General ledger of Zama Traders Trading Stock 2020 125 000,00 Jun 2020 1Balance 30 Bank b/d CPJ Creditors Control a DAJ Jun 30 Cost of Sales CRJ 75 000,00 Cost of Sales 40 000,00 DJ |CAJ 8 000,00 Debtors Control 2020 Band and 30 Discount allowed CRJ 2020 1 Balance b/d DJ 85 000,00 Jun 40 000,00 Jun 45 000 30 Sales DAJ 900,00 Zama Traders operates on a profit mark-up of 50% on cost. Cash sales are equal to 60% of all sales. Additional information • Owner, Z Nkosi, returned merchandise which she took for own use, selling price R600 • The business accepted an old computer, valued at R1000 from S Khumalo in settlement of a debt of R1125 • Received credit note from B May. Trade discount of 20% omitted on the invoice for goods purchased on credit for R560 • Issued an invoice for R560 to a customer R Rayaan, and entered in the subsidiary journal as R56 Required 1. Prepare General Journal for the additional information provided above. Narrations are not required. Post this journal to the relevant account as at 30 June 2020 2. Complete the following accounts in the General ledger a. Trading Stock b. Debtors Control
General ledger of Zama Traders Trading Stock 2020 125 000,00 Jun 2020 1Balance 30 Bank b/d CPJ Creditors Control a DAJ Jun 30 Cost of Sales CRJ 75 000,00 Cost of Sales 40 000,00 DJ |CAJ 8 000,00 Debtors Control 2020 Band and 30 Discount allowed CRJ 2020 1 Balance b/d DJ 85 000,00 Jun 40 000,00 Jun 45 000 30 Sales DAJ 900,00 Zama Traders operates on a profit mark-up of 50% on cost. Cash sales are equal to 60% of all sales. Additional information • Owner, Z Nkosi, returned merchandise which she took for own use, selling price R600 • The business accepted an old computer, valued at R1000 from S Khumalo in settlement of a debt of R1125 • Received credit note from B May. Trade discount of 20% omitted on the invoice for goods purchased on credit for R560 • Issued an invoice for R560 to a customer R Rayaan, and entered in the subsidiary journal as R56 Required 1. Prepare General Journal for the additional information provided above. Narrations are not required. Post this journal to the relevant account as at 30 June 2020 2. Complete the following accounts in the General ledger a. Trading Stock b. Debtors Control
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter18: Acquiring Capital For Growth And Development
Section18.3: Capital Stock
Problem 1OYO
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