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Accounts Assignment II Semester

Multiple Choice Questions (8-10)

Question 8
The following post-closing trial balance at 31 January 2011 was prepared by an inexpe- rienced bookkeeper of Help-my-sukkel Traders:
Trial balance at 31 January 2011

R R
Delivery vehicle at cost
Accumulated depreciation: Delivery vehicle
Debtors
Creditors
Fixed deposit at UK Bank
Accrued income
Prepaid expenses
Inventory – merchandise
Capital – 1 February 2010
Net income for the year
80 000
20 000
28 000



3 000


50 000


40 000
10 000
5 000

83 000
150 000
181000 181000

The trial balance balances, but with the wrong totals.

On checking the items, you found that some of the amounts, although correct, were listed on the wrong side of the trial balance. In addition the bookkeeper also omitted the bank balance.

101_2011_3_e1.pdf

Which one of the following answers represents the bank balance?

  1. R67 000 favourable
  2. R81 000 favourable
  3. R51 000 favourable
  4. R61 000 favourable
  5. None of the above

Question 9

Which one of the following alternatives represents the side and general ledger account to which the total of the discount column in the cash payments journal should be posted monthly?

The “payments to creditors” column includes the amount of the actual payment as well as the discount.

  1. Debit side of the settlement discount received account.
  2. Debit side of the creditors control account.
  3. Credit side of the settlement discount allowed account.
  4. Credit side of the settlement discount received account.
  5. None of the above

Question 10

The following account appears in the general ledger of Stardust Limited.

Irrecoverable credit losses

30/1/2011 Sales 300


Which one of the following books of first entry (subsidiary book) was used to make the adjustment entry on 30 January 2011?

  1. Sales journal
  2. General journal
  3. Cash receipts journal
  4. Bills receivable journal
  5. None of the above

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