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Example Subsidiary Journals FAC

1. TT Traders recorded various business transactions during February 2017, including the owner's investment, purchases and sales of goods, purchase of equipment and a vehicle, and payment of wages. 2. Subsidiary journals were created to record the transactions, with separate journals for cash receipts and payments, sales and purchases, and purchases returns. 3. Transactions involving VAT, trade discounts, and inventory withdrawals were also recorded across the various journals.

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Nonhlanhla Dlamini
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395 views3 pages

Example Subsidiary Journals FAC

1. TT Traders recorded various business transactions during February 2017, including the owner's investment, purchases and sales of goods, purchase of equipment and a vehicle, and payment of wages. 2. Subsidiary journals were created to record the transactions, with separate journals for cash receipts and payments, sales and purchases, and purchases returns. 3. Transactions involving VAT, trade discounts, and inventory withdrawals were also recorded across the various journals.

Uploaded by

Nonhlanhla Dlamini
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Example Subsidiary Journals

The following transactions pertain to TT Traders, who uses the periodic inventory system.
Where VAT is necessary it is calculated at 15%. The entity is registered for VAT.
The following transactions took place during the Month of February 2017:

1. The owner Thomas invested R82 000 cash to start a business.


2. Purchased merchandise from Game and paid by cheque R45 000.

5. Sold goods on credit to Nana marked price R1 710.


6. Purchased equipment on credit from Lifestyle R6 750.
8. Cash sales of merchandise, R18 450.
9. Received a cheque from Land Rental for rent of a part of a building, R3 000.
10. Purchased a delivery vehicle on credit from Toyota, R150 000, and paid a deposit of
R30 000 by cheque.
11. Received a cheque from Ntombi who owes the entity R8 000. A discount of 10%
will be allowed.
12. Paid R9 000 to Roman in settlement of account of R9 500.
15. Purchased merchandise on credit from WHO, R18 000 and received a trade discount
of 10%.
18. Drew a cash cheque to pay wages, R5 000.
19. Received goods returned by Nana. Issued a credit note selling price R300.
21. Returned goods to WHO and received credit note, R1 850.
25. The owner took inventory to the value of R570 cost price for his own use.
Required: Record the above transactions in the correct subsidiary journals.
Cash Receipts Journal

Date Details Bank Sales VAT Trade Discount Sundry Sundry


Outpu receivab allowed accounts accounts
t les details
1 Thomas 82000 82000 Capital
8 Cash 18450 16043 2407
11 Ntombi 7200 8000 800

Cash Payments Journal

Date Details Bank Purchases/ VAT Input Trade Discount Wages Sundry Sundry
Inventory payables received accounts accounts
details
2 Game 45000 39130 5870
9 Land 3000 391 2609 Rent
Rental
10 Toyota 30000 30000
18 Cash 5000 5000

Sales Journal

Date Details Trade Sales VAT


receivables Output
5 Nana 1710 1487 223

Sales Returns Journal

Date Details Trade Sales VAT


receivables Output
19 Nana 300 261 39

Purchases Journal
Date Details Trade Purchases/ VAT Input Sundry Sundry
payables Trading accounts accounts
stock details
6 Lifestyle 6750 5870 880
10 Toyota 150000 19565 130435 Delivery
vehicle
15 WHO 16200 14087 2113

Purchases Returns Journal

Date Details Trade Purchases/ VAT Input Sundry Sundry


payables Trading accounts accounts
stock details
21 WHO 1850 1609 241

General Journal
Date Details Debit Credit
25 Drawings 656
VAT input 86
Inventory 570

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