Bookkeeping of a Sole Trader: Journals (Grade 10 NSC Matric Accounting): Quizzes
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Practise the questions
10 questions from this quiz
What is the primary purpose of the cash receipts journal?
What is the primary purpose of the cash receipts journal?
To record all money received
Which column in the CRJ is most important as it shows actual cash received?
Which column in the CRJ is most important as it shows actual cash received?
The bank column
What type of entry is the cost of sales column in the CRJ?
What type of entry is the cost of sales column in the CRJ?
A non-cash entry
What formula shows the relationship between bank, discount allowed, and debtors' control?
What formula shows the relationship between bank, discount allowed, and debtors' control?
Bank + Discount allowed = Debtors' control
Goods sold for R24 000 with 50% profit margin. What is the cost price?
Goods sold for R24 000 with 50% profit margin. What is the cost price?
R16 000
Goods purchased for R30 000 with 25% profit margin. What is the selling price?
Goods purchased for R30 000 with 25% profit margin. What is the selling price?
R37 500
What is discount allowed classified as for the business?
What is discount allowed classified as for the business?
An expense
Where is a bad debt recovered recorded?
Where is a bad debt recovered recorded?
In the cash receipts journal
What is the purpose of the sundry accounts section in the CRJ?
What is the purpose of the sundry accounts section in the CRJ?
For receipts not fitting standard columns
What does the folio column indicate for debtor payments?
What does the folio column indicate for debtor payments?
Which account in debtors' ledger to update