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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 2010.
Information

The Cash Book showed an overdraft of N$10 100.

The Bank Statement showed a debit balance of N$10 568.

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$4 200.

You are required to:


1.1
1.2

Make supplementary entries in Cash Book of Windhoek Stores on


28 February 2010.

(17)

Draw up the Bank Reconciliation Statement on 28 February 2010.

(8)

MEMORANDUM: QUESTION 1
CASH BOOK OF WINDHOEK STORES FEBRUARY 2010
CB2
DOC DAY DETAILS
BANK
DOC DAY DETAILS
B/S 28
D. SUNSHINE
3 000
28
BALANCE

B/D
B/S
RENT INCOME
4 200
B/S
BANK CHARGES

(150+243)
B/S
BALANCE
4 409
B/S
INTEREST ON
C/D
OVERDRAFT
B/S
INSURANCE
B/S
P. PETER (R/D)
11 609
MARCH 2009

CB3
1
BALANCE

BANK
10 100
393
163
693
260
11 609

4 409

BANK RECONCILIATION STATEMENT AS AT 28 FEBRUARY 2010.


CREDIT BALANCE ACCORDING TO CASH BOOK
LESS: UNPRESENTED CHEQUES:
NO 511
516

805

690

1 495
2914
7 654

ADD: OUTSTANDING DEPOSIT


DEBIT BALANCE ACCORDING TO BANK STATEMENT

4409

10568

QUESTION 2

(TRIAL BALANCE)

The following balances were taken from the books of Johns General Stores on
31 December 2010.
N$
12 000
105 400
6 000
13 000
9 600
70 000
1 800
68 500
3 500
8 800
?

Stock (1 January 2010)


Sales
Bank (dr)
Debtors
Rent Income
Equipment
Returns Outwards
Purchases
Insurance
Creditors
Capital
Required: Prepare a Trial Balance for Johns General Stores as at
31 December 2010.

(12)

MEMORANDUM: QUESTION 2
Trial Balance of Johns General Stores as at 31
fol
BALANCE SHEET SECTION
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.

December 2010
Debit
Credit
N$
NS
47 400
12 000
6 000
13 000
70 000
8 800
105 400
9 600
1 800
68 500
3 500
173 000

173 000

(WAGES JOURNAL)

QUESTION 3

Required: Use the following information and draw up the Wages Journal of USA
Traders for the week ending 21 March 2010. 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
S Knowall
P Nobody

52
48

Rate
normal
time
N$40
N$30

Rate
overtime
1times
normal
time rate

PAYE
15 % of
Gross
wage

Deductions
Pension
Social
Security
9% of
N$21
Normal
N$14
wage

(31)

MEMORANDUM: QUESTION 3
Wages Journal of USA Traders for the week ending 21 March 2010
Details

Normal Time

Overtime

Gross

WJ
Pension

PAYE

wages
Hours

Rate

Amount

Hours

Rate

Social

Total

Net Wages

Security

Deductions

Amount

S Knowall

40

40

1 600

12 60

720

2 320

144

348

21

513

1 807

P Nobody

40

30

1 200

8 45

360

1 560

108

234

14

356

1 204

1 080

3 880

252

582

35

869

3 011

GL7

GL6

2 800

GL5

General Ledger of USA Traders


Dr

Creditors for Wages

GL5

Cr

2010
MAR

21

WAGES

Pension Fund

WJ

3 011

GL6

2010
MAR
Wages
2010
MAR

21

GROSS
WAGES

WJ

3 880

21

WAGES

WJ
GL7

252

(ACCOUNTING EQUATION)

QUESTION 4

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.
2.
3.
4.

Goods sold on credit to A. Anna, N$600.


A Anna returned damaged goods, N$250, issued credit note.
Purchased stock on credit, N$7 000 from ABC Traders.
The owner, B. Bennie, provide a vehicle as part of his capital contribution,
N$280 000.
5. Tax deducted from employees in the Wages Journal for the month was
N$2 500. 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
OE
L
+600
0

ACCOUNT DEBITED
A ANNA

ACCOUNT CREDITED
SALES

A
+600

RETURNS INWARDS

A ANNA

-250

-250

PURCHASES

ABC TRADERS

-7 000

+7 000

VEHICLES

CAPITAL

+280 000

+280 000 0

RECEIVER OF REVENUE

(PAYE)

BANK

-500

-500

STATIONERY

PETTY CASH

-300

-300

+400

+400

INTEREST ON FIXED
7

BANK

DEPOSIT

QUESTION 5

(RATIOS)

The following amounts were taken from the books of Tsumeb Stores on 30 July 2010.
Sales
Cost of Sales
Other Income
Expenses
Fixed Assets
Investments
Current Assets (including stock)
Current Liabilities
Stock
Long-term Liabilities
Opening Capital

N$
250 000
175 000
5 000
30 000
150 000
15 000
30 900
9 000
8 000
60 000
126 900

Calculate to two decimal places:


5.1

Mark-up

[3]

5.2

Margin

[2]

5.3

Solvency

[6]

5.4

Quick ratio

[4]

5.5

ROCE

[4]

MEMORANDUM: QUESTION 5
5.1

Mark-up

[3]

GP% of Cost of Sales =

75 000
175 000

x 100%

= 42,86%

5.2

Margin

[2]

GP% of Sales =

75 000
250 000

x 100%

= 30%

5.3

Solvency
Solvency = Total Assets : Total Liabilities
= (150 000 + 15 000 + 30 900) : (60 000 + 9 000)
= 195 900 : 69 000
= 2.84 : 1

[6]

5.4

Quick ratio

[4]

(Current assets stock) : Current liabilities


=

(30 900 8000) : 9000

22 900 : 9 000

=
5.5

2.54 : 1

ROCE

[4]

100%
=

50 000

= 39.40%

126 900 100%