Compare the bank statement with the cash receipts journal

Reference no: EM131306736

INTRODUCTORY ACCOUNTING ASSIGNMENT

QUESTION 1 - The information given below was extracted from the books of KAISER TRADERS.

REQUIRED:

1.1: Compare the Bank Statement with the Cash Receipts Journal and Cash Payments Journal. Make supplementary entries in both journals. Close off/cast the bank columns in the journals.

1.2: Post to the bank account in the General Ledger and balance it.

1.3: Prepare the Bank Reconciliation Statement on 31 May 2015.

QUESTION 2 - The following information was obtained from Olympic Traders for the week ending 17 August 2015.

Details of deductions:

a) Pension fund contributions have to be deducted at 7% of employees' wages for normal time.

b) Medical fund contributions are deducted as follows:

- R10,00 per week for single persons

- R15,00 per week for married persons plus an additional contribution of R5 per dependant.

c) Income tax must be deducted at 15% of the employees' gross wages (after the pension contribution has been deducted)

d) Unemployment Insurance Fund has to be deducted at 0,5% of employees' gross wages for normal time.

e) All the employees are compelled to contribute R10,00 per week to the staff association.

f) Olympic Traders contributes R1,30 to the pension fund for every R1,00 contributed by the employees, R1,20 to the unemployment insurance Fund for every R1,00 contributed by the employees, and R2,00 to the Medical Fund for every R1,00 contributed by the employees.

REQUIRED: Enter the above data in the wages journal of Olympics Traders for the week ending 17 August 2015.

Attachment:- Accounting Assignment.rar

Reference no: EM131306736

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len1306736

12/9/2016 6:30:34 AM

Please ensure that your name, address and student number are written on your assignment. Plan your answer before writing. This will help you to present a clear interpretation and a balanced response. Read the assignment questions carefully, as your grade will suffer if your answers are incomplete. When you make use of other SOURCES it must compliment the information in your modules and not replace it. PRESENTATION is important, just as it is in writing a report in the workplace. Write neatly and clearly. If your handwriting is illegible, please use print. (If you cannot read your own writing, neither can the assessor.)

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