - 550 30 Trip Repairs 4 880 - 4 880 - Repairs 551 Cash 10 300 - 10 300 -
77 610 - 36 145 - 6 750 - 34 715 -
20 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 21
Cash Payments Journal of Eric’s Plumbers for June 2010 CPJ1
Sundry
Doc D Name of Payee Fol
Bank
Equipment
Material Cost
Amount Fol Details
222 1 Muncipality 892 - 892 - Water and Electricity
223 Fran’s Properties 5 600 - 5 600 - Rent Expense
224 Comp-Limited 10 000 - 10 000 -
225 5
Wobker Plumbers Wholesalers 2 563 - 2 563 -
226 Sam’s Suppliers 785 - 785 - Stationery
227 8 Cash 4 156 - 4 156 - Wages 228 9 James’ Stores 4 887 - 4 887 - 229 15 ROP CC 1 580 - 1 580 -
230 Hart’s Wholesalers 6 990 - 6 990 -
231 Cash 7 500 - 7 500 - Wages 232 26 Beta Stores 2 560 - 2 560 - 233 Telkom 4 100 - 4 100 - Telephone 234 29 Car CC 1 600 - 1 600 - Repairs
235 30 Sam’s Suppliers 450 - 450 - Stationery
53 663 - 24 437 - 4 143 - 25 083 -
21 © 2012 Studying Business
Grade 8 Accounting Educators Guide
Task 22
Cash Receipts Journal of Fast Movers for June 2010 CRJ1
Analysis of
Receipts
Bank
Current
Income
Sundry
Doc D Details Fol Amount Fol Details
01 1 I Mkhize 80 000 - 80 000 - 80 000 - Capital
crr 7 Services Rendered 5 235 - 5 235 - 5 235 -
crr 9 Services Rendered 3 200 - 3 200 - 3 200 -
crr 24 Services Rendered 9 800 - 9 800 -
02 I Mkhize 100 000 - 109 800 100 000 - Capital
198 235 - 18 235 - 108 000 -
© 2009 Studying Business
Grade 8 Accounting Educator’s Guide
Task 22 continued
Cash Payments Journal of Fast Movers for June 2010 CPJ1
Sundry
Doc D Name of Payee Fol
Bank
Equipment Amount Fol Details
001 Daihatsu 40 000 - 40 000 - Vehicle 002 7 Sony 30 000 - 30 000 -
003 Oscar Properties 2 900 - 2 900 - Rent Expense
004 12 Expressions Agency 910 - 910 - Advertising
005 15 Cash 275 - 275 - Wages 006 18 Doctor Dent 800 - 800 - Repairs 007 20 Santam 650 - 650 - Insurance 008 24 MTN 450 - 450 - Telephone 009 25 I Mkhize 8 000 - 8 000 - Salaries
010 30 Garage Surplus 250 - 250 - Rent expense
84 235 - 30 000 - 54 235 -
23 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 23
Cash Receipts Journal of Jolie’s Nursery School for June 2010 CRJ1
Analysis of
Receipts
Bank
Current
Income
Sundry
Doc D Details Fol Amount Fol Details
R001 1 Angelina Jolie 1 000 000 - 1 000 000 - 1 000 000 - Capital
crr 25 Services Rendered 23 200 - 23 200 -
R002 Jennifer Aniston 15 000 - 15 000 - Rent Income
bs Investic 2 357 - 40 557 - 2 357 - Interest Income
1 040 557 - 23 200 - 1 017 357 -
24 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Cash Payments Journal of Jolie’s Nursery School for June 2010 CPJ1
Sundry
Doc D Name of Payee Fol
Bank Wage Equipment
Amount Fol Details
001 6 Pitt Motors 350 000 - 350 000 - Vehicles
002 Playground Warehouse 315 000 - 315 000 -
003 7 Cash 2 500 - 2 500 - 004 18 Mom’s Mail 750 - 750 - Advertising
005 30 Hollywood Municipality 14 150 - 9 600 - Rates
4 550 - Water and Electricity 006 Angelina Jolie 35 000 - 35 000 - Salaries 007 Cash 2 500 - 2 500 -
719 900 - 5 000 - 315 000 - 399 900 -
25 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 24
Cash Receipts Journal of Football Cleaners for July 2010 CRJ1
Analysis of
Receipts
Bank
Current
Income
Sundry
Doc D Details Fol Amount Fol Details
R088 1 A. Ferguson 60 000 - 60 000 - 60 000 - Capital
R089 9 Mr Liver Pool 2 000 - 2 000 - 2 000 - Rent Income
crr 12 Services Rendered 4 233 - 4 233 - 4 233 -
crr 25 Services Rendered 2 980 - 2 980 - 2 980 -
R090 A. Ferguson 100 000 - 100 000 - 100 000 - Capital
169 213 - 7 213 - 162 000 -
26 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 24 Continued
Cash Payments Journal of Football Cleaners for July 2010 CPJ1
Sundry
Doc D Name of Payee Fol
Bank
Equipment Amount Fol Details
61 3 Ronaldo Stores 10 000 - 10 000 -
62 Manchester Municipality 1 500 - 1 500 - Water and Electricity
63 8 Drogba Rentals 7 040 - 7 040 - Rent Expense
64 9 Scholes Stationers 3 849 - 3 789 - 60 - Stationery
65 15 Cash 2 000 - 2 000 - Wages 66 Spar 72 - 72 - Consumable Stores
67 24 Giggs Suppliers 2 250 - 2 250 -
68 Cash 600 - 600 - Drawings
69 25 Sir A. Ferguson 7 000 - 7 000 - Salaries
34 511 16 039 - 18 472 -
27 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 25
Cash Receipts Journal of Topies Tailors for October 2010 CRJ 1
Analysis of
Receipts
Bank
Current
Income
Sundry
Doc D Details Fol Amount Fol Details
R01 1 Mrs Topie 200 000 - 200 000 - 200 000 - Capital
crr 4 Services Rendered 12 000 - 12 000 - 12 000 -
crr 6 Services Rendered 4 500 - 4 500 -
R02 Hilda Cronje 2 220 - 6 720 - 2 220 - Rent Income
R03 11 Mrs Topie 205 000 - 205 000 - 205 000 - Capital
crr 24 Services Rendered 6 890 - 6 890 - 6 890 -
430 610 - 23 390 - 407 220 -
28 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide Task 25 continued
Cash Payments Journal of Topies Tailors for October 2010 CPJ 1
Stationery
Sundry
Doc
D Name of Payee Fol Bank Wages Amount Fol Details
01 1 Colombo Estates 5 550 - 5 550 - Rent Expense 02 4 Cash 3 170 - 3 170 - 03 6 TNA-Traders 55 - 55 - 04 10 Fielas Insurers 6 640 - 6 640 - Insurance
05 11
Sommer Lekker Traders 980 - 980 - Packing material
06 Cash 5 900 - 5 900 - 07 15 Donkie Traders 2 850 - 2850 -
08
Rhodes Furniture’s 11 000 - 11 000 - Equipment
09 23 Steve’s Motors 122 000 - 122 000 - Vehicles 10 25 TNA-Traders 145 - 145 - 11 30 Computer CC 4 000 - 4 000 - Equipment
162 290 - 3 050 - 9 070 - 150 170 -
29 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 26
Cash Payments Journal of Lone Hill Hairdresser for January 2010 CPJ 1
Sundry
Doc
D Name of Payee Fol Bank Equipment
Wages Amount Fol Details
01 3 Tina’s Traders 3 450 - 3 450 -
02 Dik Daan Estates 5 980 - 5 980 - Rent Expense 03 10 Rooibos Rand 6 700 - 6 700 -
04
13 Siembamba Estates 175 000 - 175 000 - Land and Buildings
05
15 Jimmy’s computers 10 700 - 10 700 -
06 Bennies Dealers 1 600 - 1 600 - Packing material 07 20 Cash 1 200 - 1 200 - 08 29 Cash 555 - 555 - 09 30 Tops-Traders 558 - 558 - Stationery
205 743 - 20 850 - 1 755 - 183 138 -
30 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide Task 26 Continued
Cash Receipts Journal of Lone Hill Hairdresser for January 2010 CRJ 1
Analysis of
Receipts
Bank
Current
Income
Sundry
Doc D Details Fol Amount Fol Details R01 3 Mrs Mooi 395 000 - 395 000 - Capital
crr Services Rendered 6 500 - 401 500 - 6 500 -
crr 13 Services Rendered 12 985 - 12 985 - 12 985 -
crr 20 Services Rendered 4 000 - 4 000 -
R02 Mrs Mooi 105 000 - 109 000 - 105 000 - Capital
crr 29 Services Rendered 775 - 775 - 775 -
524 260 - 24 260 - 500 000 -
31 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 27
General Ledger of Rambo Services
Balance Sheet Section
Capital B1
2010Aug 1 Bank CRJ 78 000 -
30 Bank CRJ 49 300 -
127 300 -
Drawings B2
2010 Aug 28 Bank CPJ 5 830 -
Land and Buildings B3 2010 Aug 1 Bank CPJ 95 000 -
Equipment B4 2010 Aug 31 Bank CPJ 12 024 -
Bank B5
2010 Aug 31
Total Receipts or Sundry Accounts CRJ 144 307 -
2010 Aug 31
Total Payments or Sundry Accounts CPJ 133 044 -
Balance c/d 11 263 -
144 307 - 144 307 -
2010 Sept 1 Balance c/d 11 263 -
32 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide Task 28
Cash Receipt Journal of Herman’s Repairs for January 2010 CRJ 1
Analysis of Current Sundry
Doc D Details Fol Receipts Bank Income Amount Fol Details
R 33 1 Herman Greenberg 100 000 - 100 000 - 100 000 - B1 Capital
CRR 5 Services rendered 2 500 - 2 500 - 2 500 -
R 34 10 Miss Marais 12 000 - 12 000 - 12 000 - N2 Rent income
CRR Services rendered 10 500 - 22 500 - 10 500 -
137 000 - 13 000 - 112 000 -
B2 N1
Task 28 Continued
Cash Payment Journal of Herman’s Repairs for January 2010 CPJ 1
Bank Wages Packing Sundry
Doc D Name of Payee Fol Material Amount Fol Details
C 23 5 John’s Stores 3 000 - 3 000 -
24 7 Cash 2 500 - 2 500 -
25 18 Dinky Stationers 5 000 - 5 000 N5 Stationery
26 29 Real Deals 1 000 - 1 000 -
11 500 - 2 500 - 4 000 - 5 000
B2 N3 N4
33 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
2010 Feb 1 Balance c/d 125 500 -
Nominal Account Section Current Income N1
2010 Jan 31 Bank CRJ 13 000 -
Rent Income N2
2010 Jan 10 Bank CRJ 12 000 -
Wages N3 2010 Jan 31 Bank CPJ 2 500 - Packing Material N4 2010 Jan 31 Bank CPJ 4 000 -
Stationery N5 2010 Jan 18 Bank CPJ 5 000 -
General Ledger of Herman’s Repairs
Balance Sheet Section
Capital B1
2010 Jan 1 Bank CRJ 100 000 -
Bank B2 2010 Jan 31
Total Receipts CRJ 137 000 -
2010 Jan 31 Total Payments CPJ 11 500 -
Balance c/d 125 500 -
137 000 - 137 000 -
34 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 29
Cash Receipt Journal of Accountants CC for November 2010 CRJ
Analysis of Current Sundry
Doc D Details Fol Receipts Bank Income Amount Fol Details
R 58 5 James Jameson 4 000 - 4 000 - 4 000 N2 Rent income
59 8 Peter Patel 5 300 5 300 5 300 N2 Rent income
Crr 13 Services rendered 2 100 - 2 100 - 2 100 -
Crr 30 Services rendered 900 - 900 - 900 -
12 300 - 3 000 - 9 300 -
B1 N1
Task 29 Continued
Cash Payment Journal of Accountants CC for November 2010 CPJ
Bank Wages Advertising Sundry
Doc D Name of Payee Fol Amount Fol Details
C 112 6 M Net 3 000 - 3 000 -
113 17 Letterheads Shop 5 000 - 5 000 N5 Stationery
114 22 BP Garage 300 - 300 N6 Fuel
115 28 Cash 4 200 4 200
12 500 - 4 200 - 3 000 - 5 300
B1 N3 N4
35 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
General Ledger of Accountants CC
Balance Sheet Section
Bank B1 2010 Nov 30
Total Receipts CRJ 12 300 -
2010 Nov 30 Total Payments CPJ 12 500 -
Balance c/d 200 -
12 500 - 12 500 -
2010 Dec 1 Balance c/d 200 -
Nominal Account Section
Current Income N1
2010 Nov 30 Bank CRJ 3 000 -
Rent Income N2
2010 Nov 5 Bank CRJ 4 000 -
8 Bank CRJ 5 300 -
9 300 - Wages N3 2010 Nov 30 Bank CPJ 4 200 -
Advertising N4 2010 Nov 30 Bank CPJ 3 000 -
Stationery N5 2010 Nov 17 Bank CPJ 5 000 -
Fuel N6 2010 Nov 22 Bank CPJ 300 -
36 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide Task 30
Cash Receipts Journal of Fairy CC for February 2010 CRJ 1
Analysis of
Receipts
Bank
Current
Income
Sundry
Doc D Details Fol Amount Fol Details
R 01 1 Mrs. Roux 550 000 - 550 000 - 550 000 - B1 Capital
CRR 10 Services rendered 1 200 - 1 200 - 1 200 -
R 02 12 Mrs. Roux 100 000 - 100 000 - B1 Capital
CRR Services rendered 2 333 - 102 333 - 2 333 -
R 03 15 Baby Blue 4 100 - 4 100 - N2 Rent income
CRR Services rendered 755 - 4 855 - 755 -
CRR 22 Services rendered 4 560 - 4 560 - 4 560 -
CRR 28 Services rendered 8 696 - 8 696 - 8 696 -
671 644 17 544 654 100
B2 N1
37 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Cash Payments Journal of Fairy CC for February 2010 CPJ
Sundry Doc D Name of Payee Fol Bank Wages Stationery Amount Fol Details 01 1 Dean Developers 250 000 - 250 000 - B3 Land and Buildings 02 4 Municipality 560 - 560 - N5 Water and Electricity 03 6 Cash 1 500 - 1 500 - 04 FRB Partnership 480 - 480 - 05 9 Manie Motors 185 000 - 185 000 - B4 Vehicles 06 12 Cash 11 500 - 11 500 - 07 17 Mark-Traders 6 980 - 6 980 - N6 Packing material 08 22 Rina Jansen 2 500 - 2 500 - N7 Rent expense 09 28 Cash 4 230 - 4 230 - 10 Sam's Stationery 8 700 - 8 700 - 471 450 17 230 9 180 445 040
B2 N3 N4
38 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
General Ledger of Fairy CC
Balance Sheet Section
Capital B1
2010 Nov 1 Bank CRJ 550 000 -
12 Bank CRJ 100 000 -
650 000 -
Bank B2 2010 Nov 30
Total Receipts CRJ 671 644 -
2010 Nov 30 Total Payments CPJ 471 450 -
Balance c/d 200 194 -
671 644 - 671 644 -
2010 Dec 1 Balance c/d 200 194 -
Land and Buildings B3 2010 Nov 1 Bank CPJ 250 000 -
Vehicles B4 2010 Nov 30 Bank CPJ 185 000 -
Nominal Account Section Current Income N1
2010 Nov 30 Bank CRJ 17 544
Rent Income N2
2010 Nov 15 Bank CRJ 4 100 -
Wages N3 2010 Nov 30 Bank CPJ 17 230 -
39 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Stationery N4 2010 Nov 30 Bank CPJ 9 180 - Water and Electricity N5 2010 Nov 4 Bank CPJ 560 - Packing Material N6 2010 Nov 17 Bank CPJ 6 980 - Rent Expense N7 2010 Nov 22 Bank CPJ 2 500 -
40 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 31
Cash Receipts Journal of BBBEE Services - August 2010 CRJ 1
Doc D Details Fol Analysis Bank Current SUNDRY of receipt Income Amount Fol Detail
R01 1 D Tutu 80 000 - 80 000 - 80 000 - Capital
CRR 10 Services rendered 5 125 - 5 125 - 5 125 -
CRR 18 Services rendered 562 - 562 - 562 -
CRR 25 Services rendered 4 322 - 4 322 - 4 322 -
R02 30 D. Tutu 59 200 - 59 200 - 59 200 - Capital
R03 31 T. Mbeki 8 500 - 8 500 - 8 500 - Rent income
157 709 - 10 009 - 147 700 -
41 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Cash Payments Journal of BBBEE Services - August 2010 CPJ1
Doc D Name of Payee Fol Bank Equipment Wages SUNDRY Amount Fol Detail
Q01 1 Tokyo Estates 105 000 - 105 000 - B3 Land & Buildings
02 5 Cyril Stationers 568 - 568 - Stationery
03 7 Cash 2 000 - 2 000 -
04 13 Maria Dealers 6 700 - 6 700 -
05 14 Cash 2 000 - 2 000 -
06 McCarthy Auto 1 105 - 1 105 - Repairs
07 21 Cash 2 000 - 2 000 -
08 22 Zuma Plastics 500 - 500 - Packing Material
09 25 Maria Dealers 2 999 - 2 999 -
10 Cyril Stationers 2 387 2 387 - Stationery
11 26 Cash 2 000 - 2 000 -
12 28 Cash 2 830 - 2 830 - B2 Drawings
13 30 D Tutu 9 600 - 9 600 - Salary
139 689 - 9 699 - 8 000 - 121 990 -
B5 B4
42 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
General Ledger of BBBEE Services
Balance Sheet Section
Capital B1
2010 Aug 1 Balance b/d 250 000 -
Bank CRJ1 80 000 -
30 Bank CRJ1 59 200 -
389 200 -
Drawings B2 2010 Aug 28 Bank CPJ1 2 830 -
Land and Buildings B3 2010 Aug 1 Balance b/d 520 000 - Bank CPJ1 105 000 -
625 000 -
Equipment B4 2010 Aug 1 Balance b/d 8 977 - 31 Bank CPJ1 9 699 -
18 676 -
Bank 2010 Aug 31
Total Receipts CRJ1 157 709 -
2010 Aug 1 Balance b/d 2 000 -
31 Bank CPJ1 139 689 - Balance c/d 16 020 -
157 709 - 157 709 -
2010 Sept 1 Balance b/d 16 020 -
43 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Nominal Section
Current Income N1
2010 Aug 1 Total b/d 265 077 -
31 Bank CRJ1 10 009 -
275 086 -
Stationery N2 2010 Aug 1 Total b/d 700 - 5 Bank CPJ1 568 - 10 Bank CPJ1 2 387 -
3 655 -
Wages N3 2010 Aug 1 Total b/d 6 000 - 31 Bank CPJ1 8 000 -
14 000- Task 32 CASH RECEIPTS JOURNAL – 30 September 2010 Bank R160 000 Current Income R15 000 Capital R140 000 Rent Income R 5 000 CASH PAYMENTS JOURNAL – 30 September 2010 Bank R18 921 Wages R5 000 Material Costs R7 690 Equipment R6 231
44 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 32 continued
General Ledger of Sipho’s Landscape
Balance Sheet Section
Capital B1
2010 Sept 1 Balance b/d 179 123 -
30 Bank CRJ 140 000 -
319 123 -
Equipment B2 2010 Sept 1 Balance b/d 34 567 - 30 Bank CPJ 6 231 -
40 798 -
Bank B3 2010 Sept 1 Balance b/d 2 346 -
2010 Sept 30 Total Payments CPJ 18 921 -
30 Total Receipts CRJ 160 000 - Balance c/d 143 425 -
162 346 - 162 346 -
2010 Oct 1 Balance b/d 143 425 -
45 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 32 continued
Nominal Section
Current Income N1
2010 Sept 1 Total b/d 7 990 -
30 Bank CRJ 15 000 -
22 990 -
Rent Income N2
2010 Sept 1 Total b/d 15 000 -
30 Bank CRJ 5 000 -
20 000 -
Wages N3 2010 Sept 1 Total b/d 25 000 - 30 Bank CPJ 5 000 -
30 000 -
Material Costs N4 2010 Sept 1 Total b/d 200 - 30 Bank CPJ 7 690 -
7 890 -
46 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 33
General Ledger of Face-IT Consultants
Balance Sheet Section
Capital B1 Oct 1 Bank CRJ 200 000 -
11 Bank CRJ 5 000 -
205 000 -
Vehicles B2 Oct 1 Balance b/d 134 343 -
Bank B3
Oct 1 Balance b/d 6 872 -
Oct 31
Total payments / Sundry Accounts CPJ 942 667 -
31
Total receipts / Sundry Accounts CRJ 430 610 - Balance c/d 505 185 -
942 667 - 942 667 -
Nov 1 Balance b/d 505 185 -
Nominal Account section
Current Income N1 Oct 31 Bank CRJ 33 498 -
Rent Income N2 Oct 6 Bank CRJ 5 220 -
Stationery N3 Oct 1 Total b/d 458 - 3 Bank CPJ 722 -
1 180 -
Advertising N4 Oct 18 Bank CPJ 13 380 00
47 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 34 Trial Balance of Rambo Services - 31 July 2010
Fol Debit Credit
Balance Sheet section Capital B1 120 000 Drawings B2 10 000 Land and Buildings B3 40 000 Vehicles B4 25 000 Equipment B5 3 000 Bank B6 28 900 Nominal Account section Current income N1 15 900 Rent income N2 4 100 Wages N3 9 000 Stationery N4 3 000 Salary N5 11 000 Rent expenses N6 6 000 Fuel N7 4 100 140 000 140 000
Task 35
Trial Balance of River Sand Lodge – 31 May 2010
Fol Debit Credit
Balance Sheet section Capital B1 233 225 Drawings B2 12 100 Land and Buildings B3 100 088 Vehicles B4 35 700 Equipment B5 58 200 Bank B6 37 899 Nominal Account section Current Income 17 268 Rent Income N2 1 998 Interest Income N3 9 488 Salary N4 10 546 Wages N5 4 890 Interest expense N6 9 003 Fuel N7 903 Material Cost N8 750 261 979 261 979
48 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 36
Trial Balance of Red Roses on 31 December 2010
Fol Debit Credit
Balance Sheet section Capital B1 500 000 Bank B2 200 000 Equipment B3 200 000 Vehicles B4 250 000 Drawings B5 60 000 Nominal Account section Current Income N1 339 100 Wages N2 140 000 Consumable Stores N3 15 000 Stationery N4 35 000 Rent Income N5 10 000 Fuel N6 4 000 Sundry Income N7 15 000 Telephone N8 2 000 Water and Electricity N9 3 100 864 100 864 100
Task 36 continued
Red Roses
Income Statement for the year ending 31 December 2010
Current income 339 100 -
Other operating income 25 000 -
Rent Income 10 000 -
Sundry Income 15 000 -
Gross operating income 364 100 - Operating expenses (199 100 -)
Wages 140 000 -
Consumable Stores 15 000 -
Stationery 35 000 -
Fuel 4 000 -
Telephone 2 000 -
Water and Electricity 3 100 -
Net profit for the year 165 000 -
49 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 37
Trial Balance of Doggy Parlour 28 February 2010
Fol Debit Credit
Balance Sheet section Capital B1 50 000 Bank overdraft B2 30 000 Equipment B3 185 000 Vehicles B4 72 000 Drawings B5 4 500 Nominal Account section Current Income N1 195 000 Wages N2 40 000 Consumable Stores N3 1 800 Fuel N4 1 200 Sundry Income N5 38 250 Rent expense N6 4 000 Water and Electricity N7 3 950 Advertising N8 800 313 250 313 250
Doggy Parlour Income Statement for the year ending 28 February 2010
Current income 195 000 -
Other operating income 38 250 -
Sundry Income 38 250 -
Gross operating income 233 250 - Operating expenses (51 750 -)
Wages 40 000 -
Consumable Stores 1 800 -
Fuel 1 200 -
Rent expense 4 000 -
Water and Electricity 3 950 -
Advertising 800 -
Net profit for the year 181 500 -
50 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 38
Trial Balance of Johannesburg Car 30 June 2010
Fol Debit Credit
Balance Sheet section Capital B1 20 000 Bank B2 10 000 Equipment B3 5 500 Drawings B4 2 400 Nominal Account section Current Income N1 30 000 Wages N2 21 000 Consumable Stores N3 8 420 Rent Income N4 3 180 Advertising N5 2 600 Water and Electricity N6 3 000 Telephone N7 260 53 180 53 180
Johannesburg Car Income Statement for the year ending 30 June 2010
Current income 30 000 -
Other operating income 3 180 -
Rent Income 3 180 -
Gross operating income 33 180 - Operating expenses (35 280 -)
Wages 21 000 -
Consumable Stores 8 420 -
Advertising 2 600 -
Water and Electricity 3 000 -
Telephone 260 -
Net loss for the year (2 100 -)
51 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 39
Trial Balance of Western Province Services – 31 December 2010
Fol Debit Credit
Balance Sheet Section
Capital B1 650 000 -
Drawings B2 1 000 -
Vehicles B3 128 000 -
Equipment B4 85 000 -
Land and Buildings B5 410 000 -
Cash float B6 2 100 -
Bank B7 164 410 -
Nominal Account Section
Current Income N1 243 360 -
Wages N2 90 300 -
Rent Income N3 55 100 -
Stationery N4 12 100 -
Fuel N5 35 415 -
Postage N6 2 220 -
Water and Electricity N7 8 510 -
Insurance N8 9 405 -
948 460 - 948 460 -
52 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 39 continued
Western Province Services Income Statement for the year ending 31 December 2010
Current income 243 360 -
Other operating income 55 100 - Rent Income 55 100 -
Gross operating income 298 460 - Operating expenses (157 950 -) Wages 90 300 -
Stationery 12 100 -
Fuel 35 415 -
Postage 2 220 -
Water and Electricity 9 510 -
Insurance 9 405 -
Net profit for the year 140 510 -
Western Province Services
Balance Sheet at 31 December 2010
ASSETS Note
Non-Current Assets 623 000 00
Tangible assets 1 623 000 00
Current Assets 166 510 00
Inventory -
Trade and other receivables -
Cash and cash equivalents 2 166 510 00
TOTAL ASSETS 789 510 00
EQUITY and LIABILITIES
Owner's Equity 3 789 510 00
Non-Current liabilities -
Current liabilities -
-
TOTAL EQUITY and LAIBILITIES 789 510 00
53 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Notes to the Balance Sheet:
1. Tangible assets:
Land and buildings 410 000
Vehicles 128 000
Equipment 85 000
623 000
2. Cash and cash equivalents:
Bank 164 410
Cash float 2 100
166 510
3. Owner’s equity:
Capital balance 1 January 2010 650 000
Net profit for the year 140 510
Drawings (1 000)
Balance 31 December 2010 789 510
54 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 40
Use the following Trial Balance and prepare an Income Statement and Balance Sheet:
Trial Balance of Pink Foot – 28 February 2010
Fol Debit Credit
Balance Sheet Section
Capital B1 382 130 -
Drawings B2 500 -
Land and Buildings B3 290 125 -
Equipment B4 85 000 -
Vehicles B5 110 000 -
Bank B6 16 000 -
Petty cash B7 800 -
Nominal Account Section
Current Income N1 321 600 -
Telephone N2 14 780 -
Rent Income N3 32 140 -
Repairs N4 12 650 -
Advertising N5 19 220 -
Sundry expenses N6 86 125 -
Salaries N7 124 125 -
Insurance N8 8 545 -
751 870 - 751 870 -
55 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 40 continued
Pink Foot Income Statement for the year ending 28 February 2010
Current income 321 600 -
Other operating income 37 140 -
Rent income 37 140 -
Gross operating income 358 740 - Operating expenses (265 445 -)
Telephone 14 780 -
Repairs 12 650 -
Advertising 19 220 -
Sundry Expenses 86 125 -
Salaries 124 125 -
Insurance 8 545 -
Net profit for the year 93 295 -
Pink Foot
Balance Sheet at 28 February 2010
ASSETS Note
Non-Current Assets 485 125 -
Tangible assets 1 485 125 -
Current Assets (15 200 -) Inventory -
Trade and other receivables -
Cash and cash equivalents 2 (15 200 -)
TOTAL ASSETS 469 925 -
EQUITY and LIABILITIES
Owner's Equity 3 474 925 -
Non-Current liabilities -
Current liabilities -
-
TOTAL EQUITY and LAIBILITIES 474 925 - This Balance Sheet does not balance. Can you figure out why?
56 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Notes to the Balance Sheet:
1. Tangible assets:
Land and buildings 290 125
Vehicles 110 000
Equipment 85 000
485 125
2. Cash and cash equivalents:
Bank (16 000)
Cash float 800
(15 200)
3. Owner’s equity:
Capital balance 1 March 2009 382 130
Net profit for the year 93 295
Drawings (500)
Balance 28 February 2010 474 725
Task 41
Cost price Profit Selling price
1) R100 R50 R150
2) R880 10% R968
3) R4 200 25% R5 250
4) R999 5% R1 048-95
5) R909.09 10% R1000
6) R2000 30% R2 600
7) R4 217.86 40% R5 905
8) R2 933.33 50% R4 400
9) R 4 500 100% R9 000
10) R7 500 20% R9 000
57 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 42
Cash Receipts Journal of Invisible Ink for September 2010 CRJ1
Analysis of Cost of Sundry
Doc Day Details Fol Receipts Bank Sales sales Amount Fol Details
R001 1 Mr Invisible 255 000 - 255 000 - 255 000 - Capital
crr 3 Sales 1 500 - 1 500 - 1 500 - 1 000 -
crr 7 Sales 3 000 - 3 000 - 2 000 -
R002 Mr Apple 6 000 - 9 000 - 6 000 - Rent Income
crr 15 Sales 5 822 - 5 822 - 2 911 -
R003 Mr Invisible 45 000 - 50 822 45 000 - Capital
crr 19 Sales 8 250 - 8 250 - 8 250 - 4 000 -
crr 22 Sales 4 500 - 4 500 - 4 500 - 3 600 -
R004 30 Mr Invisible 30 000 - 30 000 - 30 000 - Capital
359 072 - 23 072 - 13 511 - 336 000 -
B1 N1 B2/N2
58 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 43 Cash Receipts Journal of Tom Thumb Party Packs for June 2010 CRJ1
Analysis of Cost of Sundry
Doc Day Details Fol Receipts Bank Sales sales Amount Fol Details
R001 1 TomThumb 50 000 - 50 000 - 50 000 - Capital
R002 4 Tinkerbell 3 000 - 3 000 - Rent Income
crr Sales 4 000 - 7 000 - 4 000 - 2 000 -
R003 10 P. Pan 3 500 - 3 500 - 3 500 - Rent Income
crr 17 Sales 6 000 - 6 000 - 6 000 - 3 750 -
crr 18 Sales 4 000 - 4 000 - 4 000 - 3 000 -
crr 26 Sales 3 500 - 3 500 - 1 750 -
R004 Tom Thumb 50 000 - 53 500 - 50 000 - Capital
124 000 - 17 500 - 10 500 - 106 500 -
B1 N1 N2/B2
59 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 44 Cash Receipts Journal of Hero Traders for July 2010 CRJ1
Analysis of Cost of Sundry
Doc Day Details Fol Receipts Bank Sales sales Amount Fol Details
crr 02 Sales 2 010 - 2 010 - 2 010 - 1 608 -
crr 9 Sales 3 500 - 3 500 - 2 800 -
R12 Mr J Timberlake 500 000 - 503 500 - 500 000 - Capital
crr 16 Sales 5 340 - 5 340 - 5 340 - 4 272 -
R13 25 Mrs Spider 5 200 - 5 200 - 5 200 - Rent Income
516 050 - 10 850 - 8 680 - 505 200 -
B1 N1 N2/B2
60 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 45
Cash Receipts Journal of Pumpkin Printers for March 2010 CRJ1
Analysis of Cost of Sundry
Doc Day Details Fol Receipts Bank Sales sales Amount Fol Details
R001 1 Mr Pumpkin 155 000 - 155 000 - 155 000 - Capital
crr 3 Sales 1 500 - 1 500 - 1 500 - 1 000 -
crr 4 Sales 3 000 - 3 000 - 2 000 -
R002 Mr Banana 3 000 - 6 000 - 3 000 - Rent Income
crr 19 Sales 9 000 - 9 000 - 6 000 -
bs FNB 95 - 95 -
Interest Income
R003 Mr Pumpkin 66 000 - 75 095 - 66 000 - Capital
crr 22 Sales 4 500 - 4 500 - 4 500 - 3 000 -
R004 30 Mr Pumpkin 269 000 - 269 000 - 269 000 - Capital
511 095 - 18 000 - 12 000 - 493 095 -
61 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 46
Cash Receipts Journal of Vaughn Retailers for December 2010 CRJ1
Analysis of Cost of Sundry
Doc Day Details Fol Receipts Bank Sales sales Amount Fol Details
R01 1 Ms Vaughn 500 000 - 500 000 - 500 000 - Capital
crr 5 Sales 10 500 - 10 500 - 10 500 - 7 500 -
crr 16 Sales 12 040 - 12 040 - 8 600 -
R02 Ms Vaughn 32 000 - 44 040 - 32 000 - Capital
crr 18 Sales 18 200 - 18 200 - 18 200 - 13 000 -
R03 28 Ms Vaughn 20 000 - 20 000 - Capital
crr Sales 8 932 - 28 932 - 8 932 - 6 380 -
601 672 - 49 672 - 35 480 - 552 000 -
62 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 47
Cash Receipts Journal of Dull Dealers for May 2010 CRJ1
Analysis of
receipts Bank Sales Cost of Sales
Sundry
Doc Day Details Fol Amount Fol Details
R01 1 Daphne Dull 195 000 - 195 000 - 195 000 - Capital
crr 5 Sales 2 000 - - 2 000 - 1 000 -
R02 Daphne Dull 125 000 - 127 000 - 125 000 - Capital
crr 22 Sales 1 800 - 1 800 - 900 -
R03 Daphne Dull 30 000 - 31 800 - 30 000 - Capital
353 800 - 3 800 - 1 900 - 350 000 -
63 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Cash Payments Journal of Dull Dealers for May 2010 CPJ1
Sundry
Doc Day Details Fol Bank Stationery Trading
Inventory Equipment Amount Fol Details
01 1 Cash and Carry Wholesalers
3 500 -
3 500 -
02 3 Jimmy’s Sole Traders
25 000 -
25 000 -
03 5 Cash 6 330 - 6 330 - Wages
04 Survival CC 5 650 - 5 650 -
05 Packers (Pty) Ltd 955 - 955 - Packing Material
06 16 The Star 320 - 320 - Advertising
07 Sammy’s Shop 2 840 - 440 - 2 400 -
08 Hill Dealers 11 250 - 11 250 -
09 22 Cash 5 900 - 5 900 - Wages
10 Makro 12 000 - 12 000 -
11 30 Damelin College 31 000 - 31 000 - Drawings
12 B Naude 15 500 - 15 500 - Salaries
120 245 - 440 - 42 900 - 16 900 - 60 005 -
Note to learner: What do you notice about the wages account? What do you suggest would be better and why? Wages are paid out weekly, therefore it happens frequently and so should receive its own column.
64 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 48
General Ledger of Invisible Ink
Balance Sheet Section
Bank B1 2010 Sept 30
Total Receipts CRJ1 35 9072 -
Trading Inventory B2
2010 Sept 30 Cost of Sales CRJ1 13 511 -
Nominal Account Section
Sales N1
2010 Sept 30 Bank CRJ1 23 072 -
Cost of Sales N2 2010 Sept 30
Trading Inventory CRJ1 13 511 -
Task 49
General Ledger of Tom Thumb Balance Sheet Section
Bank B1 2010 June 1 Balance b/d 255 000 -
30 Total Receipts CRJ1 124 000 -
379 000 - Trading Inventory B2 2010 June 1 Balance b/d 100 000 -
2010 June 30 Cost of Sales CRJ1 10 500 -
Balance c/d 89 500 -
100 000 - 100 000 -
2010 July 1 Balance b/d 89 500 -
65 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Nominal Account Section Sales N1
2010 June 1 Total b/d 135 000 -
30 Bank CRJ1 17 500 -
152 500 - Cost of Sales N2 2010 June 1 Total b/d 80 000 -
30 Trading Inventory CRJ1 10 500 -
90 500 -
Task 50
General Ledger of Hero Traders Balance Sheet Section
Bank B1 2010 July 1 Balance b/d 90 000 -
31 Total Receipts CRJ1 516 050 -
606 050 - Trading Inventory B2 2010 July 1 Balance b/d 60 000 -
2010 July 30 Cost of Sales CRJ1 8 680 -
Balance c/d 51 320 -
60 000 - 60 000 -
2010 Aug 1 Balance b/d 51 320 -
Nominal Account Section Sales N1
2010 July 1 Total b/d 120 000 -
30 Bank CRJ1 10 850 -
130 850 - Cost of Sales N2 2010 July 1 Total b/d 60 000 - 30 Trading Inventory CRJ1 8 680 -
68 680 -
66 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 51
General Ledger of Mama Themba’s Spar
Balance Sheet Section
Capital B1
2010Dec 1 Balance b/d 50 000 -
5 Bank CRJ 10 000 -
10 Bank CRJ 20 000 -
80 000 -
Trading Inventory B2 2010Dec 1 Balance b/d 36 888 -
2010Dec 31 Cost of Sales CRJ 13 260 -
31 Bank CPJ 14 999 - Balance c/d 38 627 -
51 887 - 51 887 -
2010Jan 1 Balance b/d 38 627 -
Nominal Account Section
Bank B3 2010Dec 1 Balance b/d 23 678 -
2010Dec 31 Total Payments CPJ 52 420 -
31 Total Receipts CRJ 63 790 - Balance c/d 35 048 -
87 468 - 87 468 -
2011Jan 1 Balance b/d 35 048 -
Nominal Section Sales N1
2010 Dec 1 Total b/d 14 338 -
31 Bank CRJ 25 335 -
39 673 - Cost of Sales N2 2010 Dec 1 Total b/d 5 972 -
31 Trading Inventory CRJ 13 260 -
19 232 67
© 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Wages N3 2010 Dec 1 Total b/d 3 000 - 31 Bank CPJ 7 560 -
10 560 - Task 52
General Ledger of Marcus Wholesalers
Balance Sheet Section
Bank B1 2010June 1 Balance b/d 18 775 -
2010 June 30 Total Payment CPJ 15 356 -
30 Total Receipts CRJ 23 789 - Balance c/d 27 208 -
42 564 - 42 564 -
2010July 1 Balance b/d 27 208 -
Trading Inventory B3 2010June 1 Balance b/d 45 890 -
2010 June 30 Cost of Sales CRJ 8 993 -
30 Bank CPJ 8 455 - Balance c/d 45 352 -
54 345 - 54 345 -
2010July 1 Balance b/d 45 352 -
68 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 52 continued
Nominal Section
Sales N1
2010 June 1 Total b/d 12 000 -
30 Bank CRJ 16 899 -
28 899 -
Cost of Sales N2 2010 June 1 Total b/d 6 000 -
30 Trading Inventory CRJ 8 993 -
14 993 - Task 53 Correct Partially
correct Not correct
Appropriate Heading 2 1 0 Four accounts named correctly 2 1 0 Trading Inventory – is shown as an asset 2 1 0 Cost of Sales is shown as an expense influencing owner’s equity
2 1 0
Sales is shown as an income influencing owner’s equity
2 1 0
Bank is shown as an asset 2 1 0 The double entry principle is clear in the poster, for every debit there is a credit
4 2 0
The contra accounts are indicated correctly. 4 2 0 TOTAL / 20 Task 54
1. 70 000 ÷50 000 =1.4
Mark-up: 40% OR Sales – Cost of Sales x 100
Cost of sales 70 000 – 50 000 x 100 50 000 = 40%
69 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Josie’s Boutique Income Statement for the year ending 31 March 2010
Sales (or Turnover) 70 000 -
Cost of Sales 50 000 -
Gross Profit 20 000 -
Other operating income 10 000 -
Rent Income 10 000 -
Gross operating income 30 000 - Operating expenses (10 000 -)
Stationery 2 500 -
Wages 5 500 -
Telephone 2 000 -
Net profit for the year 20 000 -
Task 54 continued Josie’s Boutique Balance Sheet on 31 March 2010
ASSETS Note
Non-Current Assets 165 000 -
Tangible assets 1 165 000 -
Current Assets 280 00 -
Inventory 185 000 -
Trade and other receivables -
Cash and cash equivalents 2 95 000 -
TOTAL ASSETS 445 000 -
EQUITY and LIABILITIES
Owner's Equity 3 329 000 -
Non-Current Liabilities 116 000 -
Mortgage loan: FNB 116 000 -
Current Liabilities
Trade and other payables -
TOTAL EQUITY and LIABILITIES 445 000 -
70 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Notes to the Balance Sheet:
1. Tangible assets:
Vehicles 95 000
Equipment 70 000
165 000
2. Cash and cash equivalents:
Bank R185 000
3. Owner’s equity:
Capital balance 1 April 2009 R329 000
Net profit for the year R 20 000
Drawings (R 20 000)
Balance 31 March 2010 R329 000
Task 55
Income Statement of Joshua’s Music Store for year ending 31 March 2010
Sales 320 000 -
Cost of Sales 160 000 -
Gross Profit 160 000 -
Other operating income -
Gross operating income 160 000 -
Operating expenses 182 000 -
Advertising 26 000 -
Packing Material 12 000 -
Stationery 5 000 -
Wages 65 000 -
Insurance 56 000 -
Telephone 18 000 -
Net profit for the year (22 000 -)
71 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 55 continued
Balance Sheet of Joshua’s Music Store on 31 March 2010
ASSETS Note Non-Current Assets 325 000 -
Tangible assets 1 325 000 -
Current Assets 427 000 -
Inventory 395 000 -
Trade and other receivables -
Cash and cash equivalents 2 32 000 -
TOTAL ASSETS 752 000 - EQUITY and LIABILITIES Owner's Equity 3 418 000 - Non-Current Liabilities 288 000 -
Loan: ABSA 288 000 -
Current Liabilities 46 000 -
Trade and other payables 4 46 000 -
TOTAL EQUITY and LIABILITIES 752 000 -
Notes to the Balance Sheet: 1. Tangible assets:
Land & Buildings R295 000
Equipment R 30 000
R325 000
2. Cash and cash equivalents:
Bank R32 000
3. Owner’s equity:
Capital balance 1 April 2009 R500 000
Net profit for the year (22 000)
Drawings (60 000)
Balance 31 March 2010 R418 000 4. Trade and other payables:
Creditors Control R46 000
72 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 56
Balance Sheet of Fashion Warehouse on 28 February 2010
ASSETS Note
Non-Current Assets 595 000 -
Tangible assets 1 595 000 -
Current Assets 157 500 -
Inventory 100 000 -
Trade and other receivables 2 34 000 -
Cash and cash equivalents 3 23 500 -
TOTAL ASSETS 752 500 - EQUITY and LIABILITIES
Owner's Equity 4 165 000 -
Non-Current Liabilities 562 500 -
Loan: ABSA 562 500 -
Current Liabilities 25 000 -
Trade and other payables 5 25 000 -
TOTAL EQUITY and LIABILITIES 752 500 -
1. R115 000 2. To pay for the Building
Task 57 Assess according to your own criteria.
73 © 2012 Studying Business
Grade 8 Accounting Educator’s Guide
Task 58 Effect
No General Ledger Assets Owner’s Equity Liabilities
Debit Credit +
(debit)
-
(credit)
-
(debit)
+
(credit)
-
(debit)
+
(credit)
1 Bank Capital 500 000 500 000
2 Trading
Inventory
Bank 2 181.82 2 181.82
3 Wages Bank 1 780 1 780
4 Bank Current
Income
1 485 1 485
5 Rent
Expense
Bank 5 590 5 590
6 Stationery Creditors
Control
530 530
7 Creditors
Control
Bank 200 200
8 Bank Rent
Income
893 893
74 © 2012 Studying Business