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Grade 9 Recording Transactions To Trial Balance Question

The document provides instructions for recording transactions from Vernon's Stationery Supplies for the month of May 2010 into a cash payments journal, cash receipts journal, general ledger, and trial balance. It includes a list of transactions with details such as dates, amounts, and source documents. The instructions are to compile the cash payments journal and cash receipts journal for May 2010, post the transactions to the general ledger, and compile a trial balance.

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1K views

Grade 9 Recording Transactions To Trial Balance Question

The document provides instructions for recording transactions from Vernon's Stationery Supplies for the month of May 2010 into a cash payments journal, cash receipts journal, general ledger, and trial balance. It includes a list of transactions with details such as dates, amounts, and source documents. The instructions are to compile the cash payments journal and cash receipts journal for May 2010, post the transactions to the general ledger, and compile a trial balance.

Uploaded by

Johny
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Recording transactions to Trial Balance.

Assessment Task

Formal Assessment Task 3 (LO3 AS1-7)

Activity 1: Drawing up the CRJ, CPJ, general ledger and trial balance (Individual activity)
(LO3 AS3)

The following transactions took place during the month of May 2010 in Vernon’s Stationery
Supplies. Do the following:
a) Compile a CPJ and CRJ for the month of May 2010.
b) Post the transactions of the CPJ and CRJ to the general ledger.
c) Compile a trial balance.
Vernon’s has a 50% mark-up.

Date Details Source document


1 The owner, Vernon Koekemoer, deposits R45 000 into the bank Receipt 01
account as start-up capital
2 Purchases trading stock from CNA Wholesalers, R20 000 Cheque SS01
2 Purchases shelving to the amount of R1 800 from Greenlea Fitters Cheque SS02
4 Cash sales deposited into bank account, R4 500 Cash register roll C01
6 Pays wages to C Norris to the amount of R2 000 and J Chang to the Cheque SS03
amount of R2 500 Cheque SS04
7 Purchases trading stock from Pencils Galore, R4 650 Cheque SS05
8 Donates R100 to the Mandela Bay Children’s Fund Cheque SS06
10 Buys refreshments to the amount of R250 from Cookies 4U Cheque SS07
13 Receives rental income from B Lee, R3 000 Receipt 02
15 Pays bank charges to Trust Bank, R80 Cheque SS08
17 Cash sales deposited into bank account, R6 000 Cash register roll C02
19 Pays wages to C Norris to the amount of R2 000 and J Chang to the Cheque SS09
amount of R2 500 Cheque SS10
21 Vernon takes drawings of R5 500 for his own use Cheque SS11
23 Cash sales deposited into bank account, R4 200 Cash register roll C03
26 Buys trading stock from Pencils Galore, R9 550 Cheque SS12
27 Printing of brochures at Handsome Prints for R390 Cheque SS13
28 Pays water and electricity to Nelson Mandela Bay Municipality, Cheque SS14
R1 250
Cash sales deposited into bank account, R7 500 Cash register roll C04
29 Pays telephone to Telkom, R750 Cheque SS15

Teacher assessment rubric: CRJ, CPJ, general ledger and trial balance

Criteria Marks
Entries into The learner made The learner made The learner made The learner made
CPJ entered all the entries one mistake in the two mistakes in the three or more
correctly correctly. [4 marks] CPJ. [3 marks] CPJ. [2 marks] mistakes in the
[Marks out of CPJ. [1 marks]
4]
Entries into The learner made The learner made The learner made The learner made
CRJ entered all the entries one mistake in the two mistakes in the three or more
correctly correctly. [4 marks] CRJ. [3 marks] CRJ. [2 marks] mistakes in the
[Marks out of CRJ. [1 marks]
4]
Balances The learner made The learner made The learner made The learner made
posted to all the entries one mistake in the two mistakes in the three or more
general ledger correctly. [4 marks] general ledger. [3 general ledger. [2 mistakes in the
[Marks out of marks] marks] general ledger. [1
4] marks]
Draw up trial The learner made The learner made The learner made The learner made
balance all the entries one mistake in the two mistakes in the three or more
[Marks out of correctly. [4 marks] trial balance. [3 trial balance. [2 mistakes in the trial
4] marks] marks] balance. [1 marks]
Trial balance Yes [4 marks] No [0 marks]
balanced
[Marks out of
4]
Total marks out of 20:

Level 4: 14-20 marks (70–100%) – Outstanding


Level 3: 10-13 marks (50–69%) – Achieved
Level 2: 7-9 marks (35–49%) – Partially achieved
Level 1: 1–6 marks (1–34%) – Not achieved

Activity 2: Interpreting the income statement and balance sheet (Individual activity) (LO3
AS1, AS5)

Look at the list of accounts of Kimi’s Surfing Gear on 28 February 2012.

LIST OF ACCOUNTS OF KIMI’S SURFING GEAR


ON 28 FEBRUARY 2008
DETAILS AMOUNT IN RAND
Sales 200 000
Cost of sales 100 000
Rental expense 12 000
Wages 36 000
Consumables 4 000
Insurance 8 000
Interest expense 500
Interest income 650
Telephone 6 000
Water and electricity 7 000
Advertising 12 000

a) Complete the table below to indicate where in the income statement the accounts will be listed
and why. The first example has been done for you. [10 marks]
Account Income statement Reason
Debit Credit
Example: Sales 200 000 Income that increases
a) Rental expense
b) Cost of sales
c) Wages
d) Interest income
e) Advertising

b) When you write the notes to a balance sheet, what would you include under cash and cash
equivalents? [2 marks]
c) How do you get to the final amount for owner’s equity? [2 marks]
d) How do you know when your balance sheet balances? [2 marks]
e) Give an explanation for:
Drawings
Fixed assets
Current assets
Long-term liabilities [4 marks]
[Total: 20 marks]

Activity 3: Legislation in the workplace (Individual activity) (LO3 AS7)

Read the information below and answer the questions that follow.
The Skills Development Act was passed in order to develop and improve the skills of people in the
workplace. The Act does the following:
 provides a framework for the development of skills of people at work
 builds these development plans/strategies into the National Qualifications Framework
 provides for learnerships that lead to recognised occupational qualifications
 provides for the financing of skills development by means of a levy-grant scheme and a
National Skills Fund
(Source: www.paralegaladvice.org.za)

a) Apart from the Skills Development Act, which three other Acts can you name that impact on the
workplace? [3 marks]
b) Explain what each of these Acts regulates. [3 marks]
c) What is collective bargaining? [1 marks]
d) Name three ways in which an employer can discriminate against an employee. [3 marks]
[Total: 10 marks]

Activity 4: Class test (Individual activity) (LO3 AS1-7)

1. Explain what an income statement is. [1 mark]


2. Explain what a balance sheet reveals. [1 mark]
3. Name three objectives that could be reached by setting up a public relations department in a
company. [3 marks]
4. In terms of the King II report, what is one of the seven primary characteristics of good
governance that allows a business to give back to the community? [1 mark]
5. Name four benefits of corporate social responsibility for the business. [4 marks]
6. How have economic activities impacted negatively on the environment? (Name two examples.)
[2 marks]
7. Indicate the source documents that will be used to journalise the following transactions:
Transaction Source document
Goods sold for cash
Cash received for services rendered
Cash received for any other transaction
Cash paid into bank account
[4 marks]
8. Name three features of electronic accounting software programs. [3 marks]
9. Give three reasons why a business would want to analyse its statements. [3 marks]
10. Give two reasons why paying in cash is an easier form of payment. [2 marks]
11. Name two ways in which you can buy on credit. [2 marks]
12. What is the best payment terms for a service business to maintain and why? [2 marks]
13. Name two things governed by the Basic Conditions of Employment Act. [2 marks]
[Total: 30 marks]

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