SO VZ28-x 2 QUESTION 1:SUBSIDIARY JOURNALS AND POSTING (83 Marks;75 Minutes) RAY'S STYLISH CLOTHES The information provided relates to Ray's Stylish Clothes, the business sells clothes and shoes. The business is owned by Raymond Mafole and it uses a mark-up of 50% on cost. The bookkeeper fell ill before completing ALL the Subsidiary Journals and posting for April 2022. You are presented with the source documents and information to complete the financial records. REQUIRED 1.1 Prepare the following Journals and close them off. 1.1.1 Creditors' Journal (10) (3) 1.1.2 Creditors' Allowances Journal 1.1.3 Debtors' Allowance Journal 1.1.4 General Journal [Narrations are not required] 1.2 Post information in the Subsidiary Journals to the Debtors accounts in the Debtors' Ledger. 1.3 Post the information from Journals to the following accounts in the General Ledger: (12) 1.3.1 Trading Stock (6) 1.3.2 Bank (12) 1.3.3 Debtors Control [Note: Balance only the Bank Account] 1.4 Internal Control Raymond Mafole is concerned about the time some debtors take to settle their accounts. He is worried that the business may not be able to repay the creditors timely. He is also concerned about the slow moving goods that are kept in the storage. (2) 1.4.1 Name TWO strategies Raymond Mafole could use to encourage debtors to pay on time. 1.4.2 Mention TWO reasons for slow movement of stock, and provide ONE strategy that can implemented by the business to promote sales. Question paper 2022 Grade 10 Project Accounting (6) (13) (13) (6) SO VZ28-x 2 QUESTION 1:SUBSIDIARY JOURNALS AND POSTING (83 Marks;75 Minutes) RAY'S STYLISH CLOTHES The information provided relates to Ray's Stylish Clothes, the business sells clothes and shoes. The business is owned by Raymond Mafole and it uses a mark-up of 50% on cost. The bookkeeper fell ill before completing ALL the Subsidiary Journals and posting for April 2022. You are presented with the source documents and information to complete the financial records. REQUIRED 1.1 Prepare the following Journals and close them off. 1.1.1 Creditors' Journal (10) (3) 1.1.2 Creditors' Allowances Journal 1.1.3 Debtors' Allowance Journal 1.1.4 General Journal [Narrations are not required] 1.2 Post information in the Subsidiary Journals to the Debtors accounts in the Debtors' Ledger. 1.3 Post the information from Journals to the following accounts in the General Ledger: (12) 1.3.1 Trading Stock (6) 1.3.2 Bank (12) 1.3.3 Debtors Control [Note: Balance only the Bank Account] 1.4 Internal Control Raymond Mafole is concerned about the time some debtors take to settle their accounts. He is worried that the business may not be able to repay the creditors timely. He is also concerned about the slow moving goods that are kept in the storage. (2) 1.4.1 Name TWO strategies Raymond Mafole could use to encourage debtors to pay on time. 1.4.2 Mention TWO reasons for slow movement of stock, and provide ONE strategy that can implemented by the business to promote sales. Question paper 2022 Grade 10 Project Accounting (6) (13) (13) (6)
