1.1 S Temba owns and personally operates a business, TS Services. The following are a summary of the transaction for the period ended 31 May 2021 No Details of transaction I . Temba deposited an additional R50 000 into the business bank account. 2. Temba bought a second hand vehicle from H Ford Cars for R80 000. A deposit of R30 000 was paid and the balance will be paid in 5 instalments 3. Bought uniforms marked at R 15 000 from Major Fabs. Received a 10% cash discount and paid by electronic funds transfer. 4. Paid an amount of RI 8 000 for rent. 5. Received R8 400 from debtor to settle and account of R8 700. 6. Received an account for repairs to vehicles for R3 800. 7. A total of R72 400 was deposited by clients for services rendered. 8. Temba drew R7 000 from the business for personal use. 9. The first instalment for the vehicle bought from Ford Cars (refer No 2 above) was paid by an electronic funds transfer. 10. Paid wages of R26 400 by making transfers to employees bank accounts. Required: Record all the above transactions to show how they affect the basic accounting equation. Also show the account debited and the account credited. Prepare a table such as the one shown below and record each transaction separately.
1.1 S Temba owns and personally operates a business, TS Services. The following are a summary of the transaction for the period ended 31 May 2021
|
No |
Details of transaction |
|
I . |
Temba deposited an additional R50 000 into the business bank account. |
|
2. |
Temba bought a second hand vehicle from H Ford Cars for R80 000. A deposit of R30 000 was paid and the balance will be paid in 5 instalments |
|
3. |
Bought uniforms marked at R 15 000 from Major Fabs. Received a 10% cash discount and paid by electronic funds transfer. |
|
4. |
Paid an amount of RI 8 000 for rent. |
|
5. |
Received R8 400 from debtor to settle and account of R8 700. |
|
6. |
Received an account for repairs to vehicles for R3 800. |
|
7. |
A total of R72 400 was deposited by clients for services rendered. |
|
8. |
Temba drew R7 000 from the business for personal use. |
|
9. |
The first instalment for the vehicle bought from Ford Cars (refer No 2 above) was paid by an electronic funds transfer. |
|
10. |
Paid wages of R26 400 by making transfers to employees bank accounts. |
Required:
Record all the above transactions to show how they affect the basic
Totals for the accounting equation are not required. To show increases in value, use a +
To show decreases in value, use a — or brackets (1 1 1) and O for no effect.
Example:
00 Bought stationery for RI 000 cash
|
No |
Assets |
Equity |
Liabilities |
|
Account Debited |
Account Credited |
|
00 |
(1 000) |
(1 000) |
|
|
Stationery |
Bank |
|
|
|
|
|
|
|
|
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