Introductory Financial Lenox Hardware Accounting N4 Assignment

Assignment Task

Questions

1. Use the following source documents of Lenox Hardware Store to complete:

• The cash receipts journal.
• The cash payment journal.
• The petty cash journal.
• Draw up and balance the petty cash account in the general ledger

2. Use the following information to do the required wage calculations for the two employees of Mom’s Bakery for the week ended on 21 November 2020.

3. The following information appeared in the books of Molagwane Traders on 30 November 2020:

• The bank statement has already been compared with the cash receipts journal as well as the cash payments journal. The supplementary entries have also been done in these cash journals for November 2020.
• The bank account in the general ledger of Molagwane Traders showed a debit balance of R520.60 on 1 November 2020.
• The total of the bank column in the cash receipts journal was R82 760.50
• The total of the bank column in the cash payments journal was R53 693.26 3.5 The following cheques did not appear on the bank statement:
• A deposit of R5 890.70 made by Molagwane Traders on 30 November 2020 did not appear on the bank statement of November 2020.
• The bank statement showed a favourable balance of R26 713.31 on November 2020.

4. The following balances and totals appeared in the general ledger of DM TRADERS on 30 November 2020, the end of their financial year.

• Use the following information to prepare the Trading Account and the Profit & Loss account for the year ended 30 November 2020. (23)
• Prepare only the asset section of the Statement of Financial Position as at 30 November 2020. (8)
• Show the notes to this Statement of Financial Position. (15)
• Show the statement of changes in equity for the year ended 30 November 2020.

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