FAC150/101/3/201 ASSIGNMENT 2, SEMESTER 2 (continued) Use the following information to answer questions 5 to 7: The folowing information for January 2019 relates to PK Stores The tolal in the cash receipts joumal for January 2019 was R108 000 and the total in the cash paymends jourmal for January 2019 was R64 700, before the bank statement for January 2019 was recelved the bank account in the general ledger of PK Stores had a fevourable balance of R500 000 on January 2019 and the bank statement had a favourable balance of R553 850 on 31 January 2019 The following transactions appeared in the bank statement only A cheque originally received from Mr B Suffer, a customer of PK Stores for R1 000 was dshonoured due to insufficient funds in his bank account Bank charges, R100 Interest received on a favaurable balance. R150. A debit order to XYZ Insurance in payment of the insurance pramium af R6 500 A comparison of the bank statement for PK Stores for January 2019 and tho cash joumals showed that the following entries did not appear in the bank statament Cheque no: 221 for R16 000. Cheque no: 230 for R3 000. Cheque no: 234 for R5 000 An antry made on 29 January 2019 in the cash receipts joumal for R4 000, which was received from a customer An entry made on 30 January 2019 in the cash receipts journal for R2 000, which was received from a tenant The balance of the bank account in the general ledger of PK Stores on 31 January 2019, ater the recanciliation process, will be 5 (1) R537 850 (2) R536 850 (3) R537 050 (4) R535 850 (5) R543 450 The total outstanding deposits on the bank reconciliation statement as at 31 January 2019 will amount to (1) R2 000 (2) R7 000 3) R4 000 (4) R6 000 (5) R8 000 ASSIGNMENT 2, SEMESTER 2 (continued) A The total outstanding cheques on the bank reconcliation statement as 31 January 2019 wil amount to 7 (1) R20 000 (2) R23 000 (3) R22 000 (4) R24 000 (5) R21 000 Use the information below to answer questions 8 to 10: 10 The following balances were takon from the accounting records of Mpumalanga Traders for the year ended 31 August 20183 Capital Mortgage: EZY Bank Land and buidings at cost Vehicles at cost Equipmant at cost Accumulated depreciation Vehicles (1 September 2017). Accumulated depreciation Equipment (1 September 2017) Foed deposit: Investment Bank Iventor Accrued expenses. Debtors control Bank (favourables Creditors control Petty cash VAT payable Cash float 352 000 600 000 700 00 100 000 30 000 25 000 9.000 s0 coo 50 000 17.000 Us The fin 20 000 40 500 23 000 2 500 5 000 Irm 1500 Sa Te P Alowance for oredt losses 3 500 Additional information Depreciaion must be provided fer as follows On vehicles at 25% per annum according to the straight-ine mathod On equiement at 30% per annum on the reducing-balance method The 11 What is the total amaunt for current assets to be disclosad in the statemant of fnrc position of Moumalanga Traders for the year ended 31 August 2018 (1) R111 000 (2) R114 500 (3) R129 000 (4) R856 000 I5) R873 000 ASSIGNMENT 2, SEMESTER 2 (continued) FAC150/103201 what is the trade and other payables amount to be disclosed in the slatement of financial wwton of Mpumalange Traders for the year ended 31 August 2018 at (1) R17 000 2) R23 000 (3) Re 000 4) R40 000 (5) R46 000 What is the property. plant and equipment anount to be disdosed in the siatement of tnancial position of Mpumalanga Traders for the year ended 31 August 2018 1) R750 000 (2) R764 700 (3) R714 700 (4) R762 000 15) R770 960 Use the information below to answer questions 11 to 12 The following information was obtained from the accounding records of Shirandnu Stores for the feancial year onded 30 June 2018 250 000 800 000 inventory (1 July 2017).. Sales Settement discount granted Settement discount recelved Purchasoa Sales retuns Transport on sales Parchases returms Invertory (30 June 2018) 12 000 9 500 790 000 5 000 3 500 8 000 270 000 endity uses the penodic nventory control system What is the net ourchases amount to be dadosed in the trading accoust of Shirandna Stores for the year ended 30 June 20187 lal 11) R773 500 (2) R770 000 (3) R778 500 (4) R785 000 (5) R772 500 ASSIGNMENT 2, SEMESTER 2 (continued) What is the net sales amount to be disclosed in the trading account of Shirandzu Stones A 12 for the year ended 30 June 20187 12 (1) R794 000 (2) R783 000 (3) R787 000 (4) R785 500 (5) R791 500 Use the following information to answer questions 13 to 14 14 ABC Stores Balances at 01 February 2018 R 2150 192 000 52 C00 400 000 1 600 1 800 Bank (debe balance) Cost of sales Trading inventory Sales Vat iegut Vat output 15. The folowing subsidiary joumals of which only the totals of the columns are shown appeared in the accounting recods of ABC Stores at 28 February 2018 CASH RECEIPTS JOURNAL Bank Sales Cost of sales Debtors Setement decount granted Vat output Vat input Sundry accounts CASH PAYMENTS JOURNAL Bank Purchases Creditors Vat inqut Settlement discount received Sundry accounts 27 584 18 600 9 300 6 550 (150) 2 604 (20) 32 803 18 600 9 300 1008 (100) 3 995 SALES JOURNAL Debtors Sales Cost of sales Vat oulput R SALES RETURNS JOURNAL Debtors Sales Cost of saies Vat output 15 960 14 000 7 000 1960 2 280 2000 1000 280 PURCHASES JOURNAL Creditors Purchases Vat ingut R PURCHASES RETURNS JOURNAL Credtors Purchases vat input R 10 480 9 200 1 288 969 850 11 ASSIGNMENT 2, SEMESTER 2 (continued) The balance of the cost of sales account of AlBC Stores on 28 February 2018 will be FAC1501/1013/2019 (1) R193 300 (2) R207 300 (3) R211 300 (4) R208 300 (5) R206 300 The balance of the Vat control account of ABC Stores on 28 February 20118 will be 1) R2 721 (2) R2 761 (3) R2 287 (4) R2 959 (5) R2 235 5 The foilowing statements describe the financial year (a) It consists of 12 consecutive months ) It is the period for which an entity calculates ts profit. (e) t is necessary that it coincide with the calendar year (d) It is also called the accounting period. () It is called a finencial year Which one of the following groups correctly reflects al the statements that are true? 1) (a) (b). (c). (e) 2) (a). (b). (d). (e) 3) (a), (c). (d), (e) 14) (al, (b), (c). (d) )), (c), (d). (e) -o0o