Fac1503_Exam_Pack_2013_2017.

SOLUTION 1: SUBSIDIARY JOURNALS EXPRESS SERVICES SUPPLIES (a) CASH RECEIPTS JOURNAL – APRIL 2017 Date Details Bank Sales Trade Services VAT Sundry accounts Receivables rendered Output Control Amount Details R R R R R R 13 Cash Sales (i) 28 S Smith 400 400 30 Services rendered (i) Cash Sales – 13 April Sales (1 482 ∗ 114 ) Total Sales VAT Output 14 (ii) April 30 Services rendered Total Services(1 rendered482∗ 14 ) VAT Output 114 Services rendered (b) CASH PAYMENTS JOURNAL – APRIL 2017 R 1 482 (182) 1 300 R 5 700 (700) 5 000 Date Details Bank Purchases Trade VAT Sundry Accounts Payables Input Control Amount Details R R R R R 15 Copu Traders 700 700 26 Cash Purchases (ii) 30 Wages Wages Fac1503_Exam_Pack_2013_2017. lOMoARcPSD| (i) Cash Purchases – 26 April (2 394 ∗ 114 ) R 1 350 Total Purchases 14 1 539 VAT Input (189) Purchases (c) SALES JOURNAL – APRIL 2017 Date Details Sales VAT Trade Output Receivables Control R R R 5 R. Phiri (i) 24 G Wright (ii) Calculations i. Sales 5 April (2 394 ∗ 114 ) R Total Sales 2 394 Sales 2 100 VAT Output 14 (294) ii. Sales 24 April (2 736 ∗ 114 ) R Total Sales 2 736 Sales 2 400 VAT Output 14 (336) lOMoARcPSD| (d) PURCHASES JOURNAL – APRIL 2017 Date Details Purchases VAT Trade Input Payables Control R R R 17 Model Traders (i) 21 JT Wholesalers (ii) (i) Purchases 17 April (2 337 ∗ 114 ) R 2 050 Total Purchases 14 2 337 VAT Input (287) Purchases (ii) Purchases – 21 April (3 420 ∗ 114 ) R 3 000 Total Purchases 14 3 420 VAT Input (420) Purchases SOLUTION 2: ACCOUNTING EQUATION BELL ATTORNEYS Date Account to be Account to be Effect on the basic accounting equation Debited Credited Assets Equity Liabilities R R R 2017 Februa ry 3 Business Bank + 25 000 (1 600 ∗ 90%) Capital + 25 000 4 Stationery E. Fay - 1440 +1440 Creditors Control / 7 Rent -3100