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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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QUESTION 2 Presented below are the comparative December 31 financial statements for Dubai Industries, Inc. (in S Milions). Prepare a statement of cash flores for December 31, Year 2 using the indirect method. Dubai tnduitries, Ine Balance Sheets A December 31, Vear 2 and Year 1 Year 1 $28.094 Year2 Cash $96.719 Accounts Recelvable 100.000 85,313 Inventory 206.250 181,250 Prepaid insurance Land, Buildings, and 18TS 2,500 Equipment Accumulated 1.362.500 1,406.250 Depreciation (762.500) (715.000) Investments 19375 106250 1.224 219 31.05 24 Total Assets Accounts Payable 195.425 Salartes Payable 25,000 30,625
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P14
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