EMS REVISION TEST MAY 2022

NAME: ……………………………………………..…………………….100 marks,50 minutes

You may use a blue or black pen or a DARK pencil. No Correction fluid is permitted.
QUESTION 1 (43 marks, 23 minutes)
Record the following transactions of Golightly Traders, a business that buys and sells inverters ,batteries and light fittings. The mark up
on cost price is 25%. Note: Totalling Journal columns NOT required.
Transaction for May 2022
1 The owner Clive deposited R400 000 directly into the business bank account of Golightly Traders via EFT .
3 Bought stock for R10 000 from Tylo (Pty) Ltd via EFT.
4 Goods with a selling price of R200 was sold to L Hani and invoice no. Inv 01 was issued.
7 Bought R1500 worth of Equipment, less 10% trade discount, from Bekker stores and paid by EFT.
7 Paid employees their wages with cash, R5 000, withdrawn from the bank.
9 Merchandise was sold on account to C Du Toit for R250 as per invoice issued.
14 Paid employees their wages with cash, R5500.
15 Sold goods for cash, R600.
15 Received R3 000 cash from Goldman Estates for rent.
18. L Salie bought goods on credit from Golightly Traders. Cost price R2 300.
21 Paid Morrison Agency R1 000 for advertising via EFT.
23 Bought inventory from Amy CC for R4 000 via EFT.
25. Paid Telkom the business telephone account of R 1000 and the owners private
Cell phone account R850, via EFT.
29 L Hani settled her account and was issued receipt no.01 as proof of payment.
31 Sold goods for cash. Cost price R400.
 CASH RECEIPTS JOURNAL OF FOR
D F DEBTORS SUNDRY ACCOUNT
DOC A DETAILS O BANK SALES COST OF
ANALYSIS CONTROL FO
Y L SALES
OF AMOUNT L DETAILS
RECEIPTS

CASH PAYMENTS JOURNAL FOR FOR

F
O
SUNDRY ACCOUNT
DOC D NAME OF BANK Wages Trading
 A PAYEE L Stock AMOUNT F DETAILS
O
Y L

DEBTORS JOURNAL OF ________________________for________________________

DOC. DAY DETAILS FOL. SALES COST OF SALES

           

QUESTION 2 (23 marks,12 minutes)

Tiptoe Traders
 The following column Totals are given:
CRJ: Bank 220 000, Sales R90 000, Cost of Sales R45 00
CPJ: Bank 120 000, Trading Stock 90 000
DJ: Sales 30 000, Cost of Sales ?
Post the applicable, relevant entries from the given journals to the given General Ledger accounts.
Balance the B accounts. Fill in the missing entries.

GENERAL LEDGER OF TIPTOE TRADERS

TRADING STOCK
DATE DAY DETAILS FOL AMOUNT DATE DAY DETAILS FOL AMOUNT
2022 BANK CPJ 2022 31 Cost of Sales
May May
31 DJ
31 BALANCE C/D

1 B/D
(10)
BA NK
2022 31 TOTAL RECEIPTS 2022 CPJ 120 000
May May
31 c/d
220 000
June BALANCE B/D
(8)
SA LES N1
2022 BANK 90 000
May
31 DJ

(5)

QUESTION 3 (34 marks, 1 minutes)

Record the entries in the table below. Record the amounts and whether it is + or - .
Example: Paid R2 000 via Eft for advertising to AndaDean Agency.
1. The owner, J Northuizen paid his son’s university fees by EFT, R5 000.
2. Paid the business telephone a/c, R1 000 by EFT.
3. Sold goods for cash for R400. (Mark up on Cost is 100%)
 4. Bought a truck from C McCabe and paid R40 000 by EFT.
5. Received R2 000 from the tenant, Solo to settle her rent of the business store room.

NO Source A/C DEBIT in GL A/C CREDIT in GL A O L

Document JNL

EX BS or EFT CPJ ADVERTISING BANK - 2 000 -2 000 0

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