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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
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 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 DECEMBER 7 Dec 3 Dec Credit sales invoice issued to John Kani for purchases of animal feed for R8 300,00. John Kani transported the animal feed himself. 6 Dec Invoice 975 was received from Timon Traders for animal feed purchased on credit for R4 625,00 Petty cash voucher issued for R83,00 in respect of delivery costs on certain cash sales. 8 Dec Petty cash voucher issued for purchase of stationery of R60,00 9 Dec A credit note was received from Nala Wholesalers amounting to R82 due to animal feed that was over-charged on their invoice. 11 Dec Received invoice no. 72F9 from Pumbaa's Place for credit purchases of animal feed for R6 775,00. 12 Dec Invoice AB35 was received from Mufasa Meat for delivery costs of 10% (including VAT) on animal feed purchased from Pumbaa's Place (see previous transaction) 13 Dec A petty cash voucher issued for repairs to an office chair for R97,00. 15 Dec An EFT was issued for R1 866,00 to pay the telephone account. 15 Dec Cash register till rolls (1/12/2018 - 15/12/2018) for cash sales R20 593,00. Deposited 17 Dec 2018. 15 Dec EFTs issued to: Scar Stores R5 200,00; Pumbaa's Place R9 000,00; Sarabis R6 000,00; and Timon Traders R4 000,00 None of these payments were in settlement of the suppliers accounts. 17 Dec Petty cash vouchers for wages for R268,00. 17 Dec A credit sales invoice was issued to Beyonc for sales of R2 456,00 in respect of animal feed 20 Dec Invoice no. 72 received from Simba Foods for purchases on credit of animal feed R20 656,00. 21 Dec The owner informed the accountant that he had taken animal feed with a cost price of R6 130,00 (excluding VAT) for his own use. 24 Dec Cash register till slips (16/12/2018 - 24/12/2018) for cash sales of: R22 232.00. Deposited 27 Dec 2018. 24 Dec The owner withdrew cash of R24 143,00 from the entity's bank account to pay employee salaries. 29 Dec The owner instructed the accountant to add interest at 8% per annum to the 5 balance owing by Rafiki Retailers, as their account had been in arrears for 7 months at this date. 30 Dec An EFT of R3 000,00 was issued to the owner, for his personal use. 31 Dec A payment by EFT was received for R300,00 from Phasma & Co Attorneys. This is a final settlement of 30 cents in the Rand which they, as attorneys, have been able to collect in respect of the insolvent estate of Zazu Zoo. 31 Dec Received an invoice from Pumbaa's Place for R2 010,00 in respect of office equipment purchased. The current residual value is estimated to be R110,00. 31 Dec Cash register till slips (27/12/2018 - 31/12/2018) for cash sales of: R32 054,00 Deposited 2 Jan 20X8. 31 Dec A payment by EFT was received from Sarafina & Co. Attorneys for R2 000,00 in respect of an amount that they collected for the account of James Earl Jones. According to the accounting records, this amount had been written off as irrecoverable in a prior period. 31 Dec A EFT for R2 280,00 was issued for advertisements which appeared in local magazines during December 2018 31 Dec Issued a credit sales invoice to Seth Rogan for purchases of animal feed R1 498,00. Invoice AB52 was subsequently received from Mufasa Meat for the delivery costs of 10% (including VAT) on the value of the animal feed sold to Seth Rogan. 31 Dec Cash of R508.00 was withdrawn by the accountant from the entity's bank account to re-instate the petty cash balance on hand to R800.00. 6 31 Dec The following bank statement dated 31 December 2018 was received from bank. The item marked Ref. 014 was an error by the bank. BANK STATEMENT Account no: 123456789 Statement date: 31 December 2018 LION KING DEALERS Date Transaction details Debit Credit Balance 01.11.2018 Favourable balance R35 277.00 04.11.2018 EFT 9001 R 1 162.80 R 34 114,20 06.11.2018 EFT John Kani R 5 700,00 R 39 814,20 07.11.2018 EFT 9002 R 4 560,00 R35 254,20 2016 11.11.2018 EFT Seth Rogan R 1 300,00 R 36 554,20 1.auto www.com 13.11.2018 EFT 9003 R3 400,00 R 33 154,20 was 14.11.2018 Cash withdrawal R 210,00 R 32 944,20 wand . 15.11.2018 EFT Beyonce R2 236,00 R35 180,20 1.0.2 15.11.2018 Cash deposit R21 015,00 R 56 195,20 2018 012 16.11.2018 EFT 9004 R2 257,00 R 53 938,20 Read 20.11.2018 Cash deposit R28 898,00 R 82 836,20 40 21.11.2018 EFT 9005 R 650,00 R 82 186,20 0-240 EET 1201004 22.11.2018 EFT George Lucas R 27 000,00 R 109 186,20 ad ESTO 24.11.2018 EFT 9006 R 537,00 R 108 649,20 25.11.2018 Debit Order - Insurance R 1 710,00 R 106 939,20 26.11.2018 EFT Seth Rogan R 1 488,40 R 108 427,60 26.11.2018 LEFT VAT 9007 R 2 111,00 R 106 316,60 29.11.2018 Cash withdrawal R 18 600,00 R 87 716,60 30.11.2018 Interest R 300,00 R 88 016,60 herg 30.11.2018 Service fees R 62,00 R 87 954,60 Red 30.11.2018 Cash withdrawal R 387.00 R 87 567,60 ale Now 01.12.2018 Cash deposit R20 798,01 R 108 365,61 10000.0! 01.12.2018 EFT 9008 R 18 947,00 R 89 418,61 15 We wees 01.12.2018 Ref. 014 R 752,00 R 88 666,61 01.12.2018 EFT John Kani R 13 167,68 R 101 834,29 re 0. 16.12.2018 EFT 9009 R 1 866,00 R 99 968,29 2018 EET 2018 Rec 16.12.2018 EFT 9010 R 5 200,00 R 94 768,29 40492040 16.12.2018 2001 EFT 9011 R9000,00 R 85 768,29 2048 TEET 0040 00.4 16.12.2018 EFT 9012 R6 000.00 R 79 768,29 1945 4 16.12.2018 EFT 9013 R 4 000,00 R 75 768,29 17.12.2018 Cash deposit R20 593,00 R 96 361,29 24 12.2018 Cash withdrawal R24 143,00 R72 218,29 27.12.2018 Cash deposit R 22 232,00 R 94 450,29 31.12.2018 EFT 9014 R 3 000,00 R 91 450,29 31.12.2018 Cash withdrawal R 508,00 R 90 942.29 31.12.2018 Interest R 180,00 R 91 122,29 31.12.2018 Service fees R 118,12 R 91 004.17 7 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 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 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 DECEMBER 7 Dec 3 Dec Credit sales invoice issued to John Kani for purchases of animal feed for R8 300,00. John Kani transported the animal feed himself. 6 Dec Invoice 975 was received from Timon Traders for animal feed purchased on credit for R4 625,00 Petty cash voucher issued for R83,00 in respect of delivery costs on certain cash sales. 8 Dec Petty cash voucher issued for purchase of stationery of R60,00 9 Dec A credit note was received from Nala Wholesalers amounting to R82 due to animal feed that was over-charged on their invoice. 11 Dec Received invoice no. 72F9 from Pumbaa's Place for credit purchases of animal feed for R6 775,00. 12 Dec Invoice AB35 was received from Mufasa Meat for delivery costs of 10% (including VAT) on animal feed purchased from Pumbaa's Place (see previous transaction) 13 Dec A petty cash voucher issued for repairs to an office chair for R97,00. 15 Dec An EFT was issued for R1 866,00 to pay the telephone account. 15 Dec Cash register till rolls (1/12/2018 - 15/12/2018) for cash sales R20 593,00. Deposited 17 Dec 2018. 15 Dec EFTs issued to: Scar Stores R5 200,00; Pumbaa's Place R9 000,00; Sarabis R6 000,00; and Timon Traders R4 000,00 None of these payments were in settlement of the suppliers accounts. 17 Dec Petty cash vouchers for wages for R268,00. 17 Dec A credit sales invoice was issued to Beyonc for sales of R2 456,00 in respect of animal feed 20 Dec Invoice no. 72 received from Simba Foods for purchases on credit of animal feed R20 656,00. 21 Dec The owner informed the accountant that he had taken animal feed with a cost price of R6 130,00 (excluding VAT) for his own use. 24 Dec Cash register till slips (16/12/2018 - 24/12/2018) for cash sales of: R22 232.00. Deposited 27 Dec 2018. 24 Dec The owner withdrew cash of R24 143,00 from the entity's bank account to pay employee salaries. 29 Dec The owner instructed the accountant to add interest at 8% per annum to the 5 balance owing by Rafiki Retailers, as their account had been in arrears for 7 months at this date. 30 Dec An EFT of R3 000,00 was issued to the owner, for his personal use. 31 Dec A payment by EFT was received for R300,00 from Phasma & Co Attorneys. This is a final settlement of 30 cents in the Rand which they, as attorneys, have been able to collect in respect of the insolvent estate of Zazu Zoo. 31 Dec Received an invoice from Pumbaa's Place for R2 010,00 in respect of office equipment purchased. The current residual value is estimated to be R110,00. 31 Dec Cash register till slips (27/12/2018 - 31/12/2018) for cash sales of: R32 054,00 Deposited 2 Jan 20X8. 31 Dec A payment by EFT was received from Sarafina & Co. Attorneys for R2 000,00 in respect of an amount that they collected for the account of James Earl Jones. According to the accounting records, this amount had been written off as irrecoverable in a prior period. 31 Dec A EFT for R2 280,00 was issued for advertisements which appeared in local magazines during December 2018 31 Dec Issued a credit sales invoice to Seth Rogan for purchases of animal feed R1 498,00. Invoice AB52 was subsequently received from Mufasa Meat for the delivery costs of 10% (including VAT) on the value of the animal feed sold to Seth Rogan. 31 Dec Cash of R508.00 was withdrawn by the accountant from the entity's bank account to re-instate the petty cash balance on hand to R800.00. 6 31 Dec The following bank statement dated 31 December 2018 was received from bank. The item marked Ref. 014 was an error by the bank. BANK STATEMENT Account no: 123456789 Statement date: 31 December 2018 LION KING DEALERS Date Transaction details Debit Credit Balance 01.11.2018 Favourable balance R35 277.00 04.11.2018 EFT 9001 R 1 162.80 R 34 114,20 06.11.2018 EFT John Kani R 5 700,00 R 39 814,20 07.11.2018 EFT 9002 R 4 560,00 R35 254,20 2016 11.11.2018 EFT Seth Rogan R 1 300,00 R 36 554,20 1.auto www.com 13.11.2018 EFT 9003 R3 400,00 R 33 154,20 was 14.11.2018 Cash withdrawal R 210,00 R 32 944,20 wand . 15.11.2018 EFT Beyonce R2 236,00 R35 180,20 1.0.2 15.11.2018 Cash deposit R21 015,00 R 56 195,20 2018 012 16.11.2018 EFT 9004 R2 257,00 R 53 938,20 Read 20.11.2018 Cash deposit R28 898,00 R 82 836,20 40 21.11.2018 EFT 9005 R 650,00 R 82 186,20 0-240 EET 1201004 22.11.2018 EFT George Lucas R 27 000,00 R 109 186,20 ad ESTO 24.11.2018 EFT 9006 R 537,00 R 108 649,20 25.11.2018 Debit Order - Insurance R 1 710,00 R 106 939,20 26.11.2018 EFT Seth Rogan R 1 488,40 R 108 427,60 26.11.2018 LEFT VAT 9007 R 2 111,00 R 106 316,60 29.11.2018 Cash withdrawal R 18 600,00 R 87 716,60 30.11.2018 Interest R 300,00 R 88 016,60 herg 30.11.2018 Service fees R 62,00 R 87 954,60 Red 30.11.2018 Cash withdrawal R 387.00 R 87 567,60 ale Now 01.12.2018 Cash deposit R20 798,01 R 108 365,61 10000.0! 01.12.2018 EFT 9008 R 18 947,00 R 89 418,61 15 We wees 01.12.2018 Ref. 014 R 752,00 R 88 666,61 01.12.2018 EFT John Kani R 13 167,68 R 101 834,29 re 0. 16.12.2018 EFT 9009 R 1 866,00 R 99 968,29 2018 EET 2018 Rec 16.12.2018 EFT 9010 R 5 200,00 R 94 768,29 40492040 16.12.2018 2001 EFT 9011 R9000,00 R 85 768,29 2048 TEET 0040 00.4 16.12.2018 EFT 9012 R6 000.00 R 79 768,29 1945 4 16.12.2018 EFT 9013 R 4 000,00 R 75 768,29 17.12.2018 Cash deposit R20 593,00 R 96 361,29 24 12.2018 Cash withdrawal R24 143,00 R72 218,29 27.12.2018 Cash deposit R 22 232,00 R 94 450,29 31.12.2018 EFT 9014 R 3 000,00 R 91 450,29 31.12.2018 Cash withdrawal R 508,00 R 90 942.29 31.12.2018 Interest R 180,00 R 91 122,29 31.12.2018 Service fees R 118,12 R 91 004.17 7 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
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