Blackjack Traders offers a wide range of products that can be ordered online. The business is not a registered VAT vendor. The
following balances were extracted from the Pre-adjustment trial balance of Blackjack Traders as at 30 June 2025. The financial year-
end is December.
Vehicles 2455000
Accumulated depreciation on vehicles 995 100
Additional information:
1. One of the delivery vehicles was traded in for R150 000 000 on 30 June 2025 for a new vehicle bought on credit. This old vehicle was
purchased on 1 July 2022 for R250 000.
2. Depreciation was set as follows:
o Vehicles are depreciated at 15% using the diminishing balance method.
Required:
Prepare the general journal entries in the books of Blackjack Traders to record the sale of the vehicle on 30 June 2025.
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. Do not type in “R” for Rand in the numeric block
4. If any debit or credit line item is not applicable indicate the account name by choosing N/A from the list and complete the
amount as zero "0"
Blackjack Traders
General journal -June 2025
Day | Details Debit Credit
30 Depreciation expense 12530.86
Accumulated depreciation 12530.86
Recording of depreciation for
the year.
Accumulated depreciation 95452.74
Asset realisation 95452.74
,Recording of the accumulated
depreciation.
Asset realisation 250000.00
Vehicles 250000.00
Recording the cost price of the
asset.
Trade payables 150000.00
Asset realisation 150000.00
Recording the proceeds from
the sale.
Loss on sale of asset 4547.26
Asset realisation 4547.26
Transfer of the profit or loss on
the sale of an asset.
,K Swa Traders (not a registered VAT vendor) makes use of the perpetual inventory system and a mark-up of 25% on cost price. The following
transactions took place during the current financial year:
(@ Retuned inventory purchased on credit for R3 800 to the supplier.
(b) Paid cash for the carriage on purchases of R1 500.
(© Inventory with a selling price of R4 500 was sold for cash.
Required:
Record the above transaction in the table provided.
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2 . Round off to the second decimal after the full stop (eg: 50.56)
3. A decrease in an amount must be indicated by using a negative sign in front of the amount (eg: -1000.01)
4 . An increase must be indicated by the amount without any sign (eg: 1000.01)
5. If an option has a increase as well as a decrease the net effect will be 0.
6. If an option has been provided that is not applicable to the question, please use N/A in the column to indicate that the option is not applicable.
7. . For transaction (c), first do the sales entry, then the cost of sales entry
Subsidiary journal Account in the general ledger to be Neteffecton | | Neteffecton | | Net effect ol
No| assets = equity 1+ liabilities
Debited Credited
(@ | purchases returns journal Trade payables control Inventory -3800.00 0 -3800.00
L [ I [ [
(®) Cash receipts journal Inventory Bank 0 0 0
| I I [
(O] cash receipts journal Bank Sales 4500.00 450000 0
[
Cost of sales Inventory -3600.00 -3600.00 0
, Maxoxo Trading, not a registered VAT vendor, uses the periodic inventory system. The following information from the accounting records has been
presented to you for the month of March 2026:
Details R
Trade payables control account (1 March) 85 72(
Cash payments journal:
Trade payables column total (31 March) 25 58!
Settlement discount received column 2050
Purchases journal 18 25
Purchases return journal: Trade payables column (31 March) 475
List of creditors' balances as at 31 March 2026 as per trade payables ledger:
Creditors R
K Kings 775
S Locker 20250
C Pony 17 78
M Khumalo 34 66
Balance 80
449
Additional information
) Acredit note of R2 000 received from S Locker in respect of goods returned was correctly entered in the purchases returns journal but posted
to the wrong side ofS Locker's account.
b) Aninvoice for R2 545 from K Kings was correctly recorded in the Purchases Journal but was incorrectly posted to K Kings creditor ledger
account as R2 454.
O The total of the list of trade payables balances was overcast by R7 500.
d) The total of the purchases journal was overcast by R2 500
€ Anamount of wages paid, R2 500, was analysed to the trade payables column in the cash payments journal. No correction has been made yet.
f) Aninvoice of R 1450 in respect of goods purchased from C Pony was erroneously omitted from the purchases journal. The invoice was
correctly recorded in his individual account.
@) Acredit note of R1 500 from J James was correctly recorded in J James' individual creditors' account and not recorded in the purchases returns
journal.
h) Settlement discount received from M Khumalo for R2 500 was correctly accounted for in M Khumalo's individual creditors account but not
recorded in the cash payment journal.
Required:
1. Complete the trade payable account in the general ledger of Maxoxo Trading for the month ending 31 March 2026.
2. Recondile the total of the list of trade payables balances with the balance of the trade payables control account as determined in (1) above.
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
4. Only show the amount, do not show the "R" (eg: 1000)
1) Trade payable control account
following balances were extracted from the Pre-adjustment trial balance of Blackjack Traders as at 30 June 2025. The financial year-
end is December.
Vehicles 2455000
Accumulated depreciation on vehicles 995 100
Additional information:
1. One of the delivery vehicles was traded in for R150 000 000 on 30 June 2025 for a new vehicle bought on credit. This old vehicle was
purchased on 1 July 2022 for R250 000.
2. Depreciation was set as follows:
o Vehicles are depreciated at 15% using the diminishing balance method.
Required:
Prepare the general journal entries in the books of Blackjack Traders to record the sale of the vehicle on 30 June 2025.
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. Do not type in “R” for Rand in the numeric block
4. If any debit or credit line item is not applicable indicate the account name by choosing N/A from the list and complete the
amount as zero "0"
Blackjack Traders
General journal -June 2025
Day | Details Debit Credit
30 Depreciation expense 12530.86
Accumulated depreciation 12530.86
Recording of depreciation for
the year.
Accumulated depreciation 95452.74
Asset realisation 95452.74
,Recording of the accumulated
depreciation.
Asset realisation 250000.00
Vehicles 250000.00
Recording the cost price of the
asset.
Trade payables 150000.00
Asset realisation 150000.00
Recording the proceeds from
the sale.
Loss on sale of asset 4547.26
Asset realisation 4547.26
Transfer of the profit or loss on
the sale of an asset.
,K Swa Traders (not a registered VAT vendor) makes use of the perpetual inventory system and a mark-up of 25% on cost price. The following
transactions took place during the current financial year:
(@ Retuned inventory purchased on credit for R3 800 to the supplier.
(b) Paid cash for the carriage on purchases of R1 500.
(© Inventory with a selling price of R4 500 was sold for cash.
Required:
Record the above transaction in the table provided.
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2 . Round off to the second decimal after the full stop (eg: 50.56)
3. A decrease in an amount must be indicated by using a negative sign in front of the amount (eg: -1000.01)
4 . An increase must be indicated by the amount without any sign (eg: 1000.01)
5. If an option has a increase as well as a decrease the net effect will be 0.
6. If an option has been provided that is not applicable to the question, please use N/A in the column to indicate that the option is not applicable.
7. . For transaction (c), first do the sales entry, then the cost of sales entry
Subsidiary journal Account in the general ledger to be Neteffecton | | Neteffecton | | Net effect ol
No| assets = equity 1+ liabilities
Debited Credited
(@ | purchases returns journal Trade payables control Inventory -3800.00 0 -3800.00
L [ I [ [
(®) Cash receipts journal Inventory Bank 0 0 0
| I I [
(O] cash receipts journal Bank Sales 4500.00 450000 0
[
Cost of sales Inventory -3600.00 -3600.00 0
, Maxoxo Trading, not a registered VAT vendor, uses the periodic inventory system. The following information from the accounting records has been
presented to you for the month of March 2026:
Details R
Trade payables control account (1 March) 85 72(
Cash payments journal:
Trade payables column total (31 March) 25 58!
Settlement discount received column 2050
Purchases journal 18 25
Purchases return journal: Trade payables column (31 March) 475
List of creditors' balances as at 31 March 2026 as per trade payables ledger:
Creditors R
K Kings 775
S Locker 20250
C Pony 17 78
M Khumalo 34 66
Balance 80
449
Additional information
) Acredit note of R2 000 received from S Locker in respect of goods returned was correctly entered in the purchases returns journal but posted
to the wrong side ofS Locker's account.
b) Aninvoice for R2 545 from K Kings was correctly recorded in the Purchases Journal but was incorrectly posted to K Kings creditor ledger
account as R2 454.
O The total of the list of trade payables balances was overcast by R7 500.
d) The total of the purchases journal was overcast by R2 500
€ Anamount of wages paid, R2 500, was analysed to the trade payables column in the cash payments journal. No correction has been made yet.
f) Aninvoice of R 1450 in respect of goods purchased from C Pony was erroneously omitted from the purchases journal. The invoice was
correctly recorded in his individual account.
@) Acredit note of R1 500 from J James was correctly recorded in J James' individual creditors' account and not recorded in the purchases returns
journal.
h) Settlement discount received from M Khumalo for R2 500 was correctly accounted for in M Khumalo's individual creditors account but not
recorded in the cash payment journal.
Required:
1. Complete the trade payable account in the general ledger of Maxoxo Trading for the month ending 31 March 2026.
2. Recondile the total of the list of trade payables balances with the balance of the trade payables control account as determined in (1) above.
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
4. Only show the amount, do not show the "R" (eg: 1000)
1) Trade payable control account
