The following are miscellaneous transactions for Regave Traders for Ignore VAT. The business uses the perpetual inventory method with a mark-up of 50% on cost. Date Transaction Details The owner took clothing from trading invertory for personal use, selling price = R1 500.00. Paid SA Prop by EFT for trading inventory purchased, R 10 000.00. Purchased an office computer (computer eqipment) on credit from Incredible Computers, R 5 200.00. Credit sales of trading inventory, selling price = R4 470.00. Cash sales of trading inventory, selling price R 6 950.00. Returned some of the goods (R 1 000) purchaed from SA Prop on 8 January 20.11 and received a cash refund. Received dividend income of R 800. 1. 10 15 27 28 29 Required: Show how the above transactions will affect the accounting equation and enter how the accounts in the general ledger will be affected. Exampla: Received a capital contribution of R 100 000.00 in the form of cash: Date Assets (R) Owner's equity F Liabilities (R) e.g. + 100 000.00 + 100 000.00 Dr Bank Cr Capital
The following are miscellaneous transactions for Regave Traders for Ignore VAT. The business uses the perpetual inventory method with a mark-up of 50% on cost. Date Transaction Details The owner took clothing from trading invertory for personal use, selling price = R1 500.00. Paid SA Prop by EFT for trading inventory purchased, R 10 000.00. Purchased an office computer (computer eqipment) on credit from Incredible Computers, R 5 200.00. Credit sales of trading inventory, selling price = R4 470.00. Cash sales of trading inventory, selling price R 6 950.00. Returned some of the goods (R 1 000) purchaed from SA Prop on 8 January 20.11 and received a cash refund. Received dividend income of R 800. 1. 10 15 27 28 29 Required: Show how the above transactions will affect the accounting equation and enter how the accounts in the general ledger will be affected. Exampla: Received a capital contribution of R 100 000.00 in the form of cash: Date Assets (R) Owner's equity F Liabilities (R) e.g. + 100 000.00 + 100 000.00 Dr Bank Cr Capital
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![The folowing are miscellaneous transactions for Regrave Traders for January 20.11.
Ignore VAT. The business uses the perpetual inventory method with a mark-up of 50% on
cost.
Date
Transaction Details
The owner took clothing from trading inventory for personal use, selling price =
R1 500.00.
Paid SA Prop by EFT for trading inventory pu chased, R 10 000.00.
Purchased an office computer (computer eqioment) on credit from Incredible
Computers, R 5 200.00.
Credit sales of trading inventory, selling price = R 4 470.00.
Cash sales of trading inventory, selling price = R 6 950.00.
Returned some of the goods (R 1 000) purcia ed from SA Prop on 8 January
20.11 and received a cash refund.
Received dividend income of R 800.
8
10
15
27
28
29
Required:
Show how the above transactions will affect the accounting equation and enter how the
accounts in the general ledger will be affected. Example: Received a capital contribution
of R 100 000.00 in the form of cash:
Date
Assets (R)
Owner's equity if
+ Liabilities (R)
e.g.
+ 100 000.00
+ 100 000.00
Dr Bank
Cr Capital](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbf2e2ac3-3983-4027-8bf3-1f52fd93e3d4%2F956e2e80-ef72-4364-b940-4c6c2b7c085b%2Fio1yxqj_processed.png&w=3840&q=75)
Transcribed Image Text:The folowing are miscellaneous transactions for Regrave Traders for January 20.11.
Ignore VAT. The business uses the perpetual inventory method with a mark-up of 50% on
cost.
Date
Transaction Details
The owner took clothing from trading inventory for personal use, selling price =
R1 500.00.
Paid SA Prop by EFT for trading inventory pu chased, R 10 000.00.
Purchased an office computer (computer eqioment) on credit from Incredible
Computers, R 5 200.00.
Credit sales of trading inventory, selling price = R 4 470.00.
Cash sales of trading inventory, selling price = R 6 950.00.
Returned some of the goods (R 1 000) purcia ed from SA Prop on 8 January
20.11 and received a cash refund.
Received dividend income of R 800.
8
10
15
27
28
29
Required:
Show how the above transactions will affect the accounting equation and enter how the
accounts in the general ledger will be affected. Example: Received a capital contribution
of R 100 000.00 in the form of cash:
Date
Assets (R)
Owner's equity if
+ Liabilities (R)
e.g.
+ 100 000.00
+ 100 000.00
Dr Bank
Cr Capital
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