General ledger of Zama TradersTrading Stock2020125 000,00 Jun2020Jun1Balanceз0 Bankb/dCPJCreditors Control aDAJ30 Cost of SalesCost of SalesCRJ75 000,00DJ40 000,00CAJ8 000,00Debtors Control20202020JunBand and30 Discount allowed CRJb/dDJ1Balance85 000,00 Jun45 00030 Sales40 000,00DAJ900,00Zama Traders operates on a profit mark-up of 50% on cost.Cash sales are equal to 60% of all sales.Additional information· Owner, Z Nkosi, returned merchandise which she took forown use, selling price R600• The business accepted an old computer, valued at R1000from S Khumalo in settlement of a debt of R1125• Received credit note from B May. Trade discount of 20%omitted on the invoice for goods purchased on credit forR560• Issued an invoice for R560 to a customer R Rayaan, andentered in the subsidiary journal as R56Required1. Prepare General Journal for the additional informationprovided above. Narrations are not required. Post thisjournal to the relevant account as at 30 June 2020

What is meant by Journal entries? It is the first step to record the financial transactions in the…

General ledger of Zama Traders Trading Stock 2020 125 000,00 Jun 75 000,00 2020 1 Balance 30 Bank 30 Cost of Sales CRJ b/d CPJ Creditors Controla DAJ Jun Cost of Sales DJ 40 000,00 CAJ 8 000,00 Debtors Control 2020 85 000,00 Jun Band and 30 Discount allowed CRJ 2020 Jun 1 Balance b/d 45 000 30 Sales DJ 40 000,00 DAJ 900,00 3a 3

General ledger of Zama Traders Trading Stock 2020 125 000,00 Jun 75 000,00 2020 1 Balance 30 Bank 30 Cost of Sales CRJ b/d CPJ Creditors Controla DAJ Jun Cost of Sales DJ 40 000,00 CAJ 8 000,00 Debtors Control 2020 85 000,00 Jun Band and 30 Discount allowed CRJ 2020 Jun 1 Balance b/d 45 000 30 Sales DJ 40 000,00 DAJ 900,00 3a 3

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section20.1: Determining The Quantity Of Merchandise Inventory

Problem 1OYO

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Concept explainers

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

Question

General ledger of Zama Traders
Trading Stock
2020
125 000,00 Jun
2020
Jun
1Balance
з0 Bank
b/d
CPJ
Creditors Control a
DAJ
30 Cost of Sales
Cost of Sales
CRJ
75 000,00
DJ
40 000,00
CAJ
8 000,00
Debtors Control
2020
2020
Jun
Band and
30 Discount allowed CRJ
b/d
DJ
1Balance
85 000,00 Jun
45 000
30 Sales
40 000,00
DAJ
900,00
Zama Traders operates on a profit mark-up of 50% on cost.
Cash sales are equal to 60% of all sales.
Additional information
· Owner, Z Nkosi, returned merchandise which she took for
own use, selling price R600
• The business accepted an old computer, valued at R1000
from S Khumalo in settlement of a debt of R1125
• Received credit note from B May. Trade discount of 20%
omitted on the invoice for goods purchased on credit for
R560
• Issued an invoice for R560 to a customer R Rayaan, and
entered in the subsidiary journal as R56
Required
1. Prepare General Journal for the additional information
provided above. Narrations are not required. Post this
journal to the relevant account as at 30 June 2020

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