No Transaction 1 IN 2 3 5 The owner brought his personal equipment valued at R40 000 into the business. Sold goods to K Chetty for R15 000 on credit. Paid R6 800 from the business bank account for medical expenses incurred by the owner's wife. Masilela has an account with a balance of R5 000 with Trade Suppliers which is 7 months overdue at 30 Aprill 2021. Paid interest which is charged at 12% per year. Masilela donated goods valued at R3 000 to the local community centre. Required: Process the above transactions through an accounting table such as the one below: (10) Example of accounting table to be used: No Assets R +1000 for increase Equity R +1000 Liability R 0 Account Debited Bank (brackets) for decrease Account Credited Sales
No Transaction 1 IN 2 3 5 The owner brought his personal equipment valued at R40 000 into the business. Sold goods to K Chetty for R15 000 on credit. Paid R6 800 from the business bank account for medical expenses incurred by the owner's wife. Masilela has an account with a balance of R5 000 with Trade Suppliers which is 7 months overdue at 30 Aprill 2021. Paid interest which is charged at 12% per year. Masilela donated goods valued at R3 000 to the local community centre. Required: Process the above transactions through an accounting table such as the one below: (10) Example of accounting table to be used: No Assets R +1000 for increase Equity R +1000 Liability R 0 Account Debited Bank (brackets) for decrease Account Credited Sales
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:1
2
3
4
5
No
Transaction
The owner brought his personal equipment valued at R40 000 into the
business.
Sold goods to K Chetty for R15 000 on credit.
Paid R6 800 from the business bank account for medical expenses incurred
by the owner's wife.
Masilela has an account with a balance of R5 000 with Trade Suppliers which
is 7 months overdue at 30 April 2021. Paid interest which is charged at 12%
per year.
Masilela donated goods valued at R3 000 to the local community centre.
Required:
Process the above transactions through an accounting table such as the one below: (10)
Example of accounting table to be used:
No
Assets
R
+1 000
Equity
R
+1 000
Liability
R
0
Account
Debited
Bank
*Use + for increase in value and- or (brackets) for decrease in value.
Account
Credited
Sales
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