GRADE 10 ASSESSMENT TEST: 1 HOUR ACCOUNTING

GRADE 10ASSESSMENT TEST: 1 HOURQUESTION ONEACCOUNTING(10 MARKS)Enter the correct source document next to the relevant journal in the space provided below:Source Document:ReceiptBank StatementCredit note issuedInvoice receivedDebit SlipBank StatementInvoice issuedPetty Cash voucherDebit notes issuedSource DocumentQUESTION TWOCheque CounterfoilsCash Register RollJournalCash Receipts Journal (CRJ)Cash Receipts Journal (CRJ)Cash Payments Journal(CPJ)Cash Payments Journal(CPJ)Cash Payments Journal(CPJ)Petty Cash Journal (PCJ)Debtors Journal (DJ)Debtors Allowances Journal(DAJ)Creditors Journal (CJ)Creditors Allowances Journal(CAJ)(15 MARKS)Identify which journal each of the following transactions would be recorded in:Enter the relevant journal in the space provided.TransactionPurchases on creditCredit Sales of goodsCash received, cash depositedSmall payments made from Petty CashGoods returned by debtorsDiscount received not given to us (omitted)Donations of Trading stock/ stationery etcBank Charges, Stop orders, Interest on overdraftAllowances given to debtorsReturn of goods to creditors,All paymentsDrawings of cash by ownerCash received for salesTrade discount on purchases omittedPayments wages, salariesJournal (write abbreviation egCRJ etc)

QUESTION THREEIdentify the account to be debited and the account to be credited in each of the followingtransactions. Enter your answer in the table below the transactions. The bank is also .13.14.17.18.19.20.21.22.23.24.25.26.The owner, G Whittles, deposited R 30 000 in to the bank account of the business as hiscapital contribution.Purchased a computer from Koshan’s Computers for R7633 and paid by cheque.Paid the monthly insurance premium, R190 to Mutual & Federal.Received R510 from clients for services rendered.Purchased merchandise, R 1100, and stationery, R80, from Brown’s Wholesalers andpaid by cheque.Repaid R600 on the Loan from FNB.Cash sales of merchandise totaled, R 820. (Cost price R 460).The owner cashed a cheque for R250 for his personal use.Borrowed R50 000 from Alpha Finances for 5 years at interest of 12%p.a.Insured building for R60 000, paid insurance premium of R 300 to Hawk InsuranceBrokers by cheque.Credit sales to M. Michael, R 3 984, (cost of sales R 2 444).Received R50 commission income.Purchased goods, R 6 000, and stationery, R 120, on credit from TJ Traders.Invested R 15 000 at 16% p/a on Fixed Deposit at Sandveld Trust, by cheque.Drew cheque R 5 564, for repayment on loan from Alpha Finances, R5 000 together withinterest.The bank debited BB Traders with:Service fee R 23Cheque Book Costs R12Credit card levies R6Issued cheque to Maxi Wholesalers to settle their account of R400 less a 5% discount.Issued D/N no.64 to V W Ford for R50, this amount being an addition error on InvoiceX33 for a vehicle purchased; We received C/N F112 to confirm this error.The owner B Ben withdrew a cash cheque,R100.Returned goods, R300 and Stationery R50 to suppliers, TJ Trader as they wereunsuitable.Paid SA Transport Services for carriage on goods, R85.W Louw ,a debtor, owed R150, his account was 4 months in arrears and wascharged interest at 16% p/a.Debtor, M Michael returned goods, R 1200 ( cost R420).Received cheque from debtor, P Tsipa, for R200 in settlement of his account ofR210.(the bolded numbers, number 24-26, are not for marks, they are challenge questions and wortha star each if you can figure them out! Hint: they are all to do with the new section of work –Debtors)

QUESTION THREENo.12345678910111213141516171819(80 MARKS)Account DebitAccount CreditAmount

20212223242526Total 105 marks

GRADE 10ASSESSMENT TEST: 1 HOURQUESTION ONE(10 MARKS)Source DocumentReceipt Cash register roll Bank statement Cheque counterfoil Debit slip Petty cash voucher Invoice issued Credit note issued Invoice received Debit note issued QUESTION TWOPurchases on creditCredit Sales of goodsCash received, cash depositedSmall payments made from Petty CashGoods returned by debtorsDiscount received not given to us (omitted)Donations of Trading stock/ stationery etcBank Charges, Stop orders, Interest on overdraftAllowances given to debtorsReturn of goods to creditors,All paymentsDrawings of cash by ownerCash received for salesTrade discount on purchases omittedPayments wages, salariesNo.123456JournalCash Receipts Journal (CRJ)Cash Receipts Journal (CRJ)Cash Payments Journal(CPJ)Cash Payments Journal(CPJ)Cash Payments Journal(CPJ)Petty Cash Journal (PCJ)Debtors Journal (DJ)Debtors Allowances Journal(DAJ)Creditors Journal (CJ)Creditors Allowances Journal(CAJ)(14 MARKS)TransactionQUESTION THREEACCOUNTINGJournal (write abbreviation egCRJ etc)CJ DJ CRJ PCJ DAJ CAJ or ACCEPT CPJGJ CPJ DAJ CAJ CPJ CPJ CRJ CAJ CPJ (80 MARKS)Account DebitBANK Equipment Insurance Bank Trading stock Stationery Loan: FNB Account CreditCapital bank Bank Current income / fee incomeBank Accept: (bank)Bank Amount30000 7633 190 510 1100 80 600

7891011121314Bank Cost of sales Drawings bank Insurance Debtors control Cost of sales Bank Trading stock Stationery Fixed deposit:sandveld trust Sales Trading stock Bank Loan: alpha finances Bank Sales Trading stock Commission income Creditors control Accept: creditors control againbank 820 460 250 50000 300 3984 2444 50 6000 120 15000 Loan: alpha finances Interest on loan Bank charges Creditors control (accept crs ctrl again here)Creditors control Drawings Bank 5000 564 41 380 20 50 100 Creditors control (can accept crs ctrl here too)Trading stock Debtors controlTrading stock Stationery Bank Interest on overdue acc/interest incomeDebtors controlCost of sales (exp isdecreasing – cancelling)Debtors control (acc is decr)151617181920212223242526Debtors allowances (exp)Trading stock (assetincrease)Bank (receive money)Discount allowed (exp)10 14 80 1 .[don’t accept bank!! One cheque]Bank Bank Discount received Vehicle Bank . %104Total 104 marks300 50 85 8120042020010

Invoice issued Debtors Journal (DJ) Credit note issued Debtors Allowances Journal (DAJ) Invoice received Creditors Journal (CJ) Debit note issued Creditors Allowances Journal (CAJ) QUESTION TWO (14 MARKS) Transaction Journal (write abbreviation eg CRJ etc) Purchas