1.1 Sold goods with a cost price of R780 to R Smuts, a debtor. Prorit mark- on the cost price. Source Journal ASSETS OWNER'S EQUITY document Effect Reason Effect Reason 1.1 [8] QUESTION 2 [20 marks; 24 minutes] Use the following information from Subizwe stores for February 2020 and record the transactions in the Cash Receipts Journal and Debtors Journal. The profit mark-up are 50% on cash sales and 60% on credit sales. Transactions for February 2020: 01 Owner, Subizwe, increase his capital contribution with R60 000. Receipt 55 was issued. The money was directly deposited into the business bank account. 05 Issued invoice no 13 to Smith for R1 280. 09 Cash sales for the day are R1 470. 15 Supply goods on credit to Roux for R320. 18 Received a cheque from Smith who paid his debt from 5 February and deposit cash sales for the day of R930 in the bank. 22 Credit sales to Smith with cost price with R330. [20] QUESTION 3 [12 marks; 14 minutes] The following General Ledger are given from Subizwe Stores for March 2020. Answer the questions that follow ​

Walsh company manufactures and sells one product. the following information pertains to each of the company’s first two years of operations: variable costs per unit: manufacturing: direct materials $ 25 direct labor $ 12 variable manufacturing overhead $ 5 variable selling and administrative $ 4 fixed costs per year: fixed manufacturing overhead $ 400,000 fixed selling and administrative expenses $ 60,000 during its first year of operations, walsh produced 50,000 units and sold 40,000 units. during its second year of operations, it produced 40,000 units and sold 50,000 units. the selling price of the company’s product is $83 per unit. required: 1. assume the company uses variable costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 2. assume the company uses absorption costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 3. reconcile the difference between variable costing and absorption costing net operating income in year 1.

For each of the following cases determine the ending balance in the inventory account. (hint: first, determine the total cost of inventory available for sale. next, subtract the cost of the inventory sold to arrive at the ending balance.)a. jill’s dress shop had a beginning balance in its inventory account of $40,000. during the accounting period jill’s purchased $75,000 of inventory, returned $5,000 of inventory, and obtained $750 of purchases discounts. jill’s incurred $1,000 of transportation-in cost and $600 of transportation-out cost. salaries of sales personnel amounted to $31,000. administrative expenses amounted to $35,600. cost of goods sold amounted to $82,300.b. ken’s bait shop had a beginning balance in its inventory account of $8,000. during the accounting period ken’s purchased $36,900 of inventory, obtained $1,200 of purchases allowances, and received $360 of purchases discounts. sales discounts amounted to $640. ken’s incurred $900 of transportation-in cost and $260 of transportation-out cost. selling and administrative cost amounted to $12,300. cost of goods sold amounted to $33,900.a& b. cost of goods avaliable for sale? ending inventory?

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