Letang Tsipane started a business restaurant called Letang Coffee on 1 May 2023 The following balances and totals were in the General Ledger on 1 May 2023: Capital R 45 000 Trading stock R 38 744 Debtors control R 27 800 Bank R 2008 Sales R 30 586 Cost of sales R 20 389 The following balance occurred in the Debtors ledger on 1 May 2023: T. Jacobs P. Khumalo R 3 000 R 5700 REQUIRED: Record the given transactions in the following Journals: 1. Cash Receipts Journal, with Analysis columns for Analysis of receipts, Bank, Sale Cost of Sales, Debtors control and Sundry accounts; 2. Debtors Journal, with Analysis columns for Sales and Cost of sales 3. Post from the Journals to the following accounts in the General ledger: Capital, Bank, Trading Stock; Debtors Control; Sales, Cost of sales 4. Post to the applicable accounts in the Debtors ledger of Letang Coffee 5. Prepare the List of Debtors. TRANSACTION FOR MAY 2023: 1. Received EFT payment from the owner Letang Tladi for R250 000 as her capital contribution, issued receipt no 001 2. Cash sales of merchandise R6 400, cost of sales R4500 6. Credit sales to T Jacobs invoiceZ34 R 1 500 (profit margin 50%) 7. Received cash from T. Jacobs to settle his account as on 1 May 2023. Issued receipt 003. 8. Issue invoice to P Khumalo for goods sold on credit, R2 520, cost of sales is calculated at 40%. 1. Received R5 000 for rent from Letang Tladi, issued a receipt no 004 2. Credit sales of goods to T. Jacobs R600 (cost price R300) 3. Cash sales as per cash register R7 800, cost of sales R5 500 4. Goods were sold on credit to P Khumalo R400 (cost price R250) 28 P. Khumalo paid R1 200 in part payment of her account. 2.
Letang Tsipane started a business restaurant called Letang Coffee on 1 May 2023 The following balances and totals were in the General Ledger on 1 May 2023: Capital R 45 000 Trading stock R 38 744 Debtors control R 27 800 Bank R 2008 Sales R 30 586 Cost of sales R 20 389 The following balance occurred in the Debtors ledger on 1 May 2023: T. Jacobs P. Khumalo R 3 000 R 5700 REQUIRED: Record the given transactions in the following Journals: 1. Cash Receipts Journal, with Analysis columns for Analysis of receipts, Bank, Sale Cost of Sales, Debtors control and Sundry accounts; 2. Debtors Journal, with Analysis columns for Sales and Cost of sales 3. Post from the Journals to the following accounts in the General ledger: Capital, Bank, Trading Stock; Debtors Control; Sales, Cost of sales 4. Post to the applicable accounts in the Debtors ledger of Letang Coffee 5. Prepare the List of Debtors. TRANSACTION FOR MAY 2023: 1. Received EFT payment from the owner Letang Tladi for R250 000 as her capital contribution, issued receipt no 001 2. Cash sales of merchandise R6 400, cost of sales R4500 6. Credit sales to T Jacobs invoiceZ34 R 1 500 (profit margin 50%) 7. Received cash from T. Jacobs to settle his account as on 1 May 2023. Issued receipt 003. 8. Issue invoice to P Khumalo for goods sold on credit, R2 520, cost of sales is calculated at 40%. 1. Received R5 000 for rent from Letang Tladi, issued a receipt no 004 2. Credit sales of goods to T. Jacobs R600 (cost price R300) 3. Cash sales as per cash register R7 800, cost of sales R5 500 4. Goods were sold on credit to P Khumalo R400 (cost price R250) 28 P. Khumalo paid R1 200 in part payment of her account. 2.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Transcribed Image Text:Letang Tsipane started a business restaurant called Letang Coffee on 1 May 2023
The following balances and totals were in the General Ledger on 1 May 2023:
Capital
R 45 000
Trading stock
R 38 744
Debtors control
R 27 800
Bank
R 2008
Sales
R 30 586
Cost of sales
R 20 389
The following balance occurred in the Debtors ledger on 1 May 2023:
T. Jacobs
P. Khumalo
R 3 000
R 5700
REQUIRED:
Record the given transactions in the following Journals:
1. Cash Receipts Journal, with Analysis columns for Analysis of receipts, Bank, Sale
Cost of Sales, Debtors control and Sundry accounts;
2. Debtors Journal, with Analysis columns for Sales and Cost of sales
3. Post from the Journals to the following accounts in the General ledger:
Capital, Bank, Trading Stock; Debtors Control; Sales, Cost of sales
4. Post to the applicable accounts in the Debtors ledger of Letang Coffee
5. Prepare the List of Debtors.
TRANSACTION FOR MAY 2023:
1. Received EFT payment from the owner Letang Tladi for R250 000 as her capital
contribution, issued receipt no 001
2. Cash sales of merchandise R6 400, cost of sales R4500
6. Credit sales to T Jacobs invoiceZ34 R 1 500 (profit margin 50%)
7. Received cash from T. Jacobs to settle his account as on 1 May 2023. Issued receipt
003.
8. Issue invoice to P Khumalo for goods sold on credit, R2 520, cost of sales is calculated
at 40%.
1. Received R5 000 for rent from Letang Tladi, issued a receipt no 004
2. Credit sales of goods to T. Jacobs R600 (cost price R300)
3. Cash sales as per cash register R7 800, cost of sales R5 500
4. Goods were sold on credit to P Khumalo R400 (cost price R250)
28 P. Khumalo paid R1 200 in part payment of her account.
2.
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