STAGE 1 YOU ARE REQUIRED TO: Lecture date and time Live: Thurs 20 Aug from 11.00 to 12.45 Additional recorded lectures will be provided in the following week to complete this part. Mon 24 Aug at 16.30 Wed 26 Aug at 16.30 Students must be up-to- date with part A before part B starts on Thurs 27 Aug (see below). Part Required A From the transactions provided for November and December 2018, enter the relevant information in the following journals: Cash receipts journal Cash payments journal Petty cash journal Accounts receivable journal Accounts receivable allowances journal Accounts payable journal Accounts payable allowances journal General journal NB: You should have separate journals for Nov and Dec. The journal columns must be totalled. Round all amounts to the nearest CENT. B Update the cash receipts and cash payments journals by reconciling the entries in these journals to the bank statements provided for Nov and Dec 2018. Post the information from the journals to the appropriate accounts in the general ledger for the Nov and Dec 2018 separately. (The balances and totals for the first 10 months ended 31 Oct 2018 are provided.) Balance the general ledger accounts at 31 Dec 2018 (but DO NOT close them off) D Prepare the bank reconciliation statement at 31 Dec 2018. E Post the information from the journals to the appropriate accounts in the accounts receivable and accounts payable ledgers for the months of Nov and Dec 2018. (The balances and totals for the first 10 months ended 31 Oct 2018 are provided.) Balance the debtors and creditors accounts at 31 Dec 2018. F Prepare lists of the accounts receivable and accounts payable balances at 31 Dec 2018 and ensure the totals of the lists reconcile to the accounts receivable and accounts payable control accounts in the general ledger. Prepare a pre-adjustment trial balance for the entity at 31 Dec 2018 Live: Thurs 27 Aug from 11.00 to 12.45 Additional lectures will be provided in the following week to complete these parts: Mon 31 Aug at 17.30 Students must be up-to- date with these parts before part E starts on Thurs 3 Sep (see below). Live: Thurs 3 Sep from 11.00 to 12.45 Additional lectures will be provided in the following week to complete these parts: Mon 7 Sep at 17.30 Students must have completed all parts before Class Test 3 starts on Fri 11 Sep at 6.00. G 2 TRANSACTIONS NOVEMBER 1 Nov A credit sales invoice (X111) was issued to John Kani for animal feed R13 167,68. 3 Nov An invoice was received from Mufasa Meat for R1 162,80 for the delivery of the animal feed to John Kani which was paid per EFT no. 9001. 5 Nov An EFT payment of R5 700,00 was received from John Kani in settlement of the amount owing at 31 October 2018 (Receipt 201). 6 Nov A statement dated 31 October 2018 was received from Simba Foods. This statement was for purchases during October 2018 of animal feed for R4 560,00. The accountant issued an EFT for the amount owing. 9 Nov A credit note (Y012) was issued to Seth Rogan, following the return of animal feed to the value of R211,60. 10 Nov A receipt was issued to Seth Rogan for R1 300,00 paid by him by EFT. 10 Nov A credit note (re-numbered to 2003) to the amount of R1 760,00 was received from Scar Stores for animal feed bought in October 2018, but returned to the supplier 10 Nov A credit sales invoice was issued to Donald Glover for animal feed purchased on credit: R749,00. 11 Nov Petty cash voucher (PCV22) for R97 for milk, coffee, tea and sugar purchased for employees' consumption during working hours. No input VAT may be claimed on this transaction. 12 Nov A statement was received from Nala Wholesalers reflecting the following details: Balance outstanding 31 October 2018 - R210,00; Invoice no. 290 (re-numbered to 0064 and dated 12 November 2018) for animal feed purchased - R3 596,00. The owner of Lion King gave the accountant permission to pay only R3 400,00 of the account balance 13 Nov A credit purchase invoice was received from Sarabis for animal feed purchased for R7 250,00 13 Nov A petty cash voucher was approved by the accountant for the purchase of pens to be used by the general ledger clerk, R90,00 14 Nov The owner decided that the cash float in the till should be increased by R210,00. The accountant withdrew the cash from the entity's bank account on the owner's instruction 14 Nov An EFT was received from Beyonc for R2 236,00 14 Nov Credit invoice no. 123 was received from Scar Stores for animal feed purchased on credit, R6 555,00. The animal feed was delivered by Mufasa Meat (see 20 3 Credit 678 879,00 30 000,00 13 812.00 86 700,00 80 000,00 2 196.00 LION KING DEALERS Trial balance at 1 November 2018 (for the 10 months ended 31 October 2018) Debit Capital Drawings 19 680,00 Land 100 000,00 Buildings at Cost 500 000,00 Buildings - Accumulated depreciation Office equipment at cost 38 497,00 Ofice equipment - Accumulated depreciation Vehicle at cost 275 100,00 Vehicle - Accumulated depreciation 8% Long-term loan from Disney Bank Inventories on hand 77 377,00 Trade debtors control (total) 16 336,00 Beyonce 2 236,00 Seth Rogan 3 000,00 Donald Glover 2 000,00 John Kani 5 700,00 Rafiki Retailers 2400,00 Zazu Zoo 1 000,00 Allowance for credit losses Bank (favourable) 35 277.00 Cash float 120,00 Petty cash 800,00 Trade creditors control Simba Foods Scar Stores Pumbaa's Place Timon Traders Nala Wholesalers Mufasa Meat Sarabis VAT-Control Sales Cost of sales 506 406,00 Rental income Interest income Advertising 15 013,00 Bank charges 1 647,00 Credit losses 1 830,00 Debtors allowances: 1 974,00 Delivery cost on sales 8 104,00 Insurance 1 500,00 Interest on long-term loan 5 400,00 Packaging materials 5 882,00 Rent expense 78 000,00 Repairs and Maintenance 21 574,00 Stationery 5 532,00 Telephone 14 480,00 Wages and Salaries 71 000,00 1801 529,00 9 818,00 4 560,00 1 760,00 3 156,00 132,00 210,00 2 111,00 865 383,00 25 000,00 7 630,00 1 801 529,00 Nov). 14 Nov Cash register till slips (1/11/2018 - 14/11/2018) for normal cash sales R21 015,00. Deposited on 15 Nov 2018. 15 Nov The telephone account of R2 257,00 was paid. 16 Nov A credit note for R228,00 was received from Sarabis for a rebate claimed on animal feed that had been spilt out of its packaging on delivery. 17 Nov A petty cash voucher was made out for R200,00 cash taken by the owner's wife. 19 Nov Cash register till slips (15/11/2018 - 19/11/2018) issued for annual cash sale proceeds in respect of animal feed, R28 898,00. Deposited on 20 Nov 2018. 20 Nov An invoice was received from Mufasa Meat for delivery costs in respect of credit invoice no. 231 (see 14 Nov). The accountant issued an EFT for R650,00 to Mufasa Meat 21 Nov An EFT for R27 000,00 was received from the owner, in respect of an increase to his capital contribution. A receipt was issued to him for this amount. 23 Nov A cash invoice for R537,00 was handed to the cashier by the owner for repairs to the delivery vehicle, which the owner paid using his personal credit card. The accountant issued an EFT to the owner to reimburse him for this amount. 25 Nov The accountant discovered that the previous bookkeeper incorrectly posted animal feed that were purchased as merchandise for R1 725,00 (VAT included), to the delivery costs on sales account on 31 October 2018. The owner has requested that this error be corrected. VAT was treated correctly for this transaction. 25 Nov The owner requested the accountant to pay the VAT owing for the September - October 2018 VAT period by EFT to the South African Revenue Services. 25 Nov Received an EFT from Seth Rogan in settlement of his account. 28 Nov Basic salaries to the amount of R18 600,00 were paid to employees in cash. The money was withdrawn by the owner from the entity's bank account. 29 Nov A monthly statement was received from Simba Foods. This was for purchases during November 2018 per invoice no. 11 for animal feed of R18 947,00. These items were delivered by Mufasa Meat. 29 Nov A credit invoice (AB21) was received from Mufasa Meat for delivery costs amounting to R1 705.23 (see previous transaction). 30 Nov Cash register till slips (20/11/2018 - 30/11/2018) to be accounted for: R20 798,01. Deposited on 1 Dec 2018. 30 Nov An EFT issued to Simba Foods for settlement of their account as on this date. 30 Nov Received an EFT from John Kani in full settlement of his account. 30 Nov Cash of R387.00 was withdrawn by the accountant from the entity's bank account to re-instate the petty cash balance on hand to R800.00. 4 STAGE 1 YOU ARE REQUIRED TO: Lecture date and time Live: Thurs 20 Aug from 11.00 to 12.45 Additional recorded lectures will be provided in the following week to complete this part. Mon 24 Aug at 16.30 Wed 26 Aug at 16.30 Students must be up-to- date with part A before part B starts on Thurs 27 Aug (see below). Part Required A From the transactions provided for November and December 2018, enter the relevant information in the following journals: Cash receipts journal Cash payments journal Petty cash journal Accounts receivable journal Accounts receivable allowances journal Accounts payable journal Accounts payable allowances journal General journal NB: You should have separate journals for Nov and Dec. The journal columns must be totalled. Round all amounts to the nearest CENT. B Update the cash receipts and cash payments journals by reconciling the entries in these journals to the bank statements provided for Nov and Dec 2018. Post the information from the journals to the appropriate accounts in the general ledger for the Nov and Dec 2018 separately. (The balances and totals for the first 10 months ended 31 Oct 2018 are provided.) Balance the general ledger accounts at 31 Dec 2018 (but DO NOT close them off) D Prepare the bank reconciliation statement at 31 Dec 2018. E Post the information from the journals to the appropriate accounts in the accounts receivable and accounts payable ledgers for the months of Nov and Dec 2018. (The balances and totals for the first 10 months ended 31 Oct 2018 are provided.) Balance the debtors and creditors accounts at 31 Dec 2018. F Prepare lists of the accounts receivable and accounts payable balances at 31 Dec 2018 and ensure the totals of the lists reconcile to the accounts receivable and accounts payable control accounts in the general ledger. Prepare a pre-adjustment trial balance for the entity at 31 Dec 2018 Live: Thurs 27 Aug from 11.00 to 12.45 Additional lectures will be provided in the following week to complete these parts: Mon 31 Aug at 17.30 Students must be up-to- date with these parts before part E starts on Thurs 3 Sep (see below). Live: Thurs 3 Sep from 11.00 to 12.45 Additional lectures will be provided in the following week to complete these parts: Mon 7 Sep at 17.30 Students must have completed all parts before Class Test 3 starts on Fri 11 Sep at 6.00. G 2 TRANSACTIONS NOVEMBER 1 Nov A credit sales invoice (X111) was issued to John Kani for animal feed R13 167,68. 3 Nov An invoice was received from Mufasa Meat for R1 162,80 for the delivery of the animal feed to John Kani which was paid per EFT no. 9001. 5 Nov An EFT payment of R5 700,00 was received from John Kani in settlement of the amount owing at 31 October 2018 (Receipt 201). 6 Nov A statement dated 31 October 2018 was received from Simba Foods. This statement was for purchases during October 2018 of animal feed for R4 560,00. The accountant issued an EFT for the amount owing. 9 Nov A credit note (Y012) was issued to Seth Rogan, following the return of animal feed to the value of R211,60. 10 Nov A receipt was issued to Seth Rogan for R1 300,00 paid by him by EFT. 10 Nov A credit note (re-numbered to 2003) to the amount of R1 760,00 was received from Scar Stores for animal feed bought in October 2018, but returned to the supplier 10 Nov A credit sales invoice was issued to Donald Glover for animal feed purchased on credit: R749,00. 11 Nov Petty cash voucher (PCV22) for R97 for milk, coffee, tea and sugar purchased for employees' consumption during working hours. No input VAT may be claimed on this transaction. 12 Nov A statement was received from Nala Wholesalers reflecting the following details: Balance outstanding 31 October 2018 - R210,00; Invoice no. 290 (re-numbered to 0064 and dated 12 November 2018) for animal feed purchased - R3 596,00. The owner of Lion King gave the accountant permission to pay only R3 400,00 of the account balance 13 Nov A credit purchase invoice was received from Sarabis for animal feed purchased for R7 250,00 13 Nov A petty cash voucher was approved by the accountant for the purchase of pens to be used by the general ledger clerk, R90,00 14 Nov The owner decided that the cash float in the till should be increased by R210,00. The accountant withdrew the cash from the entity's bank account on the owner's instruction 14 Nov An EFT was received from Beyonc for R2 236,00 14 Nov Credit invoice no. 123 was received from Scar Stores for animal feed purchased on credit, R6 555,00. The animal feed was delivered by Mufasa Meat (see 20 3 Credit 678 879,00 30 000,00 13 812.00 86 700,00 80 000,00 2 196.00 LION KING DEALERS Trial balance at 1 November 2018 (for the 10 months ended 31 October 2018) Debit Capital Drawings 19 680,00 Land 100 000,00 Buildings at Cost 500 000,00 Buildings - Accumulated depreciation Office equipment at cost 38 497,00 Ofice equipment - Accumulated depreciation Vehicle at cost 275 100,00 Vehicle - Accumulated depreciation 8% Long-term loan from Disney Bank Inventories on hand 77 377,00 Trade debtors control (total) 16 336,00 Beyonce 2 236,00 Seth Rogan 3 000,00 Donald Glover 2 000,00 John Kani 5 700,00 Rafiki Retailers 2400,00 Zazu Zoo 1 000,00 Allowance for credit losses Bank (favourable) 35 277.00 Cash float 120,00 Petty cash 800,00 Trade creditors control Simba Foods Scar Stores Pumbaa's Place Timon Traders Nala Wholesalers Mufasa Meat Sarabis VAT-Control Sales Cost of sales 506 406,00 Rental income Interest income Advertising 15 013,00 Bank charges 1 647,00 Credit losses 1 830,00 Debtors allowances: 1 974,00 Delivery cost on sales 8 104,00 Insurance 1 500,00 Interest on long-term loan 5 400,00 Packaging materials 5 882,00 Rent expense 78 000,00 Repairs and Maintenance 21 574,00 Stationery 5 532,00 Telephone 14 480,00 Wages and Salaries 71 000,00 1801 529,00 9 818,00 4 560,00 1 760,00 3 156,00 132,00 210,00 2 111,00 865 383,00 25 000,00 7 630,00 1 801 529,00 Nov). 14 Nov Cash register till slips (1/11/2018 - 14/11/2018) for normal cash sales R21 015,00. Deposited on 15 Nov 2018. 15 Nov The telephone account of R2 257,00 was paid. 16 Nov A credit note for R228,00 was received from Sarabis for a rebate claimed on animal feed that had been spilt out of its packaging on delivery. 17 Nov A petty cash voucher was made out for R200,00 cash taken by the owner's wife. 19 Nov Cash register till slips (15/11/2018 - 19/11/2018) issued for annual cash sale proceeds in respect of animal feed, R28 898,00. Deposited on 20 Nov 2018. 20 Nov An invoice was received from Mufasa Meat for delivery costs in respect of credit invoice no. 231 (see 14 Nov). The accountant issued an EFT for R650,00 to Mufasa Meat 21 Nov An EFT for R27 000,00 was received from the owner, in respect of an increase to his capital contribution. A receipt was issued to him for this amount. 23 Nov A cash invoice for R537,00 was handed to the cashier by the owner for repairs to the delivery vehicle, which the owner paid using his personal credit card. The accountant issued an EFT to the owner to reimburse him for this amount. 25 Nov The accountant discovered that the previous bookkeeper incorrectly posted animal feed that were purchased as merchandise for R1 725,00 (VAT included), to the delivery costs on sales account on 31 October 2018. The owner has requested that this error be corrected. VAT was treated correctly for this transaction. 25 Nov The owner requested the accountant to pay the VAT owing for the September - October 2018 VAT period by EFT to the South African Revenue Services. 25 Nov Received an EFT from Seth Rogan in settlement of his account. 28 Nov Basic salaries to the amount of R18 600,00 were paid to employees in cash. The money was withdrawn by the owner from the entity's bank account. 29 Nov A monthly statement was received from Simba Foods. This was for purchases during November 2018 per invoice no. 11 for animal feed of R18 947,00. These items were delivered by Mufasa Meat. 29 Nov A credit invoice (AB21) was received from Mufasa Meat for delivery costs amounting to R1 705.23 (see previous transaction). 30 Nov Cash register till slips (20/11/2018 - 30/11/2018) to be accounted for: R20 798,01. Deposited on 1 Dec 2018. 30 Nov An EFT issued to Simba Foods for settlement of their account as on this date. 30 Nov Received an EFT from John Kani in full settlement of his account. 30 Nov Cash of R387.00 was withdrawn by the accountant from the entity's bank account to re-instate the petty cash balance on hand to R800.00. 4