General Journal
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Last updated over 5 years ago
10 questions
3
N Robert, who owed the business R340, absconded (disappeared) and his debt must be written off as bad.
N Robert, who owed the business R340, absconded (disappeared) and his debt must be written off as bad.
- N Robert/Debtors' Control, R340
- Bad Debts, R340
- Bad Debts' Recovered, R340
- N Robert/Creditors' Control, R340
- Account Debit
- Account Credit
3
The owner, L Draycott donated goods with a cost price of R200 to the SPCA.
The owner, L Draycott donated goods with a cost price of R200 to the SPCA.
- Donations, R200
- Drawings, R200
- Sales, R200
- Trading Stock, R200
- Account Debit
- Account Credit
3
Stationery bought for R760 cash was incorrectly recorded under “Equipment” in the CPJ. This error needs to be corrected.
Stationery bought for R760 cash was incorrectly recorded under “Equipment” in the CPJ. This error needs to be corrected.
- Bank, R760
- Equipment, R760
- Creditors' Control, R760
- Stationery, R760
- Account Debit
- Account Credit
3
Charged J Alexander interest at 16% p.a. on his account of R240 which was 5 months overdue.
Charged J Alexander interest at 16% p.a. on his account of R240 which was 5 months overdue.
- Interest on overdue accounts, R38.40
- J Alexander/Debtors' Control, R16
- Interest on overdue accounts, R16
- J Alexander/Debtors' Control, R38.40
- Account Debit
- Account Credit
3
The owner, L Draycott, took trading stock with a selling price of R750 for personal use. The business operates on a strict mark-up of 25% on cost.
The owner, L Draycott, took trading stock with a selling price of R750 for personal use. The business operates on a strict mark-up of 25% on cost.
- Drawings, R750
- Drawings, R600
- Trading Stock, R750
- Trading Stock, R600
- Account Debit
- Account Credit
3
Stationery, R500 bought on account from CNA was intended for resale, but was incorrectly recorded in the Stationery expense account.
Stationery, R500 bought on account from CNA was intended for resale, but was incorrectly recorded in the Stationery expense account.
- Stationery, R500
- CNA/Creditors' Control, R500
- Trading Stock, R500
- Cost of Sales, R500
- Account Debit
- Account Credit
3
B Murphy’s cheque of R785 received in settlement of his debt of R800 was dishonoured by the bank due to insufficient funds. The cheque has already been cancelled in the CPJ. The discount must be reversed.
B Murphy’s cheque of R785 received in settlement of his debt of R800 was dishonoured by the bank due to insufficient funds. The cheque has already been cancelled in the CPJ. The discount must be reversed.
- Bank, R800
- Discount Received, R15
- B Murphy/Debtors' Control, R15
- Discount Allowed, R15
- Account Debit
- Account Credit
3
S Smith, who owed Draycott Retailers R850, was declared insolvent. His estate will pay out 30 cents in the rand; the remaining debt must be writen off.
S Smith, who owed Draycott Retailers R850, was declared insolvent. His estate will pay out 30 cents in the rand; the remaining debt must be writen off.
- S Smith/Debtors' Control, R595
- S Smith/Debtors' Control, R255
- Bad Debts, R255
- Bad Debts, R595
- Account Debit
- Account Credit
3
An invoice for equipment costing R12 000 bought on account from Torres Traders was incorrectly recorded in the account of Thurston Traders. This error needs to be corrected.
An invoice for equipment costing R12 000 bought on account from Torres Traders was incorrectly recorded in the account of Thurston Traders. This error needs to be corrected.
- Thurston Traders/Creditors' Control, R12 000
- Torres Traders/Creditors' Control, R12 000
- Equipment, R12 000
- Bank, R12 000
- Account Debit
- Account Credit
3
Issued a credit note to S Naidoo for goods returned, R400. This was correctly recorded in the DAJ but was posted to the account of M Owen in the Debtors' Ledger. This error needs to be corrected.
Issued a credit note to S Naidoo for goods returned, R400. This was correctly recorded in the DAJ but was posted to the account of M Owen in the Debtors' Ledger. This error needs to be corrected.
- M Owen/Debtors' Control, R400
- S Naidoo/Debtors' Control, R400
- Cost of Sales, R200
- Debtors' Allowances, R400
- Account Debit
- Account Credit