(BANK RECONCILIATION)

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1 QUESTION 1 (BANK RECONCILIATION) The following information is available after the Cash Book of Windhoek Stores was compared with their Bank Statement at 28 February Information The Cash Book showed an overdraft of N$ The Bank Statement showed a debit balance of N$ The deposit of N$7 654 does not appear on the Bank Statement. Cheques not yet presented for payment: Nr. 511 N$805 Nr. 516 N$690 The bank recorded the following in the current bank account of Windhoek Stores: Credit card levy N$150 Service fee N$243 Interest on overdraft N$163 A cheque for N$260 received from P. Peters was dishonoured by the bank. Discount allowed on this cheque was N$30. A payment by a debtor, D. Sunshine, for N$3 000 appears in the Bank Statement and not in the Cash Book. The Bank Statement showed a debit order for N$693 in favour of Deadsure for an insurance premium. T. Strong, a tenant, deposited his monthly rent directly into the bank account, N$ You are required to: 1.1 Make supplementary entries in Cash Book of Windhoek Stores on 28 February (17) 1.2 Draw up the Bank Reconciliation Statement on 28 February (8)

2 MEMORANDUM: QUESTION 1 CASH BOOK OF WINDHOEK STORES FEBRUARY 2010 CB2 DOC DAY DETAILS BANK DOC DAY DETAILS BANK B/S 28 D. SUNSHINE BALANCE B/D B/S RENT INCOME B/S BANK CHARGES 393 ( ) B/S BALANCE B/S INTEREST ON 163 C/D OVERDRAFT B/S INSURANCE 693 B/S P. PETER (R/D) MARCH 2009 CB3 1 BALANCE BANK RECONCILIATION STATEMENT AS AT 28 FEBRUARY CREDIT BALANCE ACCORDING TO CASH BOOK 4409 LESS: UNPRESENTED CHEQUES: NO ADD: OUTSTANDING DEPOSIT DEBIT BALANCE ACCORDING TO BANK STATEMENT 10568

3 QUESTION 2 (TRIAL BALANCE) The following balances were taken from the books of John s General Stores on 31 December N$ Stock (1 January 2010) Sales Bank (dr) Debtors Rent Income Equipment Returns Outwards Purchases Insurance Creditors Capital? Required: Prepare a Trial Balance for John s General Stores as at 31 December (12) MEMORANDUM: QUESTION 2 Trial Balance of John s General Stores as at 31 December 2010 fol Debit Credit BALANCE SHEET SECTION N$ NS CAPITAL STOCK BANK DEBTORS EQUIPMENT CREDITORS NOMINAL ACCOUNTS SALES RENT INCOME RETURNS OUTWARDS PURCHASES INSURANCE No totals or Capital calculation 0. (List) Sections left out 2.

4 QUESTION 3 (WAGES JOURNAL) Required: Use the following information and draw up the Wages Journal of USA Traders for the week ending 21 March Close off the Wages Journal and post it to the given accounts in the General Ledger. A normal working week is 40 hours. Employees Hours worked Rate normal time Rate overtime Deductions PAYE Pension Social Security 15 % of 9% of N$21 Gross Normal wage wage S Knowall 52 N$40 1½times P Nobody 48 N$30 normal N$14 time rate (31)

5 MEMORANDUM: QUESTION 3 Wages Journal of USA Traders for the week ending 21 March 2010 WJ Details Normal Time Overtime Gross Pension PAYE Social Total Net Wages wages Security Deductions Hours Rate Amount Hours Rate Amount S Knowall P Nobody GL7 GL6 GL5

6 General Ledger of USA Traders Dr Creditors for Wages GL5 Cr 2010 MAR 21 WAGES WJ Pension Fund GL MAR 21 WAGES WJ MAR 21 GROSS WAGES WJ Wages GL7

7 QUESTION 4 (ACCOUNTING EQUATION) Analyse the given transactions on the answer sheet. Show an increase with a (+), a decrease with a (-) and no effect with (0). Give the amount concerned in each case. TRANSACTIONS: 1. Goods sold on credit to A. Anna, N$ A Anna returned damaged goods, N$250, issued credit note. 3. Purchased stock on credit, N$7 000 from ABC Traders. 4. The owner, B. Bennie, provide a vehicle as part of his capital contribution, N$ Tax deducted from employees in the Wages Journal for the month was N$ Sent a cheque to the Receiver of Revenue(PAYE) for the amount deducted. 6. Purchased stationery, N$300, paid from Petty Cash. 7. Interest on fixed deposit received and deposited into the bank account, N$400. (28) MEMORANDUM: QUESTION 4 EFFECT ON ACCOUNT DEBITED ACCOUNT CREDITED A O E L 1 A ANNA SALES RETURNS INWARDS A ANNA PURCHASES ABC TRADERS VEHICLES CAPITAL RECEIVER OF REVENUE (PAYE) BANK STATIONERY PETTY CASH BANK INTEREST ON FIXED DEPOSIT

8 QUESTION 5 (RATIO S) The following amounts were taken from the books of Tsumeb Stores on 30 July N$ Sales Cost of Sales Other Income Expenses Fixed Assets Investments Current Assets (including stock) Current Liabilities Stock Long-term Liabilities Opening Capital Calculate to two decimal places: 5.1 Mark-up [3] 5.2 Margin [2] 5.3 Solvency [6]

9 5.4 Quick ratio [4] 5.5 ROCE [4] MEMORANDUM: QUESTION Mark-up [3] GP% of Cost of Sales = x 100% = 42,86% 5.2 Margin [2] GP% of Sales = x 100% = 30% 5.3 Solvency [6] Solvency = Total Assets : Total Liabilities = ( ) : ( ) = : = 2.84 : 1

10 5.4 Quick ratio [4] (Current assets stock) : Current liabilities = ( ) : 9000 = : = 2.54 : ROCE [4] Net Profit Opening capital x 100% = x 100% = 39.40%

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