Ntombi Traders

Difference makers
Tutorial Test 1.
Accountancy
LUYANDA
5-15-2024
Luyanda Difference Makers
Trade Payables: 57 marks. –Initial Test of Competence (2024)
Financial Reporting has made a significant impact for South African entities. One of your friends
“NTOMBI PRECIOUS MAGABANE” has stated to sell Bread, shopping bags, Airtime, and other
Eco – friendly products after she completed a Diploma in Accountancy at University of
Johannesburg as she wasn’t able to make it to an advanced diploma due to pure academic
performance during her 3rd year studies. The Name of the business is Ntombi Traders. Ntombi
Traders is a VAT vendor, VAT is charged at 15%. Ntombi is very concerned about the differences
between the Suppliers Statement and the Trade Payables subsidiary Ledger Account.
She asked for your help with financial reporting and independent review regarding the
accounting records.
You are provided with the information for the month ending as at 30 April 2024. The statement of
account was received on the 30 April 2024 with the following information.
Trade payables subsidiary Ledger account of Robet Sobukwe Suppliers in the books of Ntombi
Traders.
Date Details Debit Credit Balance

01/04/2024 Opening balance R73 000
03/04/2024 Invoice 0013 R 5 649 R78 649
06/04/2024 Invoice 0014 R 4 343 R82 992
08/04/2024 Invoice 0019 R6 210 R76 782
15/04/2024 EFT (6650) R6 000 R70 782
17/04/2024 Interest R407 R70 375
19/04/2024 Credit note (67) R 5 655 R64 720
19/04/2024 EFT 8877 R4 659 R60 061
21/04/2024 Invoice (999990) R5 570 R65 631
25/04/2024 Credit note (77) R 4 500 R61 131
26/04/2024 Invoice (0087) R 4 044 R65 175
30/04/2024 Closing Balance R65 175
Statement of account received from Robet Sobukwe Suppliers
Date Details Debit Credit Balance

01/04/2024 Opening balance R73 000
03/04/2024 Invoice 0013 R 5 649 R78 649
06/04/2024 Invoice 0014 R 4 343 R82 992
08/04/2024 Invoice 0019 R5 400 R88 392
15/04/2024 EFT (6650) R6 000 R94 392
16/04/2024 Invoice 8880 R4 760 R99 152
17/04/2024 Interest R407 R99 559
19/04/2024 Debit note (67) R 5 655 R93 904
21/04/2024 Invoice (999990) R5 570 R99 474
25/04/2024 Debit note (77) R 4 500 R103 974
26/04/2024 Invoice (343440) R45 878 R149 852
26/04/2024 Invoice (0087) R4 404 R154 256
30/04/2024 Closing Balance R154 256
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Additional information:
• The invoice on the 08th was for items which are zero rated.
• The invoice on the 21st was for 5 handbags, and the person who was responsible for this
order was Branden, these handbags was not received by Ntombi Traders, and this
transaction was correctly recorded and there was no adjustment was made for this
transaction. This was inspected by the internal auditor on the 30th of April during the
reconciliation process.
• On the 3rd of April the invoice (9090) was issued by Robert Sobukwe Suppliers for the
pack of chocolates bought on credit by Ntombi Traders amounting to R 4 565 VAT
(exclusive), this was not recorded.
• The Invoice (0087) was incorrectly recorded by the bookkeeper of Ntombi Traders
“Nesh”.
• The invoice (8880) was not recorded by Ntombi Traders.
• EFT (8877) was not recorded by Robert Sobukwe Suppliers.
• The invoice (343440), these goods was not delivered to Ntombi Traders as this order was
not made by them, after an investigation it was discovered that th goods was ordered by
Thandolwethu Traders.
Required:
1.1 Prepare the Adjusted Trade Payables Ledger Account of Robert Sobukwe Suppliers in the
books of Ntombi Traders for the month ending 30 April 2024. (17 marks)
1.2 Prepare the correcting General Journal entry in respect of the Invoice (0087). (5 marks)
1.3 Prepare the Trade Payables Reconciliation for the month ending 30 April 2024. (17 marks)
1.4 What can you say about the invoice (999990) for the 21st of April 2024, state 3 points. (9
marks)
1.5 As Ntombi is not aware of some business and Accounting Terminology, recently she just
gets confused about the term “Remittance Advice” as this is the first month where there are
credit purchases made, explain to her what is it, why is it necessary for a Ntombi Traders??
(9 marks)
Round off all your answers into 0 decimal places, (to

nearest rand) e.g. 3 74,98 = 3 75 89,45 = 89
Total: 57 marks.
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Trade Payables: 57 marks. –Initial Test of Competence (2024)

Date Details Debit Credit Balance

Statement of account received from Robet Sobukwe Suppliers

Date Details Debit Credit Balance

Future Reimagined Proudly brought by a Difference Maker.

Round off all your answers into 0 decimal places, (to

Future Reimagined Proudly brought by a Difference Maker.

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