Financial Accounting - Bachelor of Commerce in Entrepreneurship/Retail Management - Accounting and Finance Assignment Help

Assignment Task:

QUESTION 1 (9 MARKS) 

The following debtor control account and debtors list were prepared by the owner of Bongiwe Traders. The owner is unsure if he has correctly prepared it. 

REQUIRED: 

Use the following information to prepare the correct: 

1.1 Debtors control account for January 2020. (5 Marks)

1.2 Debtors list at 31 January 2020. (4 Marks)

The following errors and omissions were discovered after the above was drawn up: 

1) The opening balance is R600 less than it should be. 

2) The debtors’ column in the cash receipts journal was overcast by R2 200. 

3) Goods returned by H. Berry valued at R250 were not processed. 

4) Credit sales of R 4 200 made to J.Peter was incorrectly posted to the account of D.Carter. 5) A cheque for R2 300 received from A. Paul in payment of his account was incorrectly entered in the cash receipts  journal as R3 200. 

6) No entry has been made for a cheque for R2 340 that was returned by the bank marked “R/D – insufficient funds”.  The cheque was previously received from debtor A. Walker in settlement of a debt of R 2 500. The account must  also be written off as A. Walker cannot be traced.

QUESTION 2 (11 MARKS)

The following information was extracted from the accounting records of Enigma Traders. 

INFORMATION: 

A comparison of the bank statement for January 2020, received from ABSA, with the January 2020 cash journal of Enigma  Traders and the bank reconciliation statement as at 31 December 2019 revealed the following which must be taken into  account: 

1. On 31 December 2019 the Bank account in the general ledger reflected a debit balance of R17 200. The following  items appeared on the bank reconciliation statement on 31 December 2019: 

? A deposit of R2 200 made on 31 December 2019. 

? The following cheques had not been presented for payment at the bank during December 2019: i. Cheque number 451 for R2 700 

ii. Cheque number 473 for R3 100 

iii. Cheque number 482 for R1 200 

2. The outstanding deposit of R2 200 made on 31 December 2019, was credited in the bank statement for January  2020. 

3. Cheque number 451 did not appear in the January bank statement. 

4. Cheque number 482 issued to the SPCA as a donation is now stale and must be cancelled. No new cheque is to  be issued. 

5. The bank columns of the cash receipts journal and cash payments journal amounted to R67 500 and R55 200  respectively on 31 January 2020 before the bank statement was received. 

6. The bank statement reflected a credit balance of R29 840 on 31 January 2020. 

7. A cheque for R1 250 received from a debtor, D Fault, was returned by the bank because there was insufficient  funds in his account. 

8. A deposit made by Enigma Traders on 31 January 2020, R3 800, did not appear in the bank statement for  January 2020. 

9. The bank statement revealed the following charges: 

? Service Fees R180 

? Interest on overdraft R 75 

? Cash deposit fee R125 

10. A debit order for insurance on the business premises and delivery vehicles, R1 200. 

11. Cheque no. 495 issued to Boxer Wholesalers for purchase of inventory was incorrectly recorded in the Cash  Payments Journal as R 2 070. The bank statement reflected the correct amount of R2 700. 

12. The following cheques issued during January 2020 were not reflected in the January 2020 bank statement:

? Cheque no 502 – R1 300 

? Cheque no 517 – R2 400

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