6. 7. 8. Calculate how much profit (in Rand) was made on the sales transaction that took place on the 15, in the CRJ. Calculate the percentage profit mark-up for the transaction that took place on the 25, in the CRJ. The details of Sundry Accounts for the first entry made on the 15th in the CRJ is incorrect. The word "Rent appears. What should the correct details be? Give a possible explanation for the entry made of R500 on the 11th, in the CPJ. EXERCISE 20 Study the information given in the CRJ and CPJ and then answer the questions: CASH RECEIPTS JOURNAL OF BOCO STORES FOR MARCH 2020 Doc Day Details F Analysis Bank Sales Cost of Sales B. Baloy Sales REC89 01 ? 18 REC90 K. Loots CRR51 22 Sales CRR52 28 Sales REC91 30 Beta Limited EFT50 03 ABBA Factory EFT51 46. 50 000 Shilowa's Transport ? BS 105 EFT52 20 Sung Wholesalers BS ? ? 21 SA Nissan EFT54 24 Pretoria Municipality EFT55 30 Alfa Insurers 4 800 3 450 8250 10 500 10 500 ? ? ? 50 3 500 200 2900 ? 500 40 500 1600 200 ? 4 800 10 500 ? ? CASH PAYMENTS JOURNAL OF BOCO STORES FOR MARCH 2020 Doc Day Name of Payee F Bank 3 500 200 ? 2 950 7 000 4 680 Trading Wages Stock 6 450 ? 500 500 1000 Amount 50 000 3 450 50 53 500 Amount ? 2 000 40 500 1600 200 2 Sundry Accounts F Capital Details Rent Income Commission Income Sundry Accounts F (CRJ Details Stationery Drawings (CPJ3 Vehicles Water and Electricity Insurance 47. TAKE NOTE: The business makes use of a profit mark-up of 50% QUESTIONS TO ANSWER: (Show calculations) CRJ 1. On the 1" the owner increased her capital contribution to R300 000. What did capital amount to, before this transaction took place? 2. 3. 4. 6. CPJ Supply the document omitted on the 18 5. Was the R50 paid in at Boco Stores, or was this amount directly deposited into their current bank account? Explain. Answer: 7. Calculate the Cost of Sales for the transaction that took place on the 18". Calculate the Sales amount for the transaction that took place on the 28". Explanation: Why is there only one amount entered into the bank column on the 18th? Give an explanation for the entry made for EFT51 on the 3rd. 8. Supply the document and document number omitted on the 21".

6. 7. 8. Calculate how much profit (in Rand) was made on the sales transaction that took place on the 15, in the CRJ. Calculate the percentage profit mark-up for the transaction that took place on the 25, in the CRJ. The details of Sundry Accounts for the first entry made on the 15th in the CRJ is incorrect. The word "Rent appears. What should the correct details be? Give a possible explanation for the entry made of R500 on the 11th, in the CPJ. EXERCISE 20 Study the information given in the CRJ and CPJ and then answer the questions: CASH RECEIPTS JOURNAL OF BOCO STORES FOR MARCH 2020 Doc Day Details F Analysis Bank Sales Cost of Sales B. Baloy Sales REC89 01 ? 18 REC90 K. Loots CRR51 22 Sales CRR52 28 Sales REC91 30 Beta Limited EFT50 03 ABBA Factory EFT51 46. 50 000 Shilowa's Transport ? BS 105 EFT52 20 Sung Wholesalers BS ? ? 21 SA Nissan EFT54 24 Pretoria Municipality EFT55 30 Alfa Insurers 4 800 3 450 8250 10 500 10 500 ? ? ? 50 3 500 200 2900 ? 500 40 500 1600 200 ? 4 800 10 500 ? ? CASH PAYMENTS JOURNAL OF BOCO STORES FOR MARCH 2020 Doc Day Name of Payee F Bank 3 500 200 ? 2 950 7 000 4 680 Trading Wages Stock 6 450 ? 500 500 1000 Amount 50 000 3 450 50 53 500 Amount ? 2 000 40 500 1600 200 2 Sundry Accounts F Capital Details Rent Income Commission Income Sundry Accounts F (CRJ Details Stationery Drawings (CPJ3 Vehicles Water and Electricity Insurance 47. TAKE NOTE: The business makes use of a profit mark-up of 50% QUESTIONS TO ANSWER: (Show calculations) CRJ 1. On the 1" the owner increased her capital contribution to R300 000. What did capital amount to, before this transaction took place? 2. 3. 4. 6. CPJ Supply the document omitted on the 18 5. Was the R50 paid in at Boco Stores, or was this amount directly deposited into their current bank account? Explain. Answer: 7. Calculate the Cost of Sales for the transaction that took place on the 18". Calculate the Sales amount for the transaction that took place on the 28". Explanation: Why is there only one amount entered into the bank column on the 18th? Give an explanation for the entry made for EFT51 on the 3rd. 8. Supply the document and document number omitted on the 21".

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 4RE: Refer to RE6-3. Assume Long records accounts receivable and sales using the net price method....

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