Question

ni w two Question 3 [42] Bueve Brummer opened a stationery store, Ursa Major Traders. The following transactions took place during March 2020. All inventory is marked up at 35% on cost. The entity is not registered for VAT. Bueve Brummer, the owner, deposited R50 000 as capital in the entity's bank account. Purchased inventory on credit from Wild Malva, R10 553. Received invoice 8563. Sold inventory on credit to a new customer, Big Dog, R22 275 (invoice 17). Purchased furniture from Mahogany Ideas, R66 600, per cheque no. 91. Sold inventory on credit to R Rummage, R9 450 (invoice 18). Paid the monthly rental, R10 000, to Num-Num per cheque no. 92. 10. Issued receipt no. 102 for cash sales, R8 100. Received a cheque from Big Dog in full settlement of his account. This was banked with the cash sales received the previous day (receipt no. 103). 12. Purchased inventory for cash from Jasminum for R21 000. Issued cheque no. 93. 15. Sold merchandise on credit to B Jarsdel, R24 435 (invoice 19). Purchased computer from Bonica Factory, R65 000 (invoice 967). Cashed cheque no. 94, R26 600, to pay the monthly salaries. 18. Received a cheque from R Rummage in full settlement of her account (receipt no. 104). Issued receipt no. 105 for cash sales, R39 150. This was banked with the cheque from R Rummage. Settled the account of Wild Malva per cheque no. 95. Issued invoice 20 to B Balderjan for the sale of merchandise, R29 025. 23. Received invoice no. 1036 from Bootes Bargains for R46 950, R4 500 being for stationery and the balance for inventory. The bank statement reflected the following: • Interest received, R1 200. • Bank charges, R325. 19. Required: Journalise the transactions in the relevant subsidiary journals: 3.1. Cash Receipts Journal 3.2. Cash Payments Journal 3.3. Debtors/Sales Journal 3.4. Creditors/Purchases Journal

Answer 1

Solution
3.1	Cash Receipt Journal
			Debit	Credit
2	Bank Account		R50000
	Owners Capital			R50000
10	Cash Account		R8100
	Sales			R8100
11	Bank Account		R22275
	Debtors			R22275
17	Cash		R26600
	Bank			R26600
18	Bank		R9450
	Debtors			R9450
18	Cash		R39150
	Sales			R39150
24	Bank		R1200
	Interest			R1200
			Debit	Credit
3.2	Cash Payment Journal
5	Furniture		R66600
	Bank Account			R66600
9	Rent		R10000
	Bank Account			R10000
12	Purchase		R21000
	Cash			R21000
16	Computer		R65000
	Cash/Bank			R65000
19	Creditors		R10553
	Bank			R10553
24	Bank Charges		R325
	Bank Account			R325
			Debit	Credit
3.3	Debtor/Sales Journal
4	Debtors Account		R22275
	Sales			R22275
6	Debtors Account		R9450
	Sales			R9450
15	Debtors Account		R24435
	Sales			R24435
22	Debtors Account		R29025
	Sales			R29025
			Debit	Credit
3.4	Creditor/Purchase Journal
3	Purchase		R10553
	Creditor Account			R10553
23	Stationery		R4500
	Purchase		R42450
	Creditors			R46950