Question

SECTION B (Financial Literacy) QUESTION 4: (Cash journals) Ziyakhala Traders service for the repair of motor vehicles. REQUIRED: 4.1 Record the following transactions in the Cash Journals: 4.2 Close off only the columns in Cash Receipts Journal, at the end of the month. TRANSACTIONS FOR JANUARY 2016 1. The owner, Ziyakhala Zikhali, deposited R500 000 DIRECTLY into the account of the business. Issued receipt no 201 to the owner. 5. Purchased equipment form Tech Stores and paid by EFT no 401, R36 000 7. Purchased spare parts (Material Cost) from Ronnie suppliers for R15 000 and paid by EFT NO. 402 Provide numbers for source documents where they are not provided. 8 issued an EFT for R150 to Prestige Stationers for stationery purchased 12 Services rendered for Cash, R18 000 19 Purchased a vehicle from Hassen Garage and paid by EFT, R180 000 21 Made an EFT for wages of R4 500 23 An EFT for R12 000 was drawn by the owner, Ziyakhala Zikhali, for personal use 25 Received an EFT from Super Nails for rent for the month, RB 400 28 Made an EFT to pay for wages, R4 500 31 Made an EFT to the Mpumalanga City to pay for Electricity, R3 500 and rates R2​

Answer 1

Here are the transactions recorded in the cash journals:

Cash Receipts Journal

Date Details Bank Cash

Jan 1 Owner, capital 500,000

Jan 12 Services rendered 18,000

Jan 25 Rent - Super Nails 4,000

Totals 504,000 18,000

Cash Payments Journal

Date Details Bank

Jan 5 Equipment - Tech Stores 36,000

Jan 7 Materials - Ronnie Suppliers 15,000

Jan 8 Stationery - Prestige Stationers 150

Jan 19 Vehicle - Hassen Garage 180,000

Jan 21 Wages 4,500

Jan 23 Owner's drawings 12,000

Jan 28 Wages 4,500

Jan 31 Electricity 3,500

Jan 31 Rates 2,000

Totals 257,650

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