This accounting problem is solved step by step below, with detailed explanations to help you understand the method and arrive at the correct answer.
ScanSolve AI Answer
Fresh day Lion, let's solve. 3.1 Cash Receipts Journal Here is the Cash Receipts Journal for Bold Stationers for October 2025, reflecting the transactions provided. The business uses a continuous stock system with a 100% mark-up on cost. |l|l|l|l|l|l|l|l|l|l| Doc No. & Day & Details & Fol. & Bank (Dr) & Sales (Cr) & Cost of Sales (Dr) & Trading Stock (Cr) & Sundry Accounts (Cr) & Sundry Accounts (Cr) \\ 9-10 & & & & & & & & Amount & Details \\ 001 & 01 & B.Bold (Capital) & & 300\,000 & & & & 300\,000 & Capital \\ CRR & 02 & Cash Sales & & 6\,700 & 6\,700 & 3\,350 & 3\,350 & & \\ 002 & 05 & L.Lekalakala (Rent Inc) & & 1\,200 & & & & 1\,200 & Rent Income \\ CRR & 08 & Cash Sales & & 8\,600 & 8\,600 & 4\,300 & 4\,300 & & \\ CRR & 27 & Cash Sales & & 4\,400 & 4\,400 & 2\,200 & 2\,200 & & \\ TOTALS & & & & 320\,900 & 19\,700 & 9\,850 & 9\,850 & 301\,200 & \\ Calculation for Cost of Sales: Mark-up is 100% on cost. This means Selling Price = Cost + (100% of Cost) = 2 × Cost. Therefore, Cost = Selling Price / 2. Day 02: Cost of Sales = R6,700 / 2 = R3,350 Day 08: Cost of Sales = R8,600 / 2 = R4,300 Day 27: Cost of Sales = R4,400 / 2 = R2,200 3.2 Cash Payments Journal No source documents or information regarding cash payments for October 2025 were provided in the image. Therefore, the Cash Payments Journal is empty.