Andy Norris started a personal training business on 1 January 2019 called "Chuck the Phat. The business has been in operation for 10 months. Analyse the below transactions in the table provided. Indicate whether there is an increase or decrease in the account and stipulate the amount. Le. R3000 1 Transferred R30 000 from savings to the bank account. 2 Received a loan from ABSA R20 000. 3 Paid RS5 000 with a cheque in favour of Ford Dealers for a second hand vehicle purchased. 4 Paid R750 for wages. 5 lssued receipts to customers for training provided to them R6 500. a lssued a cheque in favour of Santam for insurance premium R1 100. 9 Purchased new gym machines R38 650 on account from Fit First. This will be paid over 6 months. 10 Chuck withdrew R3 500 cash for personal use. 11 Returned one of gym machines to Fit First as it was faulty. Our acount was amended by R7 950. 12 One of the treadmils broke and had to be repaired R910. Paid cash. 15 Bought new weights from Garme for R1 500 on account. 16 Used a cheque to purchase cleaning detergents and materials R700. Table Assets Liabilities Owners equity Bank Savings Equipment Vehicles Vehicles Accounts Payable Loan
Andy Norris started a personal training business on 1 January 2019 called "Chuck the Phat. The business has been in operation for 10 months. Analyse the below transactions in the table provided. Indicate whether there is an increase or decrease in the account and stipulate the amount. Le. R3000 1 Transferred R30 000 from savings to the bank account. 2 Received a loan from ABSA R20 000. 3 Paid RS5 000 with a cheque in favour of Ford Dealers for a second hand vehicle purchased. 4 Paid R750 for wages. 5 lssued receipts to customers for training provided to them R6 500. a lssued a cheque in favour of Santam for insurance premium R1 100. 9 Purchased new gym machines R38 650 on account from Fit First. This will be paid over 6 months. 10 Chuck withdrew R3 500 cash for personal use. 11 Returned one of gym machines to Fit First as it was faulty. Our acount was amended by R7 950. 12 One of the treadmils broke and had to be repaired R910. Paid cash. 15 Bought new weights from Garme for R1 500 on account. 16 Used a cheque to purchase cleaning detergents and materials R700. Table Assets Liabilities Owners equity Bank Savings Equipment Vehicles Vehicles Accounts Payable Loan
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Andy Norris started a personal training business on 1 January 2019 called "Chuck the Phat". The business has been in operation for 10 months. Analyse the below transactions in the table
provided. Indicate whether there is an increase or decrease in the account and stipulate the amount. ie. +R3000
1 Transferred R30 000 from savings to the bank account.
2 Received a loan from ABSA R20 000.
3 Paid R55 000 with a cheque in favour of Ford Dealers for a second hand vehicie purchased.
4 Paid R750 for wages.
5 Issued receipts to customers for training provided to them R8 500.
8 Issued a cheque in favour of Santam for insurance premium R1 100.
9 Purchased new gym machines R38 650 on account from Fit First. This will be paid over 6 months.
10 Chuck withdrew R3 500 cash for personal use.
11 Returned one of gym machines to Fit First as it was faulty. Our account was amended by R7 950.
12 One of the treadmills broke and had to be repaired R910. Paid cash.
15 Bought new weights from Game for R1 500 on account.
16 Used a cheque to purchase cleaning detergents and materials R700.
Table
Assets
Liabilities
Owners equity
Bank
Savings
Equipment
Vehicles
Vehicles
Accounts Payable
Loan
1
2
3
5
10
11
12
15
16
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